A significant challenge for most businesses today relates to managing employee benefits and finding the balance between providing the best possible benefits package while containing costs. Perhaps the most significant part of that challenge is group medical insurance. Driven by escalating costs of care, advanced medical therapies, more sophisticated medical testing and spiraling prescription drug costs, the health insurance component of employee benefits has propelled the cost of employee benefits ever higher over the past ten years. In response to this trend, a greater emphasis from a public policy perspective and from private sector initiatives is underway to reign in costs. While this element of employee benefits plan can be a challenge, health care continues to be a vital component of any employee benefits program.
Today more than 60% of people in this nation, with medical coverage, receive their healthcare plans through an employer-sponsored group health insurance plan. Across a series of studies conducted by various groups, this benefit is reported by employees as the most important benefit they receive from their employer. As a result, companies that offer comprehensive medical coverage group plans to their employees usually have a lower staff turn-over rate. In addition, these benefits are used to attract qualified employees. These two factors, employee retention, and attraction, are the two primary reasons companies offer group health insurance.
The Crichton Group draws upon its considerable expertise, years of experience and access to the market to build the health insurance component of an employee benefits plan to meet the specific needs of employees while meeting the realities of a budget. We can draw upon a wide range of options and strategies to build a custom group health insurance program that is customized to your business. Most importantly, we provide a high level of service and support beyond the sale of the product. One of the keys to a successful health insurance component of any employee benefits plan is what happens throughout the year from an administrative and compliance perspective. The Crichton Group excels at providing this critical support to our clients.
As much as health care insurance has been in the news as of late, it is important to understand that there are many options available to employers. The Crichton Group can help your company navigate the group health insurance landscape to find the right solution to fit the needs of your business and of your employees. We can make a real difference in the success of this important part of the employer-employee relationship. Please call us at your earliest convenience to learn more!