Benefit CONSULTING: BENEFITS Analysis
Many times cost is the reason for updating or changing an employee benefits plan. But to determine how to modify your program requires a comprehensive analysis of your plan, pricing and cost-sharing.
Hanratty & Associates consultants will conduct an analysis of your plan as it compares to industry, regional and national norms related to costs, premiums, service fees, outcomes, loss ratios and performance. We are able to compare your plan to our existing client plans’ results. Our one caveat—we never break client confidentiality. This is to protect the integrity of each client’s plan.
For our clients who use Select105™, a consumer-driven plan design that works with a variety of carrier plans, we have the ability to track actual plan participant utilization. This is a powerful advantage to you because we can uniquely evaluate your plan once it’s been in place. And because we are evaluating actual utilization, clients can make more informed plan design changes and cost analysis.
In addition to available data that can be used in analyzing your plan, Hanratty & Associates consultants closely observe benefit trends and refer to them as part of our analysis.
The outcome of a plan analysis is an accurate identification of outdated or unnecessary programs, competitive pricing, and equitable cost-sharing. In our effort to always provide you with the best and most appropriate plan, Hanratty & Associates conducts a plan analysis annually. Tracking to actual clients can be viewed at your discretion.