Health insurance premiums are
expected to continue to increase:
- 77% of employers expect the Affordable Care Act will increase their company's health care costs dramatically
- 2017 premium increases are projected to be the largest in recent history (InternationalFoundation Survey)
Benefits administration
complexities and increasing premiums are elevating the risk that your benefits
cost will rise faster than the rate of overall premium growth. To avoid
this risk, you must carefully manage your employee benefits.
Inaccurate or missed premium
deductions are expensive, but fixable. Understanding the causes of
increasing benefits cost is half the battle. Some of the most common
causes include:
- Competing payroll timetables vs. carrier cut-off dates and retroactive limits
- Challenges recovering lost premium dollars after the fact
- On-going age-banded rate adjustments
- Carrier customer service challenges (poor communication and follow-up)
- Numerous carrier invoice delivery methods (electronic and paper), including confusing self-bill invoices
- Inefficient, outdated, and inaccurate carrier technologies
- Matching plan premiums with employee pre- and post-tax deductions
- Competing demands of payroll and carrier invoice deadlines
- Post open-enrollment and renewal invoice confusion
Mosaic HR Services delivers customized solutions that save you time, increase accuracy, and manage your premium costs. Our benefits administration solutions are designed to complement your benefit administration strategy. To learn more and to see how Mosaic HR Services' benefits administration service can help, visit www.mosaices.com/mosaic-hr or talk with an expert at (303) 645-4270.
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