Q: How can I maintain insurance value when my costs keep going up but the budget doesn’t?
A: You can’t if you define value as the exact same plan for the exact same cost. The fact is, unless your benefits budget expands to meet insurance inflation, you can’t maintain the mathematical value of your insurance programs. However, if value is defined as the best available solution that aligns with the standards of your culture, then real value can be maintained.
How do you find that solution? You become an educated consumer who understands potential solutions made available by the marketplace. You then establish your organization’s budget and value expectations.
Then ask yourself, “What kind of benefit do we want to provide and how much can we spend to provide it?” You then develop and execute an objective process in which service providers present their solutions in an attempt to earn your business. You repeat this process routinely to ensure that you are maintaining your new definition of insurance value.
Although this can be performed internally, many employers are growing weary of the continued investment of the company’s time and talent to accurately perform this value search. KBIC has developed a wise and conflict-free process to help employers like you meet (or exceed) your expectations.