Author Archives: CorpStrat News

How CorpStrat utilizes Employer Health Benefits Surveys and Benchmarking Reports to recommend plan designs and cost-sharing strategies for clients

CorpStrat analyzes multiple survey data, such as the annual Kaiser Foundation Survey of Employee Benefits, alongside other industry intel reports, to provide clients with a holistic view of market trends.

This allows companies to benchmark their offerings against similar-sized businesses in their industry, ensuring competitiveness in attracting and retaining talent.

For example, using insights from the KFF survey, CorpStrat works closely with clients to design benefits plans.

We consider factors such as:

– Premium costs (average annual premiums were $8,435 for single coverage and $23,968 for family coverage in 2023)

– Employee contributions (workers contributed an average of 17% for single coverage and 29% for family coverage)

– Popular plan types (PPOs covered 47% of workers, followed by HDHP/SOs at 29%.

CorpStrat helps clients develop cost-sharing approaches that balance affordability for employees with the company’s financial objectives.

For example, employers might consider that:

– 90% of workers with single coverage have a general annual deductible

– The average deductible for single coverage is $1,735

– 31% of covered workers have a general annual deductible of $2,000 or more for single coverage.

Trend Analysis and Innovation – CorpStrat analyzes multi-year data to identify emerging trends, such as:

– The growing importance of telemedicine (91% of large employers covered telemedicine services in their largest health plan)

– The prevalence of wellness programs (62% of small firms and 80% of large firms offered at least one wellness program)[1]

Compliance Guidance – With its understanding of industry benchmarks and regulatory requirements, CorpStrat ensures that clients’ benefits packages meet market standards and comply with relevant laws such as affordability requirements of the ACA.

Communication Support – CorpStrat assists clients in effectively communicating the value of their benefits packages to employees, contextualizing the company’s offerings within broader market trends.

Ongoing Optimization – The firm provides continuous support, regularly reviewing and adjusting benefits strategies based on the latest survey data and client feedback. This ensures that benefit offerings remain optimized and aligned with both employee needs and company objectives.

By leveraging these industry tools and its expertise, CorpStrat empowers clients to make informed decisions about their benefits strategies, creating competitive, cost-effective packages that support employee well-being and contribute to overall business success.

Citations:

https://www.kff.org/report-section/ehbs-2023-summary-of-findings/

It’s Renewal Time – Now What??

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The majority of US employers will be getting a very thick package in their inboxes from their insurance company in the next 60 to 90 days. Included in this is their plan renewal for their benefits, which may include potentially a rate adjustment, as well as plan benefit changes – some of which are mandated by law, and some of which are a function of an evolving landscape of benefit plans and design structures.

What to do?

If you’re an employer and you deliver benefits to your team, which by and large includes nearly all businesses, especially those mandated by law to provide at 50 lives, this is a critical time for you to review both the opportunity to renew your existing plans, and/ or consider the opportunities that the insurance market might bear, as there are many choices, plans, benefits, and programs.

At CorpStrat, the process starts with a strategy call with your Account Manager, and an understanding of how your benefit programs play into your recruitment and retention planning – and also understanding the specific nuances, health care concerns, and cash flows that dictate what you offer and how.

Your call might involve benchmarking, a review or your culture, workers preferences, surveying employee opinion on benefit choices, and understanding the cost sharing structure that you currently offer to your team – which can drive net costs to you as an employer.

Once an understanding of your goals is achieved, our team reviews the marketplace, as well as your current offering and makes a recommendation for the coming plan year. Our experienced and veteran advisors are live humans, no call centers!

Open enrollment typically is done with digital engagement tools and employees get time to select plans and cost sharing and most companies offer voluntary plans as well.

If you or someone on your team would like CorpStrat guidance, leadership, and direction or you know of a company that could benefit our services, please reach out.

The highest compliment we can get is a referral from our existing clients!

Note that insurance companies are overwhelmed at this time of year too, so the sooner you get a planning and strategy done, the better your outcomes will be.

Remember, CorpStrat is one of the states leading providers of employee benefits, and we get paid directly from insurance carriers. There’s no additional charge for our services. Why not work with advisors, not call centers? Call or email us.

5 Dangers of Not Getting an Employee Benefits Audit

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When was the last time you’ve had an expert help you do an Employee Benefits Audit? If you’re like most companies, the answer might be “never.” Many businesses stick with the same benefits plans year after year, making only minor adjustments here and there. While this might seem convenient, it can lead to several significant risks. Here are five dangers of not getting an Employee Benefits Audit:

1. Overpaying for Benefits

Without a regular audit, you may be paying more than necessary for your Employee Benefits. Plans that were competitive a few years ago might now be outdated and overpriced. By not reviewing and updating your benefits package, you risk spending more money for less value. This can directly impact your bottom line.

2. Inability to Customize According to Needs

Every company is unique, and so are its employees’ needs. Standard, one-size-fits-all benefits plans often fail to address the specific requirements of your workforce. An Employee Benefits Audit helps you identify gaps and customize your benefits package to better align with the needs of your employees. Without it, you may end up with a plan that cater to the varying needs of your team members.

3. Lack of Solid Customer Support

Issues with benefits plans are inevitable. When problems arise, you need quick and effective solutions. Big payroll companies often provide limited customer support, leaving you to navigate frustrating phone trees and automated systems. Without a dedicated team to assist you, resolving issues can become a time-consuming and stressful process.

4. Inadequate Coverage for Employees

Employee needs change over time, and so should their benefits. Without an audit, you might miss out on updating your plans to reflect current needs. This can lead to inadequate coverage, causing dissatisfaction and potential retention issues among your employees. Ensuring that your benefits package evolves with your team is crucial for maintaining a happy and healthy workforce.

5. Missing Out on Cost-Effective Solutions

The benefits landscape is constantly evolving, with new and more cost-effective solutions emerging regularly. Without an Employee Benefits Audit, you might miss out on opportunities to enhance your benefits while reducing costs. Staying informed about the latest trends and options ensures that you’re providing the best possible benefits at the best possible price.

Why CorpStrat is the Solution

At CorpStrat, we understand the importance of a thorough Employee Benefits Audit. Our team specializes in offering comprehensive audits to ensure you have the most effective and efficient benefits plan in place. We help you:

Identify and eliminate unnecessary costs.
Customize your benefits to meet your specific needs.
Provide exceptional customer support whenever you need it.
Ensure your employees have the coverage they truly need.
Stay ahead with the latest, most cost-effective benefits solutions.

Don’t let outdated benefits plans put your company at risk. Contact us today to learn more about how an Employee Benefits Audit can benefit your business. Let’s have a conversation and explore how we can optimize your employee benefits experience.

Why You Deserve Better Employee Benefits

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Are your Employee Benefits bundled with one of the big payroll companies like Paychex, Gusto, ADP, or Zenefits? If so, there’s a good chance you’re not getting the service you deserve. These giants often push businesses into rolling their employee benefits with them, banking on the fact that most people aren’t fully aware of what they need or deserve. This approach boosts their profits but leaves you and your employees with subpar service.

The Downside of Big Payroll Companies

When it comes to Employee Benefits, big payroll companies typically don’t think outside the box. They struggle to design creative solutions tailored to your company’s unique needs. And when problems inevitably arise, you’re often left navigating a frustrating phone tree, rarely getting to speak with a real person who understands your account. With over 30 years in the business, we’ve seen this too often, and we know you deserve better.

Why CorpStrat is Different

At CorpStrat, we believe in providing top-notch service tailored to your specific needs. Here’s what sets us apart:

Personalized Service: Whenever you call us, you’ll speak with a real person who knows the ins and outs of your account. No more frustrating phone trees.
Creative Solutions: We think outside the box to design employee benefits plans that fit your company’s unique requirements, whether you have a small team or a large workforce.
Commitment to Care: Our commitment to service is unparalleled. We treat our clients with the same dedication and care we would give to our own family members. Over time, our clients become friends and family to us.
Proven Expertise: As one of the top insurance brokers in California, we have the expertise and passion to deliver exceptional results.

If you’re unhappy with your current employee benefits provider, why not get a second opinion? At CorpStrat, we’re more than happy to review your current plan, no strings attached. We’d love the opportunity to discuss how we can improve your employee benefits experience.

Reach out to us today. Let’s have a conversation and explore how we can better meet your needs. Your employees deserve the best, and so do you. Choose CorpStrat for a benefits experience that truly cares.

7 Signs Your Company Needs an Employee Benefits Audit

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Are you wondering if your Employee Benefits plan is truly hitting the mark? It’s time to reconsider how you approach delivering employee benefits. Year after year, many businesses let their employee benefits package remain unchanged. This means they’re offering tired, unattractive benefits that don’t compete well in today’s job market.

But here’s the kicker: if this sounds familiar, you might be missing out big time. That’s where our Employee Benefits Audit comes in.

What exactly is an Employee Benefits audit?

An Employee Benefits audit is your ticket to a benefits package that not only meets but exceeds your employees’ expectations. We’ll dive deep into your current offerings, ensuring they’re tailored just right for your unique needs and the needs of your team.

Now, change can be daunting. But with the incredible technology available today, it’s worth it to shake things up a bit. And don’t worry, we’ll be right there beside you, guiding you through every step of the process.

All Pros, No Cons

And the best part? When you invest in an Employee Benefits Audit, it’s all pros and no cons. Either we uncover ways to save you money and enhance your benefits package, or we confirm that your plan is already top-notch. It’s a win-win situation for you and your team.

So, what are the signs that your company needs an Employee Benefits Audit? Here are our top seven signs:

High Employee Turnover: If your turnover rate is higher than industry average, it could indicate dissatisfaction with your benefits package.
Employee Dissatisfaction: If employees frequently express discontent with their benefits, it’s time to reassess.
Decline in Morale and Engagement: Notice a lack of enthusiasm? Your benefits package could be a contributing factor.
Company Growth or Demographic Changes: Changes in workforce size or composition may necessitate adjustments to your benefits.
Competitive Pressure: If competitors offer more attractive benefits, you risk losing talent to them.
Compliance Concerns: Encountering compliance issues? Your benefits package may not be up to snuff.
Alignment with Company Goals: Unsure if your benefits package supports your long-term objectives? It’s time for a review.

If any of these signs resonate, it’s time to act. Let’s work together to craft a benefits plan that exceeds your wildest expectations.

Your employees deserve the absolute best, and with our Employee Benefits Audit, you can give it to them. Don’t settle for mediocrity—contact us today for a free consultation and let’s make it happen!