by Jessica Hawkins, Account Manager
September 1, 2022
In the current labor market, employees have higher expectations in terms of benefit offerings. And, while employee expectations have risen, benefit budgets commonly have not. In 2022, and moving into 2023, it’s advantageous for employers to think creatively about how they accommodate employee needs and interests while also controlling costs.
Have you been with your current carrier long term? Has your plan design remained the same since implementation? While we are in favor of long-term relationships with proactive plan design and funding review, it may be worth considering market alternatives to determine if your rates are competitively priced and your plan still meets your company’s needs.
We recently found success for one of our employer partners who had been with their ancillary carrier for over 10 years. They had company paid life insurance and company paid long-term disability in place. Our hope was to identify plan savings while implementing plan enhancements for their workforce. In going out to market, we were pleased to identify an annual savings of $27,000 for the company. In addition, we raised the maximum monthly benefit on their LTD plan by $2,500 for all classes of employees.
Our marketing efforts proved to be a rewarding experience for our team. The savings allowed our employer partner to be in a better financial position, and their employees felt valued due to the enhanced benefit offering.