How are you measuring the success of your benefits package in 2013?
Employee benefits and payroll are probably your two largest business expenses, so paying due attention to benefits is crucial. As we move into the New Year, ask yourself and your staff these questions about benefits:
1. Am I prepared for Health Care Reform?
My guess is that for most of you, you feel less prepared than you’d like to. Quite frankly, that answer is not good enough. If you do not feel prepared, it is time to reach out your benefits adviser for help. If they can’t help you, find someone that can. We provide our clients with a detailed checklist so they know their compliance status at all times.
2. How well do my employees understand their benefits?
It may be a broad question, but it is a valid one. Ask yourself about the level of employee engagement with benefits. The amount of questions you receive is not a good enough measure of their understanding. Feedback from employees with an analysis of their elections will help you gauge their level of understanding, which in turn will impact their ability to make smart benefit decisions.
3. How are my employees making benefit elections?
Paper forms, online enrollment, or both? While there is certainly no right or wrong way to make benefit elections, it does need to fit your demographic and administrative needs. This year, consider whether or not it is time for a change.
4. Would our employees and our benefits program benefit from a health and wellness initiative?
Studies have shown the positive impact health and wellness programs can have on employees lives, but there is another successful outcome as well: reduced health care costs. If you haven’t implemented a program yet, consider doing so in 2013.
5. If you made changes to your benefits package in December or January, how will you measure the success or implications of those changes?
You just implemented a medical plan with a health reimbursement account. As the employer you plan to fund a reimbursement of $500 per employee. You know what your exposure is if every employee used the reimbursement available to them, but how are you tracking the actual utilization? Make sure that you understand how the changes you made in 2012 will be measured in 2013. (Hint: Your benefits adviser should be helping you with this!)
The best part of beginning a new year is just that–a new beginning! May 2013 be a successful year for you!
