Truly effective benefits packages are much more than facts and figures. We consult one-on-one with our clients to develop plans that fulfill one singular goal: to attract, retain, and care for their employees. Benefit plans that are not properly thought out may fail to meet that goal.
To properly guide the development of your benefits package, Abbot Benefits Group takes both a short-term and long-term outlook to customize your benefits plan to fit your unique needs. This includes:
- Getting to know your business
We’ll assess the demographics (ages, genders, family composition, etc.) and unique characteristics of your company to gain a deep understanding of your industry. This multi-dimensional approach gives us a starting point to understand what type of plan (fully insured, level funded, etc.) might be the best fit for your business – and what types of benefits might be more important than others.
- Analyzing historical claims data
What claims have been filed in the past? Are there any key risk factors to consider when building a benefits plan? Conducting an in-depth analysis of your historical claims data helps us better understand what level of claims risk a group may have. Armed with that knowledge, we’ll fine-tune our recommendations and identify any opportunities to tailor benefits for smarter plan utilization.
- Competitive benchmarking
What benefits do other businesses in your industry provide? How is your competition structuring their plans? Our benchmarking process gives us the insight we need to understand if you are below, on par, or exceeding your competition. This level of research also provides a frame of reference for a collaborative analysis of whether you’re on track to meet your company’s goals – and how your benefits plan can help get you there.
- Funding evaluations
No two businesses are created equal – and the same is true for benefits funding. In this stage of the consulting process, we’ll evaluate various funding options to determine which will be the best fit for your company.
- Health risks
What kind of health risks are your employees facing? Are there any population trends that should be considered in your benefits plan? Our in-depth consulting approach enables us to identify population health risks and target wellness programs designed to address them, protecting your workforce in the process.
Are your employees driving up costs by going to the emergency room for minor issues instead of urgent care? Is telemedicine being properly utilized? We’ll evaluate plan design changes that encourage better utilization across the board.
Our consulting services provide an added layer of collaboration, discovery, and customization, giving clients the peace of mind to know that their benefits plan is truly setting their business up for success. To learn more about how our consulting services work or to schedule a group health insurance consultation, contact us today.