Henderson Brothers Insurance Agency

Benchmarking

If you are like most employers, you want to know how your benefit program compares to what other companies are offering. You may often question whether the changes you intend to make are compromising too much in quality while you save just a few percentage points in monthly insurance premiums or claims cost. You can come to the conclusion after reviewing a claims forecast that you need to quickly cut benefit cost. But what strategy should you employ? Should you focus on altering utilization behavior, reduce benefits, raise employee payroll contributions, institute a wellness program, or all of the above? What changes should you make that will still enable you to keep your overall benefit program competitive on an industry, regional and national level? What are your competitors doing?

Regardless of whether you are fully-insured or self-insured, we know it is very difficult to create and maintain a benefits program for your employees that achieve a balance between plan cost and value. Henderson Brothers provides multiple benchmarking resources and tools to help you understand how your company's medical and prescription benefit design and plan utilization compare to other employer programs. Our benchmarking services enable us to uncover your medical plan cost or utilization concerns by comparing your claims expense and benefit utilization to reliable benchmark data. We are able to evaluate the impact of medical plan design changes on your plan, while providing you with detailed survey results viewable by region, business size and industry.

Each year in late spring, we work with the nation's largest and most well-respected actuarial firm to roll out the Mid-Market Benefits Survey. This survey, designed specifically for mid-market employers, provides survey respondents with a comparison of their unique plan(s) to others of similar geographic area, industry, and size. If you participate in the free survey, you will receive an Individual Custom Report (ICR) showing your plan(s) benchmarked to others locally and nationally. The Mid-Market Benefits Survey contains over 35 questions, and 900 data elements.