January health insurance renewals will be here before you know it. As the employer, you can make sure you’re getting the best coverage for your employees and avoid any unexpected costs or gaps in your insurance.
Just follow these steps:
- Review your current group plan:
- Coverage and benefits: Does your current plan still meet your needs? Are there any benefits your employees are not utilizing or any supplemental benefits you could add?
- Costs: Review your current premiums, deductibles, copayments and out-of-pocket maximums.
- Understand employee needs:
- Changes in health: Consider any changes in your employees’ overall health that may affect your coverage.
- Survey employees: Conduct a survey to see what benefits employees value most.
- Compare new plans:
- Research your options: Research new plan options from all the carriers. They introduce new programs/plan options regularly.
- Plan details: Compare premiums, deductibles, copayments, coverage limits and provider networks. Are the preferred doctors and hospitals in your network located in the areas where your employees live?
- Understand the enrollment period:
- Deadlines: Be aware of the renewal or open enrollment period for your group plan. As the employer, you don’t want to wait until the last minute and rush this process.
- Evaluate and make a decision:
- Plan selection: Based on your comparisons and assessments, choose the plan that best fits your company’s needs and is affordable.
- Enrollment: Your advisor should be communicating and educating your employees to make sure they pick the best plan that suits them financially.
- Review and adjust if necessary:
- Monitor your coverage: Once your new plan is in effect, check in with your employees regularly to get their input if there are areas of improvement
By staying proactive and working with your benefits advisor, you can make this process as smooth as possible. The experienced benefits team at Oswald can help.
For more information, contact me below:
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