08 Sep, 2017

Small Business Medical Insurance Plans

Small business medical insurance plans At a time when it seems that the future of small business medical insurance plans has been left to the whims of big government, there are still several important steps employers can take to mitigate the never-ceasing rate increases, and improve enrollment and employee participation. Here are four tips to help improve your small business medical insurance plan: 1. Improve the open enrollment process. Implement an effective enrollment procedure by outlining the steps to enrollment, providing clear materials and documentation, a well prepared presentation to the employees, and a FAQ (Frequently Asked Questions) form to address common employee concerns. These steps will increase participation in the plans, help employees make good elections and understand the value of their benefits. An effective open enrollment system will lead to a higher satisfaction level among the employees and will help build a stable participation base. Ultimately, better participation will positively impact your small business's health insurance premiums in future years. 2. Shop cost effective plan alternatives Don't be complacent with your current broker or health small business medical insurance plans. Investigate alternative health plans, carriers and plan designs. You pay your broker to shop the most cost effective plans that make sense for your company and employees, so don't just sit back and assume they are doing their job. Don't remain content with your current plan, renewal after renewal, assuming there are no better options out there. Shop the market and you may be surprised what you find! 3. Provide alternatives plan options to your staff. If your company is large enough, you should offer multiple plan options to your employees. Providing alternative coverage’s and plan designs will enable employee to select the plans that make the most sense to their personal family situation. While one employee may prefer a high-cost PPO plan to gain access to top doctors, another may opt for the cheapest HMO offered to just cove their basic medical needs. Give them the option to reduce the level of their benefits in exchange for a lower premium. Thus, rather than people dropping out of the program entirely, you will see a shift from one plan to another within the program. Small business medical insurance plans provides business leaders peace of mind through their team of experts in the following key areas: - Human Resources Administration - Employment Compliance - Employee Benefits - Risk Management and Workers' Compensation - Payroll and Tax Administration - Management and Employee Training - Recruiting Services