Whether you are curious to know how your disability benefits stack up or are wondering if your stop loss coverage levels are comparable to other self-funded employers, there is likely data available that can be benchmarked.
The first step to successful benchmarking is to identify different aspects of your benefits and choose which are most costly and which are most important to your business’s success.
There is benchmarking information available for almost any aspect of a benefits program, including:
- Plan design
- Employee contributions
- Total costs
- Medical, Rx and ancillary coverages
- Trends in voluntary offerings
- And much more
Compare Your Benefits to Competitors
Benchmarking can also be a powerful tool to measure your business against the competition. By benchmarking your plans against competitors’, employers can remain competitive in the market while implementing strategic changes – for instance, you may see that your deductible is much lower than other employers’ deductibles in your region or industry, so you may feel comfortable raising it.
Benchmarking Provides More Than Just Data
Top third-party reports on a variety of health care benchmarking topics can offer additional insight into how your organization compares to others in the nation. Additionally, you can provide your employees with valuable data regarding the cost of health care in your region. This can help make them wiser consumers of health care, which, in turn, can help them lower their health care expenses and save your company money.
Hylant can also create a customizable report to illuminate exactly how your organization’s health plan offerings compare to your competitors’ plans.
Whether you are curious to know how your health plan stacks up or are wondering if your total cost of benefits is comparable to competitors, there is likely benchmark data available.
Read about why benchmarking is an important practice you should adopt.