Change is often viewed with some trepidation, but it can be a good thing. When you are thinking about switching your company’s health plans it may seem like a daunting task. These four considerations can make the process easier and more manageable.
Does It Offer Enough Flexibility to Cover All of Your Eligible Employees?
Chances are, you have a diverse staff with employees at various stages of their careers and personal lives. Some may be nearing retirement while others are starting families. When you are considering a new health plan you want to choose something that will work for each of them. Flexibility is key.
You want the plan to be flexible enough to cover all of your eligible employees, no matter their career or life stage. However, it should not be so flexible that it loses efficiency or effectiveness. There is a tipping point where it becomes weak and does not have the functionality or value that your employees need. Look for a plan that is flexible yet balanced.
You want the plan to be flexible enough to cover all of your eligible employees, no matter their career or life stage. However, it should not be so flexible that it loses efficiency or effectiveness. There is a tipping point where it becomes weak and does not have the functionality or value that your employees need. Look for a plan that is flexible yet balanced.
Does It Provide Adequate Options for All Employees?
Employees at various stages of life have different goals and priorities. Someone nearing retirement age may be looking at a savings plan that is a little more aggressive so they can save more money in a shorter time. On the other hand, someone who is younger and just entering the workforce is probably fine with a plan that is more standard and methodical.
Life stages also play a role in health plan options. Typically, younger people are getting married and starting families while older people are looking at retirement and are more interested in things like life insurance. A survey that captures employee needs and priorities can help you get an idea of what type of plan would work for your company.
Is There Good Support to Help You Through the Transition or Open Enrollment?
While the health plan you choose for your employees is important, customer support is equally vital. You need to have the ability to reach someone when you have questions or need help as you transition from your old plan to the new one. During open enrollment you need someone who can help prep your team so that you can provide your employees with the most current, accurate information possible, enabling them to make informed decisions regarding their plans.
Look for good customer support. You should have a specialist assigned to you to help you through the transition and help with any issues that may arise. They should provide you with a direct phone number and email so that you can reach them easily. You should also have the assurance that when you contact them and have to leave a message, they will return your call within 24 hours.
Do the Premiums Fit Your budget?
If you are going to be paying all or part of the premiums you need to make sure that you can fit that expense in your budget. While you may not want to take the cheapest plan available, you do want one that your company can afford.
It is a delicate balance, choosing a plan that fits your employees’ needs and fits your budget, but a good broker can help make it happen. Carefully outline what you can afford and ask for several options within your range. That way you can find the health plan that is right for your employees as well as your organization.
Benefits are important to employees. Results from a 2019 survey by EBRI found that benefits play a significant role in whether an individual will stay with an employer or find a new job. The top three benefits that employees look for when considering changing jobs are:
Health Insurance (73%)
Retirement Savings Plan (57%)
Dental and Vision Coverage (26%)
If you want to attract top talent and retain your star employees, then you want to give strong consideration to the health plan you choose for them.
Get help with your health plans today. Call Eureka at 916-742-7842 and talk with one of our friendly, knowledgeable representatives. Then head over to our site and download the free checklist: 10 Steps to Increase Efficiency and Accuracy During Open Enrollment.
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