Anyone who owns a business or manages its employee health insurance plan, will be the first to admit that the process of offering employer-provided coverage has changed immensely over the past few years. Prior to the advent of the Affordable Care Act, the process was already stressful and demanding. Today, however, things have grown to levels of complication that few businesses ever prepared for.
The constant onslaught of forms, unceasing compliance changes and the fear of fines, have left many small and medium businesses powerless to get a grip on the situation. And, of course, there are the outrageous rate hikes. Group health premiums were never really cheap, but today they're as close to out-of-control as we've ever seen.
Why Have Your Group Plan Reviewed by a Qualified Agent
In light of all the extra new work, many businesses spend too much time simply managing their group plan, and not nearly enough time fine-tuning the details and evaluating its true valuation. Let's review why it's critical to have your group plan benchmarked each year, prior to signing off on your renewal.
ACA Compliance is Constantly Changing
This could be an article all by itself. But in the spirit of keeping things concise, let's just say that there is no shortage of compliance mandates when it comes to employee health benefits. New HR and reporting forms are introduced each year; many of which are totally unfamiliar to business owners and Human Resource professionals. In addition to looking at coverage tiers and rates, an annual group review can be helpful in verifying the accuracy of your HR insurance documents.
Identifying Under-coverage & Over-coverage
By the time a business is ready to renew its group health insurance, many find themselves lacking the time needed to look closely at the specifics of their coverage. Having an ACA-experienced agent benchmark your plan is an effortless way to find out exactly where you stand. By comparing your plan with others in your geographic area and industry, you can see where you're overpaying, offering too much coverage, or not offering enough coverage compared to others.
Verify All Documents and Forms are Current
As we touched on briefly above, the Affordable Care Act has brought with it the need for all new piles of paperwork. So much so, that some employers have had to hire dedicated staff to oversee and manage the escalating documentation requirements. Sadly, many of these forms are grossly outdated. Unaddressed, they could result in hefty fines for non-compliance, in addition to other administrative headaches down the road. An annual group plan review can look at the most common HR forms, to make sure you're as current as possible.
Schedule a Free Group Plan Review
Wondering if you're getting the best value for your healthcare dollars? Concerned about outdated healthcare reform HR documents? Let the experts at Premier review your employee health plan to make sure you're in the best position possible. We're a local Lisle health insurance agency, and there are no fees or obligation for our services.
To learn more or get started on your free benchmark review, call Premier today at 800-369-0287, or write to us via e-mail using our SSL-secured contact form.