When it comes to group health insurance, it’s easy to make cost the driving factor in your decision making process. However, to truly manage health care expenditures in the long-run, cost is only part of the picture. Employers should factor in compliance with ever-evolving employment laws and regulations (PPACA), employee communication, plan benchmarking and total cost of risk (COR), including:
So how do you make plan decisions more holistically? First of all, you may need more than just a broker. A benefits advisor not only shops for the best rates but also consults on PPACA compliance, COR, employee communication strategies, and more. Not sure if your benefits provider is able to give you this more strategic guidance? Use UBA’s free evaluation toolkit to rate your current or prospective broker/advisor. This five-part toolkit includes the following:
United Benefit Advisors recently celebrated its 10-year anniversary in supporting its Partners’ efforts to provide quality employee benefits advisory services to their clients. With a decade of experience responding to the ever-changing health care industry, UBA understands the biggest pain points facing employers offering health care coverage to their employees.
To commemorate this 10th anniversary, as well as continue its tradition of assisting the nation’s employers, UBA Partner Firms have compiled the top eight questions that every employer should ask their benefits advisor. These questions are based on many years of experience working with large and small businesses, across a range of industries:
Sorting through the bureaucratic language of the recently released Patient Protection and Affordable Care Act (PPACA) is tough enough while simultaneously trying to understand how to proceed in implementing these health care reform provisions.
By Thomas Mangan, CEO, United Benefit Advisors
On the surface, private exchanges seem right in line with American consumerism: Provide an open platform and let each employee pick the exact plan that meets their needs. And for employers, a defined contribution approach to health care coverage seems like a great way to wash their hands of all the compliance headaches. This may very well be the future, and many are racing to market with exchange platforms. But most have built their platforms in the hopes they will come. As I have been discussing with leading benefit advisors, right now the barrier of entry is too high. Not only do these platforms not have the critical mass to make them affordable, there are a number of other hurdles that employers need to be aware of when considering these solutions, including: