If you have gone through the process of changing benefits previously, you can appreciate the complexity of the comparison and selection process. Often overwhelming, and always dreaded.
A strategic broker will ensure upfront analysis between plans is laid out in an easy-to-understand comparison format focused on your particular business. This will allow for an “apples to apples” review in order to make an informed decision which feels comfortable and therefore confident and proud to present it to the employee members.
THERE ARE NO “IN THE BOX”, “COOKIE CUTTER” SOLUTIONS.
Has the plan been customized to fit the unique features of your business?
What options are most common in your marketplace?
Are medical questionnaires required to obtain coverage?
Are there pre-existing conditions clauses?
Are there exclusions and limitations to coverage?
Is the plan easy to use—make claims?
Can employees make e-claims?
Do employees have access via the web, smart phone applications and other ease to use methods?
What is the administration process for adding, terminating, or making employee changes?
Does the plan offer quick and easy claim payments? How long to receive reimbursement?
What is the renewal process?
Are there rate guarantees?
What is the expected cost increase from year to year?
What are the pooling levels?
What is the impact on rates with significant claims?
What is reserves funding for the pooled benefits?
How do I know if the carrier has “bought my business”?
What is the risk of selecting the least expensive option?
How hard will it be to modify the plan once it is in place?
Am I locked into my decisions on benefits for 12-months?
How often can I make changes?
What are the human resources or tax implications?
Additional Considerations:
Company Size: benefits are available to companies of ALL sizes, even if you are a one-person incorporated operation. The benefits available; however, will vary according to how many plan members are covered.
Customization: getting the greatest value means selecting the benefits that matter most. Be sure to understand the options in each benefit category for items like co-insurance, deductibles, and overall maximums.
Lowest price: as with most things, the cheapest solution isn’t always the best. BUT, this doesn’t mean you have to pay the most for good coverage. All this means is to be aware of key coverage elements ensure there are no limitations or exclusions you are not aware of at the on-set.
Cost Stability: benefits WILL fluctuate in cost from one year to the next based on average age, number of participants covered, and gender split. Be sure to understand the corporate exposure for claims experience, verses pooled benefit options.
Disclaimer: Please note that the information provided, while authoritative, is not guaranteed for accuracy and legality. The site is read by a world-wide audience and employment, taxation, legal vary accordingly. Please seek legal, accounting and human resources counsel from qualified professionals to make certain your legal/accounting/compliance interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance.
