A Benefits Plan for Employees Who Already Have Coverage? What!?
General Info:
This marketing company had 4 employees, all in their 30s, and they all had coverage through their spouses.
Because they were already covered, and the budget was tight, the employer did not provide these employees benefits.
However, competing larger firms in the area provided benefits regardless of spousal coverage, and their employees were starting to get tempted at the idea of doubling up on coverage to fill in and supplement gaps and caps.
Although the employer could often retain and attract the right talent because she provided more meaningful work and opportunity, she felt she had to provide something in the way of benefits to compete with larger marketing firms.
Their Challenges:
This client had common challenges to other companies of similar size, industry, and demographics which included:
- The program had to be within the budget with minimal increases - a budget that was half of typical benefits costs.
- The program had to provide flexibility for the employees’ diverse needs.
- Coverage couldn’t be redundant with spousal plans - it had to have additional value.
How NextGen Helped Them:
The solutions here are applicable to many of NextGen Benefit's clients, here’s what we did:
- Designed a program to the client’s exact benefit budget, and built it in a way that there would be no increases, and the company only had to pay for what was used.
- The program provided optimal flexibility. An employee who needed braces could finally get what they needed, and another employee was able to get the chiropractic care they desperately needed.
- This benefits plan did not overlap with the employee's spousal plans, instead, it fully complemented the coverage, without any redundancy in coverage or cost.