Managing Benefits Plans
Managing Benefits Plans is the result of combining two newsletters into one, stronger report. Managers who oversee the enrollment, communications, and administration of employee benefits are the best subscribers to MBP. Titles include: HR Mgr., VP Benefits, Benefits Director, Personnel Director, Controller, CFO, et al. The goal of MBP is to provide readers objective, original data that can help them control the cost of their benefits plans without sacrificing quality. Structuring, maintaining, and enhancing successful employee benefits packages with the latest techniques and technical solutions available are covered in each issue. MBP also shows readers the latest trends in plan design, cost-cutting tactics, and much, much, more.
June 2006 - Table of Contents
Employers achieving the most success at reining in health benefits cost increases are those using an array of 15 to 20 data-driven programs that encourage employees to use high-quality providers, help them manage their own health, and motivate them to use medical services appropriately.
While many employers are still waiting in the wings to see if high-deductible health plans—coupled with either a health savings account (HSA) or a health reimbursement arrangement (HRA)—are the answer, data have begun trickling out to let them better judge if this option is right for them.
Occasionally we come across a study that has just been released based on older but far more extensive data that have the ability to correct or confirm findings in more recent but limited data sets. The U.S. Chamber of Commerce 2005 Employee Benefits Survey, which measures costs both as a percentage of payroll and as annul dollars spent per employee, is one such study.
Self-service in HR can be a great time and money saver for benefits, 401(k), and basic personnel information changes. In fact, the ability of employee self-service to free up time, has been shown, according to a recent Towers Perrin survey, to lessen employee time spent on such tasks by 2% and to reduce HR generalist/specialist workloads by an average of 15%. Ideally this will lead to more time for strategic, business-objective pursuits for HR staff. But these benefits will be derived only if employees and managers use it.
IFEBP Calculates Most Firms Will See an ROI of $2-$3.50
of Savings for Every $1 Invested in Wellness Programs
Nearly two-thirds of employers now offer wellness programs, yet most of these firms (87%) cannot determine the ROI amount for dollars spent by their organization on these initiatives. Two reasons that contribute to the difficulty of measuring the return on wellness programs are the lack of a standardized method of measuring savings from such programs.
In 2005’s fourth quarter, more companies renewed their workers’ compensation coverage at lower rates. This is a finding of the membership survey of the Council of Insurance Agents & Brokers (Washington, DC; www.ciab.com) in which 58% of agents and brokers nationwide report their clients had lower premiums in the quarter, while 21% indicated that premiums rose. In fact, 75% of clients in the Southwest, including California, cited declines in premiums (see table).
How to Maximize the Value of Your Broker/Consultant
Implementation and Cost-Benefit of Workplace Weight Management Strategies, Chicago, June 1-2. Contact: World Congress, 800-817-8601; www.worldcongress.com/nextgen; e-mail: wcreg@worldcongress.com
Issue: A large manufacturing company in Wisconsin was paying too much for one of its site’s plans.
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