38 Nebraska Cattleman December 2023 NCIG By Scott Morris FNIC Senior Vice President Five Strategies for Maximizing Employee Benefits While Minimizing Costs Employee benefits are an essential part of attracting and retaining skilled workers. However, managing these benefits while keeping costs in check can be a challenging task. Fortunately, NCIG is here to guide you through this process and help build forward-looking strategies that balance costs with benefits. In this article, we'll explore five practical ways for cattle producers to save money on their employee benefit plans. 1. Regularly Review and Compare Benefit Providers The insurance market is ever evolving, with new providers and plan options emerging regularly. Don't settle for your current benefit plan without periodically reviewing your options. Compare offerings from different insurance providers to ensure you're getting value for your investment. NCIG can assist in this process by helping you find plans that align with your budget and benefit goals while also providing guidance on thoughtfully making changes. 2. Plan Design Alterations You can tailor your benefit plans to your employees’ specific healthcare needs. This customization can ensure that benefits address your employees’ unique challenges and risks. For example, if a significant portion of the budget is spent on prescription drugs, plan design alterations can focus on cost-effective pharmacy benefits. 3. Implement Cost-Sharing Strategies Consider introducing cost-sharing strategies, such as higher deductibles, co-pays and employee contributions. While these measures may require employees to bear a greater share of the cost, they can help control your expenses without compromising the quality of benefits provided. NCIG can help you strike the right balance between cost-sharing and competitive compensation. 4. Leverage Tax-Advantaged Accounts Offer employees tax-advantaged accounts like health savings accounts (HSAs) and flexible spending accounts (FSAs). HSAs allow employees to save pre-tax dollars for medical expenses, while FSAs provide a way to allocate pre-tax funds for eligible healthcare expenses. These options can reduce your employees' taxable income and out-of-pocket costs. 5. Promote Employee Wellness, Benefit Education and Telehealth Healthy employees are not only happier and more productive but can also save your operation money in the long run. Implementing wellness programs that support healthy lifestyles and preventive care encourages employees to maintain their good health. Additionally, providing benefit education to your employees enables them to make healthy, informed decisions when utilizing their health plans. Offering telemedicine services can be a cost-effective way to provide healthcare access to your employees while reducing the need for costly in-person doctor visits. This approach not only supports the well-being of your workforce but CONTINUED ON PAGE 40 24th AnnuAl Production SAle Wed, February 7, 2024 At the Bull Center - neAr ClArkson, neBrAskA Preserving the power of Scotch Cap genetics Call or stop by anytime! 82235 567 Ave. • Clarkson, NE 68629 402-920-3171 • nickjindra@hotmail.com • www.jindraangus.com Ad Design by Chrisman Cattle Services hoffmAn thedford JindrA ASSurAnce lArgeSt Sire grouPS by Williams Hollywood • Woodhill Domain • Jindra Superior • Jindra Assurance • Sterling Pacific Tehama Tahoe • Jindra Strategy • Hoover No Doubt • Jindra Cutting Edge • Jindra Megahit KCF Bennett Exponential • Hoffman Thedford • Smith Valley Gratitude Connealy Bohannon • Jindra Xpansion • Connealy Guardrail Selling 175 regiStered AnguS bullS • 50 regiStered AnguS heiferS
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