We understand the importance of meeting employees' health care needs, while at the same time balancing costs
Edison, NJ (PRWEB) March 30, 2010
CheckPoint HR, the trusted ally in web-based Human Resources management for small to mid-sized companies, today announced five tips that can help organizations optimize their employee benefits plan. With rising healthcare costs and other expenditures, it is imperative to evaluate the employee benefits options available to your organization and ensure that employees across the board understand how best to optimize their plans.
"We understand the importance of meeting employees' health care needs, while at the same time balancing costs," said Patrick Carragher, Director of Benefits for CheckPoint HR. "We work with our clients to customize and design benefits plans that address the specific needs within the organization."
CheckPoint HR has provided the following five tips to offer insight into how organizations can implement successful employee benefits programs:
1. Survey Needs and Requirements
The most important step to optimizing your employee benefits plan is the first one - which is to survey the habits and needs of employees when considering your options. If employers have intelligence of how their employees' use their plan (i.e. frequency, types of services, amount of out of pocket expenses), then employers can make better decisions when designing their plan. This can save both the employer and employee money by having the appropriate plan to suit their needs.
2. Maximize In Network Benefits
Getting the most out of your medical plan is paramount in today's economy. Make sure you do research so your specific physicians, labs, imaging centers, hospitals and medical facilities are participating in the network. Many companies are being forced to implement high out of network deductibles and out of pocket maximums. As a result, most employees' don't have a choice but to stay in network. In addition, most high deductible plans cover preventive care at no cost. The importance of annual physicals is key to early detection and better understanding your overall health.
3. Prescription Costs and Coverage
The key to a successful employee benefits program is understanding the costs involved. When dealing with prescriptions, make sure you understand what options are available to you before selecting a standard plan. Remember that there is more than one choice so by doing your research, you can save on prescription costs.
4. Flexible Spending Accounts (FSA)
A FSA is a tax advantaged account (tax-free) which allows an employee to put aside a portion of their earnings to pay for qualified expenses (according to IRS Section 125) most commonly for medical, dental, vision and dependent care. As employee benefit plans foster higher co-pay's, deductibles and out of pocket maximums its imperative for employees' to leverage these tax advantaged accounts to reduce their overall spending.
5. Be Aware of Other Discounts That Are Available
In addition to searching for the best plan, be cognizant of discounts that are available for products such as vitamins, and services such as fitness centers. By including these products/services in your plan, you are providing employees with additional options that will benefit them.
"By leveraging these tips, it can assist organizations in establishing the employee benefits plan that is best for them," added Carragher. "Success can be measured by satisfying employees' needs and optimizing bottom-line results."
About CheckPoint HR
CheckPoint HR, based in Edison, New Jersey, is the trusted ally in web-based Human Resources management for small to mid-sized companies. The company's complete portfolio combines payroll, benefits and HR management services with a web-based Human Resource Management System (HRMS) technology platform to offer customers an affordable and centralized solution. This allows small to mid-size companies to improve efficiencies, streamline operations and reduce costs. Clients include The Applied Companies, Innophos Holding, Inc., New York Organ Donor Network, Hamon USA, Kyowa Pharmaceutical, and Starwood Capital. For more information on CheckPoint HR, please visit http://www.CheckPointHR.com or call 800.385.0331.
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