For companies, getting the right group health insurance can make a massive difference to your employees.
When employees feel supported, they are more loyal and more productive.
Our four-step process for renewing your group health insurance policy could save you time, money and help keep your employees healthy.
As the owner or HR manager of a company, managing your group health insurance needs can be tricky. You need to meet the needs of your employees and make the right financial decisions for your business. Juggling these potentially opposing priorities is vital to finding the right solution. The right solution will benefit your business, without compromising its financial wellbeing.
Why the type of group health insurance for employees matters
With global employment rates at lower levels, employee satisfaction is vital to retaining top talent (In order to make sure your company has the best, it needs to offer the best. Salary requirements are now considered on a part with the benefits you can provide to employees. 55% of employees said health insurance is the most important benefit for job satisfaction. In another recent study, 16% of employees said they had rejected or turned down a job because of benefits. This means that small businesses need to ensure their health and wellbeing benefits are appealing to stay competitive.
Every study shows that happy, healthy employees are more productive. If employees feel supported and engaged, they are more dedicated. If they are healthy, they can work harder and take less sick days. Good group health insurance plans, with flexibility and extensive coverage, promote employee loyalty. A study from the Australian government found that with good health insurance plans, employee engagement increases from 7% to 55%. Engaged employees have, on average, a 22% higher productivity rate. So investing in your group health insurance plans could be incredibly financially rewarding for your company performance.
Group health insurance can be a significant cost for your organization; especially if you want to offer the best. However, investing in a group medical insurance plan (aka comprehensive group medical insurance plan) could save you more in the long run. If your employees can get medical assistance at the early stages, it will prevent more severe issues. If your plan doesn’t encourage employees to get the help they need, their medical problems could be lengthy. Long-term or regularly sick employees are costly to your productivity and your premiums. Keeping your employees as healthy as possible will be a worthwhile investment.
The steps of group health insurance renewal
So when it’s time to renew the group health insurance for your employees., you need to consider and undertake the following steps to get the best deal for your company.
Step One: Size
The size of your organization will have a significant impact on how your group insurance plan will be determined. For companies with less than 100 employees, you will be in the category of small group health insurance requirements. This means you will encounter fewer documentation obligations. However, you will also have less flexibility when it comes to negotiations regarding the policy attributes. For companies with over 100 employees, you will need to provide more information but will have more options available to tailor your policy including exclusions, coverage, and network.
Step Two: Documentation
At least two months before your renewal deadline you will need to start thinking about documentation. You need to have enough time to review potential options, and an expired policy will hurt your employees. You will need to gather a census list of your employees. Hopefully, you will have an existing HR software to do this in record time for you. For larger companies, you will also need to provide a claims report. This will detail the number of claims in your previous years of group medical insurance. High claims reports could impact your premiums.
Step Three: Evaluation
You next need to carefully examine your table of benefits currently provided by your group health insurance plan. What is the network offered? What health insurance benefits are covered or not covered? What are your premium costs? Does your current plan meet the needs of your employees? If your group health insurance plan isn’t providing enough support, you need to determine what elements need changing. What aspects could be improved? Can your current health insurance provider meet those needs? For instance, do your employees favor a particular hospital and are it covered by that provider?
Step Four: Comparison
You need to make sure you are getting the best deal for your company. Every company has different needs when it comes to their group health insurance plans. It may be that your current insurance provider isn’t able to offer you the best options, or the best price. By understanding your needs, you can search for the best deal. You could even consider using an HR software that could streamline your insurance needs even further with automation. You can find out more about how useful that could be at Aqeed People.
After you have completed these steps, you will be able to make vital decisions about your group health insurance policy. Finding the right fit for your organization will be an investment in the health of your employees and your bottom line. The right group health insurance will give your employees confidence in your company. It will help them feel supported and engaged. It will also provide you with peace of mind in knowing that everything is taken care of, no matter what happens. Make sure that you get the best out of your renewal of group health insurance, for the health of your whole company.