Questions to Ask During Your Renewal
Fourth quarter is upon us and many companies are making decisions about their employee benefit plans over the next few months. Although it’s a conversation most are not looking forward to, it’s important to take the time to review your plan and the overall strategy with your broker. In an increasingly competitive employment environment, your employee benefit plan needs to be flexible enough to meet the needs of employees across multiple generations, while also simplifying administration and controlling premium increases.
Should we look at other carriers? Even if you are happy with the benefits you’re receiving from your current carrier, you should consider asking your broker to quote with others as well. If for no other reason than to know whether you are getting the best price or not. The health insurance market is constantly changing, and new plans and product models are added regularly.
What about offering multiple plans? First of all, did you know that you CAN offer more than one health plan? Some organizations provide a variety of health plans to their employees. This enables their employees to choose the plan that best fits their unique medical and financial needs.
How can I enhance my benefit package without breaking the bank? Ancillary benefits like dental, vision, life, and disability insurance can affordably beef up your employee benefit package. Employer-sponsored dental and vision plans can range from fully-employer-paid to fully-employee-paid.
Either way, employees are looking for this coverage and by including them in your benefit plan, they get access to better benefits and premiums than if they were to get coverage on their own. Life and disability insurance give your employees peace of mind, knowing they have financial support in the event of unforeseen circumstances. The cost is relatively low while providing great protection.
Are there any perks that come with my plan? Most likely, yes! Many insurance carriers offer great perks like free subscriptions to popular streaming workout platforms, sizable discounts on smart watches, weight loss coaches, wellness programs with Amazon gift card incentive and Employee Assistance Programs, just to name a few. Your insurance company wants to help your employees be healthy and well. Also, these perks can make the benefits package you’re offering to your staff more attractive, and useful for recruiting quality new employees.
How can we simplify Open Enrollment? Benefit administration and HR software can bring Open Enrollment and more, online. We love benefit administration software because it makes benefit and enrollment information accessible to your employees through the internet. For employers, benefit administration software makes it simple to set up and manage benefits, onboard new hires, stay compliant, and offer employees one destination for all their human resources information.
For more information, contact ComPro at (402) 488-5100 or visit comproins.com. We also offer insurance plans for individual, family, and Medicare. Located at 1040 N Cotner Blvd. in Lincoln.