Benchmarking employee health plans is a critical process for employers to undertake annually.
FOND DU LAC, Wis. (PRWEB) December 02, 2017
Hierl launches a complimentary service to help local employers compare how their employee benefit plans compare to similar employers regionally and nationally.
Leveraging data from the nation’s largest health plan survey conducted by United Benefit Advisors® (UBA), this service will help local employers better understand if their employee benefits are competitive, recognize beneficial cost reduction strategies and assist companies in ensuring they understand the current industry landscape as they consider future employee benefit goals.
UBA®, the nation’s leading organization of independent employee benefit advisors, actively cultivates, validates and shares knowledge with employer benefit decision makers nationwide to help them evaluate health plans and strategically manage rising costs while remaining competitive. The UBA Health Plan Survey is the nation’s largest and most comprehensive benchmarking survey of health plans – larger and consequently more accurate than the next five national surveys combined.
The results of the 2017 survey have just been released and include data from over 20,000 benefit plans and more than 11,000 employers nationwide. Hierl, as a UBA partner firm, can facilitate segmentation of that data by industry, company size, location, plan types and many other factors, as well as lend insight to key trends across the employee benefit landscape and present that alongside a local employer’s plan(s) to help them understand if they ‘measure up’.
“Findings from the UBA Health Plan Survey are absolutely invaluable to employers, but the data is only as valuable as it is relevant," explained Mike Hierl, Partner. "Our goal is to extract the data that is most relevant to that employer and deliver meaningful insights past the raw details of the survey results. Through this service, we aim to ensure that the findings of the survey are accessible and actionable for all local employers big and small providing them unbiased knowledge they can leverage for key decision-making, regardless of who their current benefit broker may be.”
Hierl works with local employers to contain and manage employee benefit costs and specializes in the area of self-funded benefit programs. As the costs of healthcare have risen substantially in the United States, more and more companies are moving to self-funding their health plans. Companies pay a massive amount of money for healthcare in the event that an employee has that need. However, only 20 percent of employees take advantage of those services. With such a small percentage of employees incurring medical costs, companies themselves are opting instead to pay the cost for healthcare services up to a predetermined stop-loss amount. It’s realized as an expense on a company’s balance sheet. Forecasting employee claims, therefore, presents its own set of fiscal challenges.
“Benchmarking employee health plans is a critical process for employers to undertake annually. Not only can this type of comparison analysis help employers recognize new trends or ways to reduce costs," offered Tonya Bahr, Employee Benefit Advisor, "It can also identify areas of inconsistencies or improvement.”
For more information about survey results or to request a customized plan analysis, please contact Scott Smeaton at (920) 993-9573 or ssmeaton(at)hierl(dot)com.
About UBA Health Plan Survey
The 2017 UBA Health Plan Survey contains the validated responses of 20,099 health plans and 11,221 employers, who cumulatively employ over two and a half million employees and insure more than five million total lives. While other surveys primarily target large employers, the focus of the UBA survey is to report results that are applicable to the small and mid-size companies that represent the overwhelming majority of the nation’s employers, while also including a mix of large companies in rough proportion to their actual prevalence, nationally. This is an important distinction compared to other national surveys.
About Hierl Insurance Inc.
A third-generation family owned business, Hierl’s goal is for you to “Expect More and Demand Better.” Since 1919, Hierl has earned the trust of Wisconsin employers by using insight and innovative technology to create unique strategies that protect business owners, their employees and their budgets. Hierl’s mission is to provide clients with the wisdom and tools necessary to build a more engaged, productive and loyal workforce. With locations in Fond du Lac and Appleton, Hierl’s expertise in employee benefits, commercial insurance, human resources and wellness creates a great business team. Learn more at hierl.com.