Every year employers look for ways to reduce and control their employee benefit expenditures, especially for medical coverage.  For the most part, when it comes to medical coverage employers increase deductibles or co-pays without really studying alternative plan designs to reduce costs and increase benefits to employees. Cost shifting to employees without increased benefits can damage employee morale and create retention and/or recruiting problems. Your employees are the most important part of your system (remember system = People, Process & Tools) so if they are not functioning at 100%, productivity suffers.

Some things to consider as you look at 2012:

1. Introduction of flexible spending accounts (FSA)
2. Integration of a healthcare reimbursement account (HRA) into a high deductible health plan
3. Consideration of health spending accounts with employer participation to help manage the risk shifting associated with these accounts
4. Wellness programs integrated into your health plan to assist in employee health success
5. Changes impacting your health plan in 2012 due to the new health care law that will not be fully effective until 2014

The time may be now to dig a little deeper!

If you'd like to look at what employee benefits options are available for your business, call our office at 800-648-0856 or email me at garyc@lymansheets.com.

Gary Climes is Vice President of Employee Benefits at Lyman & Sheets. He has more than 25 years of financial, management and leadership experience in the accounting, finance and health insurance industries. Email Gary at garyc@lymansheets.com or connect with him on LinkedIn.