Managing changes in an efficient manner becomes increasingly important as your company grows. This is especially true when it comes to benefits such as group health insurance. While organizing your company’s group health package is a necessary task, that doesn’t mean that it won’t come with a unique set of challenges. On the flip side, adjusting your health plan also presents the opportunity to make changes that benefit your workforce. Running an organization that is quickly scaling is difficult enough, so we want to take some stress off of your plate! To help do so, we’re exploring what the process looks like and analyzing the most important factors to account for. This in-depth breakdown will ensure that your employees continue to prosper, without you having to break the bank.
How Does Business Size Affect Your Insurance Needs?
Growth not only refers to the size of a company, but also frequently the structure of the company. Your group health insurance plan needs to be updated to reflect any changes that occur. This might include the addition of new employees, the opening of new locations, or diversification into other areas. When preparing to make changes to your group health policy, it’s important to consider the following factors:
- Changing Demographics: As your workforce expands, the variety of health insurance needs that your employees have in their lives will also increase. Due to differences in age groups, family circumstances, and health problems, a strategy that is successful for 15 employees might not be the best option for 50.
- Considerations Regarding Location: It’s possible that expansion into new regions may require different compliance regulations, since each state has its own specific laws and offerings. For example, certain states have specific restrictions that might have an impact on the coverage options and costs available to you.
- Industry Risks: Depending on what the expansion of your company looks like, it’s possible that you could be moving into an entirely new industry or sector. If this is the case, you may be required to modify your benefits package in order to safeguard against occupational risks that are specific to the business.
How to Pick the Right Plan for Your Business
Choosing the appropriate health insurance plan for your growing business is of the utmost importance. Here are some tips that we encourage everyone to implement to help ensure that both you and your employees are satisfied with the offerings:
- Utilize Employee Surveys: Issuing a company-wide survey helps by collecting input about the existing health benefits and whether or not employees are satisfied with them. Additionally, these surveys are meant to collect information about modifications or enhancements to the plan that are preferred or even required. Surveys are extremely beneficial since they help you tailor your health package according to the needs of the employees. Employees also generally feel more appreciated that you asked for their input instead of simply selecting your most preferred option.
- Speak to an Insurance Professional: Insurance packages and the surrounding details aren’t always easy to understand for the average individual. For this reason, when evaluating various plans and negotiating terms with providers, it’s important that you speak with an insurance broker or consultant who is familiar with the intricacies of group health plans specifically. They’ll provide you with valuable insights that you otherwise wouldn’t even consider.
- Familiarize Yourself with Various Insurance Models: While working with an insurance expert is very helpful, it’s also important that you have an overall understanding of the common plan types. Take into consideration the differences between fully-insured plans, self-insured plans, and level-funded plans. Additionally explore the different aspects of HMOs, PPOs, EPOs, and POSs. Pay attention to the advantages and disadvantages of each to help get an idea of what might be the best for your team.
Making Changes Without Disrupting Your Business
In order to successfully make changes to your health insurance plan while minimizing disruptions to the business, you’ll need to have a strategic plan. It’s also important that you communicate clearly and always keep your workforce up to date. Here are some tips to ensure a smooth transition:
- Educate Your Team: To keep your employees in the know, organize informational meetings and distribute information about the newest health insurance choice. Practicing clear communication, and continuing to gather employee input will prevent surprises in the future.
- Plan Ahead of Time: To guarantee you have enough time to make educated decisions and notify your staff of any changes, begin the review process well in advance of your scheduled renewal date. Giving yourself ample time also ensures that your staff will be well aware of any major changes that are coming down the road.
- Use of Technology to Your Advantage: While you may have a team of employees dedicated to managing employee benefits, there are many useful technological tools that could help your operation. For example, Human Resource Information Systems (HRIS) help to effectively handle the administration of benefits. Functionality includes automating enrollment, providing timely updates, and assisting with compliance checks. While old methods of doing things may have worked in the past, as your business expands, tools like HRIS’s can assist in automating enrollment, and speeding up otherwise lengthy processes.
Final Thoughts
Successful scaling a business requires a proactive approach to group health insurance management. No matter how much your company grows, you have the ability to make sure that your health insurance plan remains as a cornerstone of your employee benefits program. By routinely evaluating you and your staff’s needs, investigating the best insurance options, and successfully communicating with your team, you’ll be in the position to make an educated decision that satisfies everyone. Just remember, as your business changes, so should the measures you use to support your most important asset—your employees.
If you’re currently in the process of searching for a new employee health benefits package, you’re not alone! Group Health Quotes (GHQ), specializes in employer-sponsored health insurance, helping business owners like yourself get paired with the plan of their dreams! Through our quick process, you’ll receive a free quote, and can compare competing plans side-by-side. We also have team insurance experts working around the clock to assist you through the process. If you’d like to receive your free quote and learn more about coverage options, just fill out our form or call us at 888-571-0291.
