Five Ways to Lower Benefit Cost Without Decreasing Coverage
Preventive Care - Offer full coverage on preventive care-offer-100% coverage, up to $500.00 or $1000.00
Competition - Franklin Benefit Soltuions can shop around the benefits you may not have spent much time evaluating-like dental, vision and disability. We usually find an insurance provider who is willing to earn your business expect savings between 10%-30%.
Prescription Benefit - Carve out your prescription program, refers to the option for your company to use a pharmacy benefit management company to manage the pharmaceutical aspect of your medical plan, rather than allowing your PPO or HMO.
Spousal/Dependent Coverage - Verify that you are covering individuals that should not be receiving coverage. Conduct and audit of your plan verifying the eligibility of your participants. Check to see if the spouse is eligible for coverage elsewhere. On average you can save between 5%-10%.
Wellness/Incentive Programs - Wellness and consumer programs are starting to make an impact in the workforce, the strategy of using or offering incentives to employees who have healthy lifestyles or participate in wellness [The Carrot] is changing. An increasing number of firms are penalizing workers [The Stick] for unhealthy choices, such as smoking or missing their annual physical, by charging them a higher premium.