An established MBA client with 143 employees located in Blue Bell, PA.
When it comes to controlling costs in employer sponsored insurance programs, an effective strategy must evolve over time. Measures producing results in the first year may need to be modified to continue producing results in subsequent years.
Several years ago, we had suggested a few plan structure and funding changes that effectively reduced this employer’s health care costs. Unfortunately, insurance premiums began increasing two years ago, requiring further analysis and a modified cost control strategy.
We suggested that the company establish a culture of well-being through the implementation of wellness initiatives. We illustrated how a properly designed wellness program could return $3-$5 in savings for every dollar invested in the program by the employer. Effectively designed wellness programs with carefully chosen vendors and employee incentives can positively impact employee health, productivity and health care expenses.
Our outline for a successful wellness program design encompassed the following critical aspects:
After establishing a committee consisting of employees and management to discuss and design a program tailored to the company, we chose a vendor and implemented the program, producing measurable and significant results.
A culture of "well-being" has now become established at this company, resulting in improved employee morale, an 18% reduction in employee absenteeism and only a 4% increase in this year’s medical insurance premiums.
Our Advisors offer in-depth analysis and are ready to help you successfully navigate employee benefits and health insurance.