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Save On Cost With A Benefits Consultant

December 5, 2022, by New City Insurance

women checking benefits on mobileWhile it is one of the largest expenses that a company incurs, employee benefits have countless advantages for growing businesses. When employees have access to a comprehensive benefits package, companies enjoy a higher retention rate, more productivity, improved reputation, increased morale, and lower employee turnover.

While the advantages of having a great benefits program are irrefutable, many businesses struggle to pay for health coverage and other benefits. Fortunately, there are ways that companies can control costs while still giving employees the benefits they want. Benefits consulting services can help businesses find the most cost-effective and appropriate strategies that will support their employee benefits plans.

Americans are Struggling to Pay for Medical Debts Despite Being Insured

Health insurance remains the most sought-after employee benefit in the US. According to KFF, 49 percent of firms with between three and nine workers offer coverage to their employees, while virtually all firms with 1,000 or more employees offer health benefits.

However, despite being insured, many employees continue to struggle with healthcare-related debt. A report from the Kaiser Family Foundation found that 100 million adults currently have healthcare debt ranging from $500 (16 percent) to more than $10,000 (12 percent).

This financial burden can be hard on families, forcing many to cut spending on essentials like food. Millions of people are also being driven into bankruptcy and even from their homes.

Nearly Half of Americans with Employer-Sponsored Health Coverage are Underinsured

searching best health insurance conceptWhile having health insurance is important to stay protected against major medical expenses, having employer-sponsored health coverage is not always enough. According to the KFF, approximately 28.9 million nonelderly individuals are uninsured, meaning at least 70 million individuals in medical debt have insurance but are underinsured.

There are a variety of reasons why many people remain underinsured, such as public program cutbacks, rising healthcare costs and reduction of employer-based insurance options. Premiums for health insurance also continue to rise, often faster than employees’ wages, creating affordability concerns among workers.

High health costs, coupled with stagnant employee wages across many companies, have many employees worried about accumulating medical debt. In fact, adults who are underinsured have some of the highest medical debt problems and often have difficulty paying their medical bills.

The Vicious Cycle of Working Through Medical Issues and Accumulating Debt

Healthcare costs have continued to rise in recent years, partially due to general inflation, the pandemic, tight labor markets, the release of new and costly drugs, and provider consolidation. As medical services become more and more unaffordable for employees, many workers are choosing to avoid trips to the doctor.

Trends in employee healthcare show that more employees are choosing to continue working through their medical issues instead of getting the healthcare services that they need to maintain good health and wellness. Employees often wait until they are seriously ill or injured to see a physician, at which time they experience higher costs.

Employees Who Are Sick Cannot Work Efficiently

Employees often feel pressure to come to work, even when they are ill. Working when sick, whether mentally or physically unwell, is referred to as presenteeism. Presenteeism is becoming increasingly common in the workplace. A recent HBR study revealed that the cost productivity loss due to presenteeism exceeds more than $150 billion annually.

Working while sick can actually be more harmful than an absence. Employees who are ill at work are often less productive and unable to work efficiently. This can lead to slowdowns in production and significantly increases the risk of errors and inaccuracies in work activities.

Employees Who Can’t Afford Their Medical Bills Will Look for Other Employment

calculator sthethoscope and benefits explanationEmployer-provided health coverage plays a key role in employee recruitment and retention. According to a survey published by the Society for Human Resource Management (SHRM), 56 percent of US adults who have employer-sponsored health benefits revealed that whether or not they like their health coverage is a key factor in deciding to remain at their current job.

Listening to employees and what they need in employee benefits can help reduce employee turnover and increase loyalty to the company. Without access to appropriate healthcare coverage, many employees who cannot afford to pay their medical bills may look for employment elsewhere.

Developing a Health Coverage Plan That Is Cost-Effective and Meets Employee Needs

Managing employee benefits that include a suitable health coverage plan remains a top priority for many employers. However, businesses must find a careful balance between developing a plan that is cost-effective while still meeting employee needs. One of the best ways to achieve this goal is by working with a benefits consultant.

With help from an experienced benefits consultant, employers can better identify the organization’s benefits objectives and set a realistic budget. Conducting a needs assessment can also be useful for determining the best benefits selection and design based on employee wants and needs.

A benefits consultant can also help in other critical areas, such as formulating a benefits plan program and communicating the benefits plan to employees.

Companies Are Leaving Money on the Table When They Don’t Get Benefits Consulting to Restructure Programs

Benefits consultants perform a variety of services for businesses, such as helping companies select and implement benefits. In turn, working with employee benefits consulting firms can actually help employers save time and money by giving them direct access to excellent benefits packages that will attract and retain top talent.

While the upfront cost of hiring a benefits consultant may be off-putting, the improved productivity of a company’s workforce makes the investment worth every penny. Benefits consultants are experts in their field and can help companies choose benefits that save them money while also meeting employee healthcare needs.

Benefits Consultants Can Help Teach Employees About Program Offerings for a Higher Adoption Rate

employees checking their annual benefitsBenefits consultants have the knowledge and expertise not only to help employers but also employees. Companies can choose to hire a benefits consultant to help teach employees about available program offerings and encourage them to participate in these plans.

Healthcare enrollment options and procedures can often be complex and many employees may feel uneasy about signing up for a program that they do not completely understand. With guidance from a professional benefits consultant, companies can often achieve higher adoption rates.

As a result of this education, employees are often healthier, happier, and more productive at work. Affordable healthcare can also reduce the stress associated with healthcare expenses and employees are more likely to be positive and engaged at work.

Run a Company With Leading Benefits Programs by Speaking to a Benefits Consultant

America’s healthcare system is not fully comprehensive, even for individuals who obtain health insurance through their employer, according to a new survey by the Commonwealth Fund. Employee benefits consultants specialize in developing benefits packages for employers that are tailored to their unique needs. With help from a reputable benefits consultant, businesses can experience a positive impact on employee morale and gain the upper hand when recruiting new employees.

Benefits consultants can also provide other key benefits, such as financial savings, fewer compliance issues, well-negotiated contracts, and assistance for employees when navigating benefits options and enrollment. To learn more about how to save on costs with a benefits consultant, request a consultation online or call New City Insurance at 888.210.2765.

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Google Rating
5.0
New City Insurance
New City Insurance
5.0
Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
23:38 07 Jan 22
So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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