The decision to provide or modify a certain type of employee benefit should not be made entirely on cost. The design of the benefits program can be the most significant factor in employee appreciation, overall cost, and effectiveness of the program. A comprehensive benefits analysis provides a thorough review of the following factors and their impact on the benefits program.

• Types of benefits that apply to each category of employee
• Levels of benefits provided
• Benefit plan assumptions and contingencies
• Probationary periods
• Eligibility Requirements
• Employee Contribution Requirements
• Flexibility available to employees
• Actual employee participation
• Gaps or overlaps in benefits
• Evaluation of benefits financing methods
• Cost saving or cost containment techniques

Our consultants analyze the existing benefits program in terms of types of benefits, coverage and plan participation to determine how well existing benefits plans meet employee needs and employer objectives. Through this step, we identify any gaps in coverage or overlapping benefits and make specific recommendations for enhancements or opportunities for cost savings with the present plan.

As a result of this comprehensive analysis, an employer may consider various recommendations for modifications in its present employee benefit program. This may involve the evaluation of new benefit programs that may meet objectives more effectively. Before any recommendations for improvements, reductions, or changes in an employee benefit plan can be adopted, a careful analysis of the cost or savings estimate must be evaluated. Recommended improvements or changes in the plan may also have to be assigned priorities. At EBS Consulting, our qualified benefits consultants will assure that any recommendations are based on a comprehensive analysis so the employer can make informed benefit decisions.