Missing the Gorilla – Why You Shouldn’t Overlook Your Benefits Program

Missing the Gorilla – Why You Shouldn’t Overlook Your Benefits Program. Business leaders often have several important tasks on the go at any given time. The ability to problem solve and delegate projects is important. But what happens when that focus prevents you from seeing problems — or opportunities — that could impact your bottom line or your employees?

Cognitive psychologists, Dan Simons and Christopher Chablis, carried out an experiment that showed when people are focused on one aspect of a task, they may not notice another. The study, known as The Invisible Gorilla, includes a video of two teams of basketball players who each tossed a ball to members of their own team. One team wore white shirts and the other wore black.

Volunteers were asked to watch the video and count how many times the white team passed the ball to each other. While the video proceeds, a person dressed in a gorilla suit walks across the screen, stops in the middle of the game, beats its chest, and then exits the screen on the opposite side.

The study showed that after watching the video, about 50% of the volunteers were so focused on counting the passes they did not notice the gorilla walk by.

Don’t let your benefits program become the gorilla.

When employers focus on only one aspect of their benefits plan, it’s natural that other details may be overlooked. For example, a plan that has not had a considerable increase in premiums for several years could be considered suitable due to the fact costs have not changed significantly. However, there could be areas within the plan that are underutilized, costly, or worse, areas that could fail to meet important rules and regulations.

Employers need to ensure their benefits program offers quality care, meets previous and new regulations, is cost-effective and follows appropriate pharmacy benefit requirements. Not only to ensure an effective program but also to avoid potential penalties. The Employee Retirement Income Security Act (ERISA) includes strict standards of conduct for those who fall under the definition of a fiduciary as it applies to employee benefit programs and is meant to protect individuals within the plan. A company’s failure to provide fiduciary oversight of its healthcare spend is a huge regulatory and legal liability for a company and its executive leadership.

The only way to know if your benefits are compliant is to confirm they are. 

You shouldn’t overlook your benefits program. Ensuring your benefits program has been reviewed, is up to date and remains compliant is essential. Whether you have had the same broker for 20 years or have recently found a trusted consultant, ask questions about your program, request an analysis or review and don’t be afraid to reach out for a second opinion if needed. Some assessments are provided by consultants for little or no cost.

Evidence that your benefits program is performing as it should can give you peace of mind. If issues are found, your consultant can, and should, begin offering creative strategies and solutions right away.

Invisible gorillas can be hidden in plain sight.

An unnoticed change in your plan could have serious consequences for your business. For example, a prescription drug dispensed to an employee at an unreasonable price not only affects those employees who purchase them but it could also be considered a breach of fiduciary duty.

If you haven't received a recent review of your benefits program, ask your broker or consultant today. If you need a second opinion or want to discuss your benefits program, don’t hesitate to reach out. Let us discover the gorillas for you.