Is it Time to Reset Your Employee Health Benefits Plan?
GroupHEALTH Benefit Solutions
Transforming the way Canadians experience employee group benefits
When your mobile phone or your computer aren’t working right, the first thing to try is reset. This can be a good strategy for your employee health benefits plan too! Sometimes it’s a good thing to ‘reset’ your plan to ensure the plan is the optimal fit for your company and your employees.
Reflect and Evaluate
Start off by taking some time to reflect on your plan and evaluate how it is performing. It can be helpful to write it down so that it’s easier to assess the pros and cons of the plan as it is right now.
Think about your overall feelings about your employee health benefits plan. Are you happy with it? Is the cost of the plan comfortably within your budget? Is the plan the best value for your benefit dollars? Is it meeting your goals?
It’s also important to find out from your employees what they think of the plan. Consider utilizing a confidential employee survey to get honest feedback about the plan.
Set the Direction
Once you’ve spent some time reflecting on the plan as it is now, it’s time to start thinking of what you want the plan to look like in the future. Are some of your past goals still relevant? Do you have new goals or a new direction you’d like to take the plan?
Take some time to think about what you’re trying to accomplish with the plan. Are you struggling to recruit and retain good quality employees? Do you want to use the plan to support those efforts?
You’ll also want to develop a new budget for the plan going forward. Things change, so it’s important to be clear on your budget and how a rate increase will impact it. Look at the types of benefits you’re offering as well; maybe business has been good and you’re able to expand your benefit offerings.
Whatever your situation, it’s always best to have a clear direction and a clear budget. In much of the world economic uncertainty remains – now is a good time to future-proof your plan for maximum flexibility.
领英推荐
New and Modern Benefits
After evaluating your plan, you may decide that a reset it in order. You may have identified new goals and a new direction. For many companies, a new direction likely means including new and modern benefits. In some cases these ‘new’ benefits are actually becoming almost standard. A few that come to mind include:
Cost Containment is a Must
If you’re doing a reset of your employee health benefits plan, cost containment should be an embedded part of the new iteration. It’s the perfect time to include cost containment to preserve the sustainability of the plan (especially in times of economic uncertainty).
Each provider is different when it comes to cost containment. At GroupHEALTH we have focused our cost containment on some of the biggest cost drivers. Some of the ways we help contain costs include:
Good Advice is Key
Does your employee health benefits plan need a reset? Does your plan effectively support your company as it is now? If not, maybe it’s time to reset and start making the most of your benefits dollars. Explore your options with one of our licensed advisors on the phone, or contact us for a comparison quote.
Whether you’re looking for extended health and dental coverage , disability coverage , or life and critical illness coverage , GroupHEALTH has affordable benefits packages that work as hard as you do.