A comprehensive group health insurance plan can be one of the most valuable benefits that you can offer to your employees. It will help you attract and retain the best workers, and also keep them healthy. But unfortunately, group health insurance can also comprise a large part of your budget, and you might be feeling the pinch. Throughout the year, keep track of your expenditures and communicate with your employees, so that you can make an informed decision about your group health insurance options this fall during Open Enrollment.
Ask for input. There are various ways to go about this, but make sure your employees know that they can talk to you about their benefits. Set up a suggestions box or circulate a poll. Ask employees which health insurance benefits they value the most, if they are happy with their network of providers, and whether any plan features feel unnecessary to them. They will also appreciate your concern, and taking the step to include them in your decisions will help to create a happier workplace.
Establish a budget. Is your budget restricted this year? Or are you able to afford better coverage for your employees? Keep an eye on your budget throughout the year, so that you have a good idea of your “spending limit” this fall. You want to go into Open Enrollment with a good idea of your budget, rather than having to scramble and figure out the details while making a difficult decision.
Consider letting your employees choose their plan. In the past, you might have simply chosen a group health insurance plan, paid the premiums, and considered the matter solved. But you can actually set a budget for health care spending, offer your employees a variety of options, and they have the option to pay the difference if they desire a more expensive plan. Employees appreciate the options, and you can maintain control of your budget.
Keep an eye on your employment numbers. Small businesses with fewer than 25 full-time employees might qualify for special tax credits to help with the cost of group health insurance. Those with fewer than 50 workers can use the Small Business Health Options Program to purchase insurance. We’re not saying that you should make employment decisions based on these factors, but it is something to keep in mind as the year progresses and Open Enrollment approaches so that you don’t experience any surprises..
As always, we are here to answer your questions throughout the year. If you have questions about group health insurance, give us a call. When it’s time to reevaluate your group health insurance plan, we can help you choose the plan that satisfies both your employees and your budget.