3 Ways to Make Benefits Work for Your Business | Acrisure Viewpoints

September 13, 2022
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Today's talent marketplace is highly competitive, often leaving business leaders looking for ways to attract and retain top talent. One key differentiator can be employee benefits.

"Benefits are more than just a part of attracting talent . . . they demonstrate your commitment to the health and wellbeing of employees and their families," said Kelly Conway, Acrisure's Chief Human Resources Officer. "Employees have a choice in where to work in today's competitive talent landscape, and a great benefits program is often part of that decision."

60% of professionals rank compensation and benefits as a top priority. Here are 3 ways you can help make the benefits renewal process easier for your business and your employees. When you're ready to make your benefits work for you, contact an Acrisure Partner.

1. Leverage technology to improve cost transparency and accelerate decision-making.

If your group is subject to the Patient Protection and Affordable Care Act (ACA) plan designs and rating, you should consider using a technology platform that shows you available carriers, plans and rates in real-time. These systems allow you to survey the market instantly while quickly modeling cost scenarios to help meet your company's budget and employees' needs.

More advanced systems such as Acrisure's Suvaun can also show you alternatives in the level-funded and captive spaces to compare alongside the traditional fully-insured market. This can lead to a clearer and faster renewal experience and, ultimately, an optimally designed program for your employees and your company's bottom-line.

2. Utilize dynamic plan designs to reward positive engagement.

Many organizations aim to provide better benefits at a lower cost. While some may view this as a dream, it can easily become reality with the help of the right healthcare financing mechanisms. Your Plan Document gives you control over how certain aspects of your healthcare program work. For example, you can elect to waive an employee's deductible if they engage in certain healthcare consumption behaviors that are not only in that employee's best interest, but also in the best interest of the Plan. The result is a better benefit ´╗┐for the employee at a lower cost for both that employee and the Plan.

3. Help employees audit their out-of-pocket costs.
Reconciling an Explanation of Benefits (EOB) from your health insurance company with a bill from a healthcare provider can feel like studying advanced calculus. Billing errors can occur, and your employees may be ultimately left holding the bag.

To help protect your employees from overcharges at the time of claim, consider offering a third-party audit solution that can reconcile and approve every provider and facility invoice prior to your employee paying it. Providers like HealthLock are extremely economical and worth their weight in gold when it comes to your employees' peace of mind and their pocketbooks.

Contact an Acrisure Partner today to make this open enrollment season the easiest one yet.


 

Important Information:

For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.

 

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