Effective plan design is the key to providing high-quality, cost-effective health care to your employees. Sibson Consulting has extensive experience in the design and redesign of all health benefit plans, including medical, dental, prescription drug, vision, behavioral health, short- and long-term disability, life, accidental death and dismemberment, and flexible benefits.
Cost is an important consideration when planning any change in benefit plan design, as plan redesigns can have a significant fiscal impact on an entity. Sibson’s cost modeling experts and tools enable plan sponsors to make informed decisions about their plans.
Proper budgeting and financial monitoring is key to sustaining a health and welfare plan.
Data mining gives employers valuable insight into plan costs and usage to improve decision making and financial analysis. Plan sponsors can determine the root causes of cost changes using data mining, which allow for targeted and effective intervention to manage future health care expenses.
Benchmarking is the process of identifying, understanding and comparing best practices across organizations. It is a powerful tool for an organization seeking to align benefit programs to the goals and strategies of the organization.
A competitive analysis of benefit programs serves as an important method to identify sources for program improvement, such as cost efficiency, recruitment and retention of employees. A benchmark assessment provides a unique and invaluable understanding of how benefit programs compare among competing organizations. Furthermore, a rapidly evolving industry makes it important for employers to understand not only the current benefit plans in place at key industry and geographic competitors, but also the future direction of the benefit initiatives competitors may undertake.
Providing health benefits for retirees presents employers with many challenges. Sibson Consulting can help you find solutions that work for your organization and your retirees. Sibson works with a variety of employers that offer Medicare and non-Medicare retiree coverage, including prescription drug, dental, vision and life insurance benefits.
A consumer-driven health plan (CDHP) invites employees to become more involved in health care decisions and more aware of the true cost of care. An increasing number of health plan sponsors are turning to CDHPs in hopes of controlling costs.
In our experience, employee contributions are one of the most visible and sensitive issues forming employee perceptions of health plans. Working with our clients we carefully evaluate employee contributions. We assist plan sponsors with outlining their employee contribution strategy by:
Sibson has extensive experience designing and evaluating value-based benefit plan designs; we have worked with a number of clients to help develop custom value-based designs in order to help them achieve their health benefit goals. Introducing a nuanced benefit design that tailors cost-sharing for both high-value and low-value services helps to ensure clients are getting the most value for their health care dollars. By identifying and promoting the utilization of strategies and services, which have been found to be both clinically and cost effective, our clients have realized significant improvements in the overall wellness of their members.
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