5 Ways to Improve Your Company’s Health Insurance Offering

5 Ways to Improve Your Company’s Health Insurance Offering

November 27, 2017 Health Insurance & Employee Benefits, The Beacon Blog 0 Comments

Offering your employees Health Insurance is a necessity if you hope to attract and retain highly skilled employees. There is no debating this fact. However, in doing so comes a number of responsibilities that can become cumbersome. With that said, here are five ways to improve your company’s health benefits and make life a bit easier.

  1. Start early
    • Renewals are typically available 60 or more days in advance of the renewal.
    • Insist that findings and recommendations are presented 30 days or more in advance of the renewal.
    • Schedule open enrollment 3 weeks prior to renewal date.
  2. Start with the end in mind
    • Establish the company’s health insurance budget 5 to 6 months prior to the renewal date and share that information with your benefits consultant/broker.
    • Establish the specific week/day(s) you wish to have employee Open Enrollment meetings.
    • Integrate online benefits management for open enrollment and onboarding.
  3. Know your numbers
    • Know what similarly sized employers are experiencing in the way of premium changes.
    • Know how your competitors share the cost between company and employees.
    • Know the specific factors used to calculate the company’s renewal, such as claims experience and trend data.
  4. Negotiate
    • Leverage competitive quotes to gain renewal concessions.
    • Package lines of coverage to access meaningful premium discounts.
  5. Implement funding alternatives
    • Incorporate HRA’s in conjunction with higher deductibles.
    • Include a Healthcare Savings Account compatible option.
    • Consider level-funded plans and/or traditional self-funding.

While these five tips can go a long way to help improve your company’s Health Insurance offering, speaking directly with one of our benefits experts may reveal many more ways to enhance your company’s benefits offering while reducing costs. If you have any other questions on how to improve your company’s Health Insurance offering, email us at info@thebeacongrp.com

About the Author

Anthony Cellucci

With over twenty years of experience consulting businesses in the area of Employee Benefits and Insurance, Anthony delivers expert advice and benefits solutions to his clients. He is a co-founder of The Beacon Group of Companies, a broad based financial services firm located in King of Prussia that provides companies with the highest level of industry expertise and ongoing client service.