Thursday, November 13th, 2014
The leaves are turning and the climate is changing, the amount of time available for actual work is decreasing and the forecast seems to vary on a day-to-day basis, swinging from sunny skies and short sleeves to slickers or scarves at a moment’s notice.
That’s right: it’s renewal season!
A recent study released by Arthur J. Gallagher & Co. the 2014 Benefits Strategy and Benchmarking Survey, found that U.S. employers’ biggest overall challenge is controlling benefit costs. Among employers surveyed, 63% reported that their benefit expenses account for 20% or more of their total compensation spend. The same study found that 98% of employers are committed to providing some form of employee healthcare benefits for the future. Subsidizing employee healthcare is a key element of any employer’s value proposition.
As such, employers considering their 2015 healthcare offerings are facing an environment with potentially higher costs and complex considerations when determining the right path forward. The manufacturing renaissance in America continues, but for companies to unleash their true growth potential they need to be able to spend less time tabulating the tangible and intangible pros, cons and costs of their employee benefit programs and more time innovating, exporting, investing and hiring.
Like any other sector the plastics industry has these same concerns about healthcare. Luckily, SPI listened and last April launched SPI HealthLink, a private exchange platform specific to SPI members. “The first step in the success of any healthcare plan is to recognize the issues that need to be addressed,” said SPI President and CEO William R. Carteaux. “Where SPI HealthLink stands out as such an attractive option for employers is in its ability to create a predictable solution that is both time and cost efficient.”
Private exchanges have emerged as an increasingly popular solution to the questions companies have about healthcare, with data collected by JD Power & Associates showing that 47 percent of businesses intend to adopt one. With SPI HealthLink you get more predictable costs, increased efficiency and streamlined administrative processes, and your employees get to pick benefits as unique as the plastic products and materials their companies manufacture, process, mold and recycle.
It’s easy to see how it becomes wasteful for a company to offer the same plan to a 65-year-old employee that it does to a 20-year-old employee. Operating from a defined contribution (DC) rather than defined benefit approach, SPI HealthLink abandons the one-size-fits-all model of traditional health plans that causes misaligned employee coverage.
With SPI HealthLink, employees choose the coverage that meets their individual needs across a wide range of insurance solutions. That means your employees are better protected and more invested in the benefit dollars your company spends on them.
SPI HealthLink allows employers to allocate fixed dollars to their employees so they can purchase the insurance they need, transforming the budgeting process into an array of concrete predictions instead of a parade of maybes. And all the while, as administered by international services firm Arthur J. Gallagher & Co., HealthLink can eliminate members’ administrative burden and help them get back to growing their business.
SPI members interested in learning more about HealthLink can click here, or call the SPI HealthLink hotline at (844)413-5871 to speak with a live representative from Gallagher. Whether you’re looking for new options or already have a plan in place, understanding the value of SPI HealthLink could be meaningful to helping your organization achieve greater organizational goals such as enhanced employee engagement and productivity.