The COBRA Blog

HR Issues: Do YOU Make 30% LESS Than You Should?

Posted by Robert Meyers on Mon, Mar 19, 2012 @ 18:03 PM

On March 6, Forbes posted an article suggesting that employees across the nation are making up to 30% less than they should be, by not taking full advantage of the employee benefit plans available to them.

It seems that many employees renew their benefits year after year, without conducting a comprehensive analysis of the pros and cons of each plan. These employee don't realize that they're coming to work each day with a 30% raise waiting in the wings.

This is an old familiar story, but I think it applies to employers just as often as it applies to employees. How many times have you gotten busy and renewed your company's employee benefits plan - relying solely on the advice of one broker? How about your COBRA administration plan? When was the last time you had a comprehensive review of the benefits available with your current COBRA administrator compared to the other choices available? Have you ever asked your broker to provide more than one COBRA administration option? 

What if 30% more profit is waiting in the wings for YOU?

Here are four tips to make sure YOUR COMPANY gets all that it deserves:

  1. Maximize your CORE benefits. Review your health coverage and your COBRA administration practices every year. If you're like most companies, you've probably raised deductibles and squeezed plan benefits over the years to control costs. Always assume you can do better.
  2. Retain top talent by communicating about benefits. Don't let your employees work for 30% less than they have coming. Spread the word and help them take advantage of what's available. They'll be happier, and more loyal, and you'll have less turnover.
  3. Take advantage of the extra perks available through your health insurance carriers and COBRA administrator. For example, our clients have access to free COBRA training, a COBRA e-newsletter with COBRA tips and advice, and participant support is part of most plans. They also enjoy assistance with setting up data feeds and reporting. You don't always have to do it yourself.
  4. Think beyond price. With health insurance and COBRA administration, labor is a huge consideration. Does the plan or program structure free your HR team to focus on core HR issues, or will it bog them down and drain their productivity?  If you're looking at COBRA administration, consider the ease of sending notices, collecting premiums, reporting data, and managing participants as well as retirees.

There are many ways to eek out more profit, but many involve doing more with less. This profit plan is about GETTING MORE from your existing programs. All you have to do is ask questions, raise awareness and explore your options.

Would you like to triple your COBRA administration ROI? Discover how three companies saved more than 300% with our case study report.


Tags: HR issues

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