Employers provide their employees with health insurance policies for group members to enhance their workforce’s benefits and keep and recruit highly skilled workers. Making sure you add value to your benefits package is a crucial priority for any forward-thinking and successful business. The goal is generally to enhance the value of your benefits and ensure that this is the benefit your health insurance policy offers.
1: Is benefitting your employee group your primary objective in providing a group insurance plan to your staff?
Although employers try to provide an adequate benefits package for their employees, they also focus on keeping costs low. To reduce costs, some employers cut back on benefits to the point where the plan becomes more burdensome than a benefit plan.
2: Does the company contribute to this group’s health insurance plan?
It is essential to consult with your broker to know the various options group insurance plans offer before choosing a program that gives coverage with little value.
Employer contributions are a good option. Employer contributions make an enormous difference in the worth of any insurance plan for group members. Suppose the project gets fully funded with employee contributions. In that case, it will generally be too much of a burden on the employees to cover the cost of programs that offer only a tiny amount of coverage. Health insurance plans for groups are more feasible and have better renewal rates for the longer-term benefits package.
Employers can consider 3% to 5% of gross earnings as a reasonable contribution for employee benefits, which adds to the gifts for retirement plans. Ensure that you discuss with your broker a combination of retirement plans and group insurance policies that will give you an employee benefits package that is valuable and affordable.
3: Are you considering the benefits instead of the price?
Employers focusing on cost are missing the purpose of offering an excellent group insurance benefits package. While keeping costs to a minimum is essential, the benefits should add value and make for a package that will remain available over the long term.
The last thing you want to switch carriers each year to reduce costs. It doesn’t mean you shouldn’t change pages. Still, it is essential to have close contact with your insurance agent to determine the best plan for your business and your employees. You are keeping the entire benefits package and the possibility of extending these plans.
5: Are you ready to offer educational materials, support, and meetings for employees to increase knowledge of their benefits and prevent misuse?
Knowledge is power, and educated employees make better choices. Imagine that you want your staff to contact you only one day a week for assistance with filing an insurance claim or finding the data they need to contribute. In that case, schedule an informative mandatory meeting to ensure everyone knows insurance’s advantages and how to use these benefits. The group insurance agent is more than willing to host an engaging employee meeting to answer all their questions. It’s worth the effort and time to bring everyone up to the latest information and offer an informational session about every insurance policy.
Even if you renew the same plan without changes, an annual conference always brings up questions and answers. It serves as a reminder to your employees of the excellent benefits package they’ve got given.
Ottawa Life Insurance Works with You on Group Insurance Plans
Ottawa Life Insurance is an expert company health insurer with years of experience offering viable and beneficial benefits for group employees and employers. We can assist you in navigating the myriad options available and matching the right coverage with your financial needs. We’re here to assist you with your company and personal insurance needs. For further information, contact us at (613) 454-1424 or by email at info@ottawa-lifeinsurance.ca.
Recent Comments