As many businesses eventually find out, hiring a payroll company to provide and manage your group health plan isn't always as good a decision as it originally seemed. Yes, it might sound convenient to bundle your payroll and employee health benefits, but the simple reality is that there are too many variables associated with the new system of healthcare reform. Making just one mistake when committing to a plan, or overlooking one compliance regulation can end up costing you dearly.
This is not speculation. It's what we hear every day from companies who have been left dealing with payroll services that are far from familiar with managing complex group plans. Some of the most commonly-voiced concerns include:
Limited Carrier Selection
Many payroll companies work exclusively with only one or two carriers. This means limited choices when it comes to selecting a group plan that meets your budget and employee health needs, as well as handing group plan renewals, billing issues, etc. This, in turn, can have a significant impact on your company's coverage options, deductibles, doctor & hospital networks, renewal rates and many other important factors.
Having one company handle your payroll and employee health plan might seem like a time saver, but it can come at a price. In almost every case we've heard of, fees are built into the rates that you pay, and this can be extremely costly over time. Working with an experienced health insurance agency is unquestionably the most effective and affordable way to ensure that you have access to the best selection of plans from a wide spectrum of carriers, while making sure that all compliance issues have been properly addressed. Better still, agents do not charge fees for their services.
Lackluster Service & Communication
There may have been a time when open communication with your agent was viewed as a bit of a luxury. Not today. In today's reformed healthcare market, it's not enough to have one call per year reminding you that it's time to renew your plan. You need an experienced agent who keeps you informed all year, while presenting real, cost-saving options that address the evolving needs of your staff.
We have nothing against payroll companies, as they provide a beneficial service that can help streamline the process of paying those you rely on. Still, group health insurance plans are tricky. Managing them properly in a complex new system requires the dedication and insight of an agent who understands the intricacies of healthcare reform. You need someone who thoroughly understands how the Affordable Care Act has been structured, and how it will affect your company financially; something many payroll companies realistically don't have the time or willingness to address.
Get a Free IL Group Plan Review
If you're dealing with a payroll company who's unresponsive, more expensive than anticipated, or limited in their knowledge of employee benefits, it might be time to see what a dedicated health insurance agency can offer. As one of the most trusted agencies in the Chicago area, Premier charges no fees for our services, and staffs a team of licensed agents who are compassionate to your needs and fully up-to-date on healthcare reform for groups of all sizes.
Call Premier today at 800-369-0287 to schedule a free review of your existing group health plan, or write to us through our secure contact page. We'll let you know where you stand, whether or not you're overpaying, and how you can make of the most of your healthcare dollars in 2015 and beyond.