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Buying Employee Group Benefits: What to Look For

Employee benefits are an important offering to help your business create long-term loyal employees. Choosing a benefits plan is an important step to ensuring that your employees are happy. 

But how do you choose the right plan? 

As an important part of your staff’s financial security and an investment in your company’s success, your benefits plan should be with a company you know and trust. 

Whether you’re a first-time buyer, or you already have benefits but are considering a switch, there are some important aspects to think about when weighing the pros and cons of purchasing a group benefits plan.

 

What to Look For in a Group Benefits Provider

Coverage

A Plan should offer a wide range of coverage options and benefits. Most programs can provide your employees comprehensive coverage, but does the plan design have features to keep your costs under control?

Also, your employees are as unique as your business. Does the plan give employees the flexibility to get the most from their coverage? Are there health and wellness resources to help your employees make informed decisions and keep them healthy and productive?

 

Premium Stability

Most benefit plans are experience rated, which means that premiums are based on your company’s individual claims. But if you only have a few employees, and they have large claims, your rates could rise dramatically. 

To help keep your premiums more stable from year to year, look for a plan that pools its claims, where premiums are based on the average of claims across all participants, spreading the risk.

 

Guarantees

Look for a plan with the fewest exclusions and the most assurances, like guaranteed renewable coverage or benefits that don’t require medical questionnaires. 

This makes your coverage more valuable in the long term.

 

Additional Services

Choose a plan that offers additional services and benefits. 

Look for online utilities for employees that can reduce your employer costs and administration efforts or health supports like second medical opinions for specific health issues and access to health and wellness tools and resources.

 

Longevity

Make sure the plan you choose is a good fit for today and for the future. Always select a supplier with a broad range of coverage options that can evolve with your needs. 

A qualified advisor from a reputable plan will have access to cost-control tools and can help you plan for the future while addressing your current needs.

 

Questions to Ask New Service Providers

Here are some questions you can use to ask your new potential group benefit service provider. These questions will help you feel more confident starting the conversation about your group benefits plan. 

  1. How often do rates change? 
  2. Do you have guaranteed renewable coverage? 
  3. How long do claims payments often take? 
  4. How do employees access their coverage plans?
  5. Can I customize the plan?
  6. Do you cover telehealth options?

Don’t be afraid to throw in any questions you may be concerned about. You want to trust your insurance provider. Don’t feel nervous about asking clarifying questions or discussing your budget. Your insurance agent is there to help. 

If you need help building your unique group benefits plan please give me a call at (604) 461-6164 or email me at info@ahopkinsinsurance.ca. I would be happy to help you out.