Episode 13: Optimizing Your Employee Benefits Strategy: Navigating Choices, Trends & Partnerships
Summary: In this episode, Kerri Roberts is joined by Lexi Stiles and Sarah Hudson to discuss recent trends in the employee benefits space, particularly regarding insurance carriers' approaches and strategies. They talk about the rise in healthcare costs and the increase in large claims. They also discuss the importance of mental health and the inclusion of Employee Assistance Programs (EAP) in benefit plans. The conversation then shifts to the different benefit plan options, including fully insured, self-funded, and partially self-funded plans, and the advantages and disadvantages of each. They also address common misconceptions employers have about these options. In this conversation, Sarah Hudson and Kerri Roberts discuss the importance of finding a broker partner who will negotiate and execute on your behalf, as well as advocate for you and provide valuable resources and tools. They emphasize the need for active brokers who are not just renewing plans but are actively working to understand your goals and the way your business works. They also discuss emerging technologies in the employee benefits marketplace, such as employee benefits platforms and telemedicine. The conversation covers strategies for enhancing employee engagement, including education and effective communication of benefits. They also touch on navigating regulatory changes and compliance issues, as well as anticipating major trends in employee benefits, such as partially self-funded and captive-level funded models, direct primary care, and subscription-style plans.
Takeaways
Healthcare costs are rising, and there is volatility in large claims.
Mental health is becoming more important, and Employee Assistance Programs are being included in benefit plans.
There are different benefit plan options, including fully insured, self-funded, and partially self-funded plans, each with their own advantages and disadvantages.
Employers should consider their specific needs and goals when deciding on a benefit plan.
There are common misconceptions about self-funding and the role of brokers in obtaining rates. Find a broker partner who will negotiate and execute on your behalf and advocate for you
Active brokers are key in ensuring that your insurance provider is valuing you as a client and advocating for your best interests
Emerging technologies like employee benefits platforms and telemedicine are making waves in the employee benefits marketplace
Education and effective communication of benefits are crucial for enhancing employee engagement
Navigating regulatory changes and compliance issues requires a dedicated compliance team and partnerships with compliance partners
Major trends in employee benefits include partially self-funded and captive-level funded models, direct primary care, and subscription-style plans.
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