How can I save my company and employees money while also improving my health insurance plan?
With all the insurance carriers out there and the thousands of health insurance plans available, how do you know you are providing the best value for your company and your employees? Agencies with expertise and specialization in the employee benefits market, know how to use creative plan designs that improve costs and benefits. Think platinum benefits and bronze prices. During these times, insurance carriers are offering options to buy down plans. However, buying down plans doesn’t mean you also have to cut benefits.
Below are a few tips to help improve your health insurance plan:
1. Do not just renew as is, without doing a quick second of homework.
Although it might be tempting, especially now that our whole routine, life and work environments, are out of wack, now more than ever it is important to make sure you are truly offering the best plan for your employees. We have seen so many clients who renew year after year, because their agent has not shown them viable alternatives and as a result, these companies have been overpaying in the tens of thousands. This not only affects your company but also affects those employees who have to a pay a portion of their insurance out of pocket. We know improving costs in this environment is of upmost importance.
2. Do not forego your open enrollment meeting.
Open enrollment meetings are a time for employees to truly understand the benefits that your company is offering them. Due to the COVID craziness, a lot of people realize how important it is to have health insurance coverage and employees that previously waived in the back might very well decide to elect coverage now. These meetings help inform employees on what is truly the best option for themselves and for their families. Enrollment meetings can be done virtually! Our office had invested in an electronic enrollment platform where employees can enroll from home. Our platform coupled with Zoom allows us to deliver the same level of presentation as we would in person, all while keeping your employees safe!
3. For those of you who already renewed or who’s renewal isn’t up for another few months, look into carrier plan re-designs.
A lot of insurance carriers are extending the option of being able to switch your plan off renewal. Usually, the only time you can make a plan change, within your current carrier, is at time of your renewal. Carriers are allowing this because of all the economic challenges this pandemic has presented. We have been able to make a few plan changes for our clients and reduced costs for themselves and their employees, all while maintaining benefits. We strongly recommend looking into what options are available to you. If your current relationship hasn’t kept you informed with these updates and you want to see what plan design options you have, we would be more than happy to help.