As a small business owner, you wear a lot of different hats. In addition to keeping up with new projects and initiatives, it’s also your responsibility to make sure that your employees are taken care of. Providing your workforce with group health benefits is a great way to do this, but the truth is…things change. Depending on factors like cost, employee preferences, regulations, and much more, there’s no guarantee that your current plan is still the best plan available. That’s why it’s up to you to take all of these things into consideration, and find a plan that works for everyone. While this process may seem daunting, we’ll be touching on some key considerations and tips to keep in mind, so you’ll be sure to make the most informed decision possible.
Evaluate Your Current Group Plan
It’s best to thoroughly examine your current group health plan before beginning the renewal process. Take a look at both its strengths and weaknesses, how much it’s been used by employees, and any feedback that you’ve received about it. To get a more in-depth look at how your plan is being utilized, analyze your workforce’s claims data. This information provides insight into the most and least used benefits.
Note Considerable Company Changes
Businesses are always changing and evolving. With that said, take into account any changes that the company has made since the last renewal. Key changes include things like shifts in employee size, financial health, and the overall strategic direction. For example, a company with a growing workforce may need a plan that has broader coverage options. On the flip side, a company with financial concerns might seek a more affordable plan option. No matter the situation, it’s crucial to understand these changes in order to choose a policy that fits your company.
Assess Employee Preferences and Needs
One of the most important factors to pay attention to are the needs and preferences of your workers. Just like company dynamics, and finances, employee needs also change as time goes on. To get an accurate picture, engage with your teams by using surveys or holding meetings. During these sessions, focus on gathering their input on the current plan, and what they would like to see going forward. This kind of direct feedback is extremely valuable in helping you find a plan that improves employee wellbeing overall.
Explore the Group Market
As you may already know, the insurance industry is extremely competitive. There are likely new providers and plans that weren’t around last year, that are now available. Keeping this in mind, take some time to perform your own market research and use GHQ to compare the best available options. Requesting a quote and comparing coverage only takes about 5 minutes, but it’ll save you a whole lot more!
Consider Group Compliance and Regulations
It’s imperative that you always keep up with changing legal requirements when it comes to your group coverage. Regulations change on a regular basis, and these changes can directly impact what benefits must be provided or how plans are administered. When checking your compliance, be sure to account for local, state and federal laws such as the Affordable Care Act (ACA). Ensuring compliance will help you avoid future penalties, and will guarantee that your policy is legally up-to-date.
Budget Properly
Claims history, policy changes and market trends all impact that cost of insurance premiums, causing them to fluctuate over time. In order to keep up with changing costs, it’s pivotal to implement a budgeting strategy. Work with a group of trusted advisors to develop a budget aligning with company goals, and financial capabilities. While it’s important to stay within your desired budget it’s also important to strive to offer the best possible coverage. For even more ways to save money, try exploring a variety of funding strategies like level funding or self-insurance.
Review and Negotiate
Never blindly accept the first offer of renewal. To get the best rates and benefits possible, first, thoroughly read through the terms and conditions. Then, carefully negotiate with the provider at hand. Come into these meetings prepared with all of your research and previous findings. For example, you could leverage your market analysis, and financial knowledge to try to enhance your plan and save some money.
Communicate and Educate
After your new plan is selected, be sure to communicate any major changes with your employees. Explains the new benefits, how to access services, and hold a Q&A session to tackle any common inquiries. Additionally, provide your workforce with educational resources to read for additional knowledge. Making sure everyone is up to date on the new coverage, provides peace of mind, and goes a long way in showing support for the team.
In Conclusion
Renewing group health benefits is an important undertaking that takes plenty of preparation, research and negotiating power. While we went over a lot of considerations, what’s most important is that you:
- Understand your current plan.
- Evaluate your company for any major changes.
- Assess your employee’s needs and preferences.
- Stay informed about regulations.
- Keep up with the ever-changing market.
By doing all of these things, you’ll be sure to locate a plan that aligns with your company objectives and satisfies your team members. Just remember, the goal is to create a healthy and happy work environment, for now, and into the future!
When it comes to exploring your group health options this year, GHQ is your one-stop shop. Our process is quick and simple, showing you instant quotes, and providing you with side-by-side comparisons of local plans. Our team of expert insurance advisors are also available around the clock if you need any extra assistance. Don’t compromise the well–being of your workforce when there are so many great plans available. Instead, use us to your advantage, and let the savings reign in! To get your free quote today, just fill out a form or call us at 888-571-0291.
