Renewing a group health plan is, as anyone charged with the task will surely agree, a complex and often frustrating process. There are dozens and sometime hundreds of forms to fill out, various rates and coverage options to consider, and budgetary restraints which can make finding an affordable plan seem all but impossible.
In this article we’ll review a few of the most common mistakes made by employers and HR executives when it comes to choosing a new company health plan.
Automatically Renewing at the Last Minute
Waiting until zero hour to commit to an employee health plan is one of the key reasons why so many employers end up paying more than they should be. It’s often done in haste simply to get something concrete on paper, and this can end up costing you a small fortune, or worse, providing coverage to your staff that doesn’t meet your group’s true needs.
Not Researching Newly Introduced Plan Options
Each year there are new options introduced by the major carriers, and it can be extremely wise to spend some time researching what’s new. For those who don’t have time to sift through all of the various premiums, deductibles, co-payments and hospital network details, working with a local health insurance agent who specializes in group coverage can save you time and help keep your premiums under control.
Not Utilizing Subsidies and Medicare Options
For lower wage employees, as well as those who will be turning 65 during the upcoming coverage year, it can be very beneficial to consider healthcare subsidies and Medicare enrollment whenever applicable. Not only can it help provide coverage that’s more fitting to their actual needs, it can also have a strong impact in terms of lowering your group premiums.
Ignoring Alternative Funding Options
Self-funded plans, HRA’s and other alternative options have worked very well for many employers, as they allow more flexibility in how claims are funded while ensuring that the company is only paying for the services that are actually used. This is especially helpful in younger groups with healthier employees, as well as others who don’t use their benefits with the same frequency as groups made up primarily of older adults who utilize their benefits with greater consistency.
Not Working with a Dedicated Group Health Agent
When it comes to selecting the best health plan for your staff, we can’t stress enough how helpful it can be to partner with an agent who thoroughly understands the complexities and constant evolution of today’s healthcare system. There are no fees for their services, and they can show you options and combinations plans that may be completely unfamiliar to you.
Expert Assistance with Illinois Group Health Insurance Plans
If you’re in Illinois or the Chicagoland area and would like to find out more about saving money on employee health benefits without sacrificing the quality of coverage offered, Premier of Lisle is here to help. Our services are free and we never pressure anyone into doing business with us. Our licensed agents are vastly experienced, compassionate and can answer any questions you have on the subject of group health plans or renewals.
To learn more or schedule a free, no pressure consultation at our office or yours, get in touch with Premier by phone at 800-369-0287 or write to us in confidence through our secured contact page.