Complimentary Benefits Assessment

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What’s Your Benefitness?

One doesn’t have to look far down an income statement to find one of the largest expenses employers face.  According to the U.S. Bureau of Labor Statistics, insurance expenses (Health, Life and STD) are the second highest compensation cost, greater than paid leave, retirement and legally required benefits.

In fact, the 2019 KFF Employer Health Survey lists Health insurance alone costing $7,188 and $20,576 per single and family plan respectively per year in 2019 on average.  To put that in perspective, health insurance is a $1M+ expense per 100 individuals enrolled.

How do you manage these costs?  How do you decelerate their rate of growth?  These are the questions that yourself and countless others have been asking for quite some time.  

In fact, the greatest obstacle toward getting an answer to these questions isn’t that the wrong questions are being asked, but the tidal wave of ideas and promised solutions these questions are generally met with. 

Sound familiar?  We hear you.  The Consiliarium team knows that if you work in Finance, HR or are a businses owner, you are likely receiving calls on a weekly basis from insurance agencies hoping to work with you and “solve all your problems”.  What’s worse, is that they all claim to do the same things.

For that reason, rather than telling you what we do, Consiliarium looks for opportunities to demonstrate what we do by providing you with a complimentary, high-quality report that we call a benefit program assessment.  The goals of our assessment are the following:

  • Identify opportunities for savings on all lines of employee benefit insurance coverages with no benefit reductions,
  • Identify where insurance coverages uncessessarily overlap or where excessive insurance is being purchased,
  • Identify benefit program compliance gaps or liabilities, and
  • Assess if your current insurance benefit investment is meeting your strategic benefit objectives or if your investment “mix” should be re-allocated.

Any savings we secure and observations or recommendations we share are retained by you regardless if you decide to engage with us formally as your employee benefits broker-consultant.  

What we need from your team

You will find that the benefit assessment is an extremely light lift on your team’s end.  All we would need to conduct the assessment is the following:

Employee Census

Typically, there is a standard report that you can download out of your payroll software program listing the fields needed to price your various lines of insurance coverage.

Copy of Benefits Booklet

A copy of any internal materials summarizing your benefit coverages and employee vs employer contribution amounts is helpful for evaluating  the portfolio of what you offer and to provide you with benchmarking against what similar groups within your same industry and geographic proximity are doing.

Letter of Authorization

The last item we would need is a letter of authorization for each insurance carrier which is what enables us to reach out to your insurance carriers to gather the data necessary for the assessment with no impact to your in-force benefits broker.  We would provide you with the letter, it would just need to be put on your letterhead and signed.  Your in-force broker would continue to be paid and treated as the primary insurance carrier contact.

What you can expect from our team

Depending on your current funding arrangement and the amount of data we are able to obtain, we generally provide a 30-40 page report with detailed overviews of the following aspects of your insurance programs.

  • 4-5 Year Historical Financial Look-Back assessing carrier profit margin

  • 4-5 Year Self Funding “What-if” Look-Back

  • Renewal Rate Management Evaluation with Actuarial Review and Negotiation Point Rationale

  • Historical Claims vs Carrier Trend Analysis

  • Comparison of Plan Design & Contribution Strategy against Local and National Benchmarks

  • Employee Contribution Strategy Overview & Recommendations

  • Claims Utilization-based Employee Education & Engagement Opportunities

  • Wellbeing Program Recommendations based on prevalent claims conditions

  • Prescription Drug Transparency Solutions

  • Ancillary (Dental, Vision, Life, Disability) Gaps Identification & Marketing

  • Workforce demographic evaluation to guide benefit strategy setting process

  • Technology solutions to streamline HR administration & Employee Decision Support

  • Employee paid Voluntary Benefit Recommendations

What’s your benefitness? If you are interested in receiving a complimentary benefits assessment from our team, click the “contact us” button below and select “Complementary Benefit Program Assessment” in the purpose of contact drop down.  We would love to meet you and help you identify savings within your benefit programs!

About the Author

Ben Lewis resides with his wife and four kids in Rochester, NY where he has lived since coming to Rochester for college in 2001.  After completing his Bachelors of Science in Mathematics at Rochester Institute of Technology in 2005, Ben went on to work at Excellus BlueCross BlueShield where he developed insurance rates for large fully insured and self funded employers.  During these years Ben also obtained his MBA in Finance from RIT.   With industry experience coming from a variety of rolls in finance, benefits consulting, marketing and even a brief stint as an HR Benefits Manager, Ben joined Consiliarium Group as a partner in April, 2019.  Brought on as the Strategic Healthcare Practice Leader, Ben’s responsibilities include heading up the Self Funded business unit, vetting emerging healthcare technology or vendor solutions, and championing the marketing efforts at Consiliarium.  

Ben’s ambition is to help employers empower individuals to pursue personal well-being by working with HR and Finance teams to employ smart, sustainable benefit solutions that meet individuals where they are at and simplify the journey for where they want to go.  When individuals are informed and empowered to become better consumers of healthcare, the results make it a win for everyone.