This client is a construction company located in Passaic, NJ with 87 employees.
This was a successful, smaller company that was growing quickly and treated their employees well. Unfortunately, due to their benefit budget restraints, they were able to offer an adequate but not necessarily robust benefit portfolio. Employees understood the situation ownership was in but were looking for ways that they could expand their benefit opportunities to fill specific medical needs.
MBA Solution Presented
We surveyed employees to ascertain their interests in different benefit options and worked with a designated staff benefit committee to put together a targeted portfolio of voluntary benefit plans.
For this particular client, since they already had a high deductible program and an HSA, we recommended increasing the employee deductible and having the company fund the first $500. We also advised that they change the employee contribution schedule to one based on employee income levels and that they implement a wellness program.
With assistance from the voluntary vendor, benefit counselors presented information on the available options during virtual and physical office meetings. Additionally, we distributed detailed information via email to all employees.
This client experienced high participation in the voluntary programs and by filling the gaps in the corporate benefit portfolio, was able to keep employees morale and productivity high.