Are you paying too much for your corporate benefit plan?
Corporate benefit plans are a significant cost of doing business today – representing approximately 5% of total employee compensation. And those costs are rising fast, with 10%-20% annual premium increases in some cases.
Most companies are over-paying for their benefit plans based on:
- paying for features they’re don’t need
- lack of a cost management plan
- paying too much for the administration of the plan
- lack of transparency and hidden costs
- tax inefficiencie
The simple fact is most companies don’t know all they’re paying for.
Take control of your benefits costs with better information.
Through greater transparency, we’ve shown companies how to achieve real savings of 10%-20% or more on their corporate benefit plans without giving up any of the features that are important.
As your benefit advisor, Newport Partners is your advocate with the insurers. We apply our corporate benefits expertise to provide the following:
- transparent, line by line review of your current plan expenditures and coverage
- summary of inefficiencies and excess charges
- benchmarking comparisons against what comparable companies are doing
- options to lower your administration costs and enhance service
- options to structure your plan tax effectively
- negotiating strength and buying power with your insurer
- plans to contain costs well into the future
We can conduct a review of your plan to show you where your benefits dollars are being spent – and the value you are receiving for these expenditures. Where there isn’t value, we’ll show you options and choices to fix it.
To initiate a review, all you need to provide is the following:
- a copy of your benefit plan booklet;
- most recent billing statement;
- most recent annual renewal report
Within 10 business days of receiving the information, we’ll provide you with a written summary of our findings with recommendations to optimize your program.
To find out more, email us at corporatebenefits@newportpartners.ca
