ROOM FOR IMPROVEMENT
When it comes to providing benefits to employees, the cost is usually the determining factor behind not only whether to offer them, but at what benefit level. The amount of risk involved, among other elements, is used to calculate premiums charged by insurance companies. In many organizations, this risk is something you should consider “self-insuring” particularly with programs that have minimum benefit levels or specific time limits of coverage. These programs still require someone to administer them; however, Third Party Administrators (TPAs) can provide this service at competitive costs to insurance companies, if self-administration is not desired.
Our experienced team of HR professionals at P3HR has extensive experience with self-insurance with both large and small organizations. We can help you evaluate not only what are the best programs to meet your needs, but how to fund and administer those programs. This can result in lower costs for existing programs, enhanced benefit levels or implementation of new programs to attract and retain valuable employees; a Win Win!