With Open Enrollment approaching, summer is a great time to begin to research the best health care plan(s). This can often be a daunting and confusing task with 80+ health insurance plan options from 4 different insurance carriers in the Rochester area. You’ll want to be certain to choose the plan(s) that best suits your employees’ needs.
Think strategy, not pure cost.
Avoid Uninformed Decisions
To many business owners, the price of health care premiums seems like the only factor to consider when choosing a plan. Doesn’t a low premium equal a low cost to your company overall? Not exactly. Your employer contribution strategy dictates the cost to your company, but your employee’s coverage needs must be considered to maximize appreciation ROI’s and avoid anyone being over or under insured.
In order to select the best health insurance plan(s) for Open Enrollment and turn the time-honored tradition into Open Engagement, it’s important to anonymously gather and analyze your employees’ known and anticipated health care needs.
Avoid Employee Dissatisfaction
All employees have different levels of health care needs. Some might be healthy and only require a yearly well visit, while others might have chronic conditions that require much more frequent and involved care.
As a small business, you are a family. Whatever your employees’ needs might be, they undoubtedly want to feel cared for. By attending to the specificities of their health care needs, you are doing your part to ensure contentment and satisfaction in the work environment. Morale and commitment are critical to the success of your business.
Not involving your employees in the health plan selection process leaves at risk their needs and the second largest expense on your income statement not being appreciated by your employees.
Perception is reality.
Is this the year you finally want take charge and demystify the health insurance selection process?