The next step is to review your current plan(s) to determine how well they fit your employees’ needs and expectations. You should be assessing your plan’s fundamentals, including coinsurance, deductibles, employee eligibility, single vs. family coverage, funding, and employee contributions. Also review whether or not the plans support your enterprise planning. Remember that it’s okay to have more than one plan if different populations have different requirements.
Talk With Your Broker, Other Brokers & Peers
Once you have completed your fact-finding, it’s time to explore your options. All brokers have access to the same plans and approaches. What separates them is their understanding of your business, the impact of current legislation, and their creativity in implementing programs to best suit the needs of your employees, budget, and enterprise planning.
Begin by talking with your broker about any changes in the marketplace, new legislative requirements and funding approaches. Review why you chose your current plan and share the information you have gathered about how your employees are using the plan and any problems they have encountered. Then ask your broker if there are other options you should consider.
Many brokers will only show an employer a limited number of plans, thinking it is a waste of time to educate him/her about all of the options available. They prejudge and, in doing so, miss the opportunity to educate their client about the second highest business expense they have. As an employer, you need to know about every relevant option in order make an informed decision about where to spend your money. That’s why it is a good idea to talk with other brokers as well as colleagues in your industry about the programs they are using or recommend. The more information you have, the better you’ll be able to plan for the future.
Things You Want to Know About
Here are some of the key issues that should be discussed: