Group plans that give your employees health and dental benefits are a key component of attracting and retaining quality employees. When your employees know they can count on affordable medical care, they are healthier, happier, and work more efficiently.
Your company, however, grows and changes. The plan you had five years ago may not be suitable for the employee base you have now. If your staff is primarily made up of young families, having a strong health and dental plan is prudent. If your staff is mostly aging adults with grown children, the emphasis could be on prescription medications and retirement saving products.
Perhaps you have a diverse mix of ages and occupations on your team; a health spending account (HSA) can provide flexible benefits that allow the employee to choose where their health dollars are spent. In order to make sure your group benefit plan remains a high-functioning ROI investment for your company, review it every three-five years, and adjust it accordingly.
The most important tip, when reviewing your group plan, is to contact us. FFG Solutions can review your existing plan and recommend changes that will update your benefit program to suit your needs and your budget. If the insurance company currently providing coverage no longer suits your needs, we can look at moving your plan. FFG Solutions is a brokerage firm, and that means we have access to a wide variety of group plans with many different insurance carriers and can design a new plan for you.
That being said, moving your group benefit plan to another insurance carrier can be a long and difficult process. Not only is there a lot of work to do as the plan sponsor, your employees have to get used to the new system and will have more paperwork to complete. Here are three tips to make changing your group plan easier.
- Training: Set aside time for your group administrator to learn the new plan and its systems. This includes how to pay the monthly invoice, adding and terminating employees and their dependents, and how to assist employees when submitting claims.
- Transition: When changing your group plan, every employee will need to fill out a new application form. This is a good time to catch any address, name and phone number changes. Tell your employees that any incorrect information on the application for the new plan will slow down the claims process. Encourage them to double check their information.
- Implement: Provide each employee with the plan’s booklet or web address. Hold a meeting (your broker can visit your company and explain the plan to your employees) so everyone can learn about the new benefits, how to make a claim, and have their questions answered. Remind your employees to update their school, childcare facility, coaches, dental office, medical service providers, and physician with the new insurance information.
Did you know that some carriers will lower their initial rate in order to draw in new business, but at your next renewal will cite high claims history and other factors to dramatically increase your premiums? FFG Solutions only recommends reputable plans, and with some due diligence, will not expose your company to predatory rates. The Chamber plan also has partial pooling protection in order to keep your rates as stable as possible. You have the ability to change your group plan within their structure, making it easy to upgrade without switching carriers.
Making changes to your group plan doesn’t have to be stressful. Contact us today to find out how we can help tailor a group plan to suit the specific needs of your company and your employees.