Employees First utilizes a transparent benefits model that reallocates surplus employee-paid dollars from voluntary benefits to enhance Total Rewards, ensuring that funds directly benefit employees rather than insurance profit margins. This approach mitigates the financial strain caused by rising healthcare costs and stagnant wages, providing measurable improvements in employee wellbeing.
Funding
Funding not disclosed
Founders
Product
Problem
Many employers struggle to maximize the value of their employee benefits programs, often seeing a significant portion of employee-paid dollars directed towards insurance company profits rather than employee benefits. Rising healthcare costs and stagnant wages further exacerbate the financial strain on employees, reducing the perceived value of their total rewards package.
Solution
Employees First offers a benefits optimization model that redirects surplus employee-paid dollars from voluntary benefits back into the employees' total rewards package. This approach leverages Experience Rated Refunds (ERRs), which are plan dollars remaining after plan expenses and claims, similar to a self-funded plan. By identifying and reallocating these "found" dollars, employers can enhance benefit options, lower plan costs for employees, fund additional value-added programs, or cover plan expenses. The model ensures that these dollars are reinvested to directly benefit employees rather than contributing to insurance industry profit margins.
Target Audience
Large-market employers seeking to optimize their employee benefits programs and enhance the value of their total rewards package for employees.
Features
- Transparent benefits model that reallocates surplus employee-paid dollars.
- Identification and optimization of Experience Rated Refunds (ERRs).
- Reinvestment of "found" dollars into employee benefits.
- Options to lower plan costs, elevate benefits, or fund additional programs.
- Consulting and administrative services to implement the program.