It’s the time of year when many businesses start preparing for upcoming employee benefit plan renewals. Your benefit advisor should be presenting you with options including different plan types from a variety of carriers. Knowing what’s available in the marketplace to you and your employees is important. But even more valuable is the ability to compare your plan against other employers.
Have you ever wondered:
- Is my health plan competitive?
- Is my company contribution similar to what other businesses in my industry and region offer?
- Am I paying too much or not enough to offer benefits to my employees?
- Am I asking my employees to pay a comparable amount to their peers in similar businesses?
One of the most valuable tools you can use to evaluate your plan is to compare what your industry peers in the region are offering their employees.
Since its inception 15 years ago, Acadia Benefits has participated in the United Benefit Advisors (UBA’s) Annual Health Plan Survey. Now the nation’s largest independent health plan survey, Acadia Benefits is the only benefit advisor in Maine that has access to this valuable data to provide employee benefit benchmarking data. In 2019 the survey included 706 health plans offered by 377 employers covering more than 67,000 employees in Northern New England (Maine, New Hampshire and Vermont.)
We can compare your plan type, plan costs, deductibles, drug costs and other factors within industry, group size and location. All we need from you is a current election form or Summary of Benefit Coverage (SBS) document. And depending on how your benefits and costs line up, we can identify strategies to help increase the competitiveness of your plan.
If you are interested in speaking further regarding benchmarking your current health plan or to learn more about the creative solutions we offer our customers, please contact me directly. I would be happy to learn more about your challenges and discuss your short and long-term goals.
Kevin Kennedy has been with Acadia Benefits since 2014. He works with our mid-sized/large customer accounts and develops new business. Prior to working at Acadia Benefits, Kevin was a Captain and Business Manager of a tour boat in the Kennebunk River and is a graduate from Arizona State University.