Employers and benefits managers struggle to balance competitive benefits packages and out-of-control costs. And, experts at Colonial Life say, public sector employers face additional obstacles from revenue shortfalls and increased public scrutiny of government spending.
In a new white paper, the benefits provider examines five strategies that have been proven to help with cost containment. Those include:
- Wellness initiatives
- Pretaxing benefits/Section 125 participation
- Benefits communication and education
- Voluntary benefits
- Dependent verification
According to Colonial Life, government employers who implemented strategies such as these report significant savings in their employee health care benefits. More than half — 55 percent — of participants in the government financial officers study saved at least 6 percent, and 40 percent of them saved more than 10 percent. Other studies show employer return on investment for wellness initiatives ranging from $3 to $6 for every dollar spent.
Click through to examine whether these strategies are actually helping the bottom line while minimizing the impact on employees >>
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