As organizations look at budgets each year, one area that will undoubtedly undergo intense scrutiny is the cost of employee benefits. It is a particularly difficult item to manage due to the increasing cost and utilization of health care, not to mention compliance burdens. HR and finance managers need to take a long-term view and commit to developing a multi-year strategy instead of relying on short-term tactics to contain employee benefits costs.

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Once you have determined your overall cost savings goal, there are a number of ways to redefine the structure of your employee benefits plan to better manage costs. We will cover the following 7 strategies: High deductibles, Self-funding, Telehealth, Reference-based pricing, Voluntary benefits, Pharmacy benefits management, and Narrow networks.