The best way to evaluate the effectiveness of your employee benefits is to analyze the available data.
How do you do it?
As an employer, you want to stay on top of your group benefits plan – specifically the claims patterns – to ensure you are making the most of it, meeting your employees' needs and managing misuse of benefits.
Downloading periodic reports and speaking to your benefits advisor about the patterns of claims, most used benefits and least used benefits is a good start. Your benefits advisor should be able to help you monitor the information, while pointing out patterns and specific points of interest in the data that are relevant to you as the employer.
A trained eye can help.
What might be invisible to an untrained eye is often quite obvious to a trained and certified person looking at your claims experience report.
In addition to being part of the initial process as we help you build your new group benefits plan, this service is part of the after-contract follow-up that the Revolution team offers.
We believe having an experienced and knowledgeable benefits advisor advising you is important in ensuring the success of your plan in the long-run.
Plus, if you are interested in revamping your plan to ensure it is meeting the changing needs of your workforce, studying claims experience for the previous 2-3 years is very useful.