SunGate Insurance Agency Blog
Renewal season is already approaching. Businesses are now looking for lower cost health benefits to provide to the employees. Let’s admit that this is indeed a challenging part for businesses. But at the end of the day, the welfare of the employees is one of the primary concerns of a business establishment.
To get your health benefits under control, you have to follow these 8 simple steps.
1.) Shop around at renewal time
When you renew your health insurance, it is best to shop around first to explore new health plans and carriers. You can also negotiate with your broker for your premium rate or, maybe your contribution strategy. According to one study, 90% of all employers are renewing their health insurance policies. Thus, it’s important to keep any eye on your renewal rates.
2.) Evaluate Your Contribution Strategy
There are different strategies available when it comes to contribution. May that be a new policy or renewed. You can actually pay a defined contribution to employees’ individual health insurance, instead of paying for premiums.
3.) Take Control of Annual Costs
It is important to reserve some budget for the employees’ health benefit. If you can’t spare some cash for them, then it’ll be difficult for you to inform the employees that they aren’t given the desired benefit that they deserve. And the last thing that you want to happen is to lose your employees. Thus, the importance of controlling annual cost comes in.
4.) Utilize Technology
With today’s technology, it is no longer difficult to look for the perfect health insurance. At any time, you can search the net and determine if you are getting the best deal. You can also ask your agent to do the shopping for you. Everything will be quick, easy, and hassle free.
5.) Customize Employee Benefits
Customizing your employee’s health benefits is important to achieve your recruiting and retention goals, especially when you are a small employer who wants to preserve the top talents in your industry. You can personalize the benefits according to their job descriptions, job roles, or workload hours.
6.) Don’t Disqualify Employees from Tax Subsidies
Keep in mind that it’s okay not to offer group health insurance to offer great health benefits. Instead, provide a defined contribution. Because usually, employees purchase individual health insurance and get access to tax subsidies. Businesses refund for the non-subsidized portion of their premium.
7.) Don’t Ignore Compliance
When you disregard the Federal Rules and Regulations that you need to follow when your company is providing health benefits, you would most likely face expensive penalties. Hence, talk to your broker or software administration to help you with the compliance of requirements.
8.) Offering Benefits Might Save You Money in the Long-Run
It can be expensive when an employee quits, and you have to rehire. In fact, it can cost even more than paying their salary. However, having the right health benefits can help you preserve your top performing employees, as well as saving you from costly employee turnover.
Let us know how we can help you. You may contact us at (407) 878-7979 or visit our office today. SunGate Insurance Agency provides professional and friendly service while helping you design a custom insurance package. You may also get a free quote from us by clicking here.