Build the Right Foundation
Employee benefit plan design can seem like a straightforward exercise of simply choosing a plan or plan options. However, there are significant opportunities and risks that are often overlooked. Plan design has a direct impact on employees and their families’ lives. It impacts the finances of both the employer and employee. It is critical to understand every aspect of plan design and how it will impact outcomes and the user experience.
We approach plan design with an experience-based, deep understanding of how plan structure impacts utilization, employee engagement, desired clinical outcomes and cost. To do this, we incorporate into our process:
- Strategic planning
- Objective setting
- Peer group and industry benchmarking
- Budget parameters and tolerances
- Utilization and claims analysis
- Participant migration trends (between plan options)
- Cost sharing (both employee contribution and plan design)
- Clinical programs and outcomes
- Overall plan performance
Program design is the foundation of every benefit plan.