With 2020 in full swing, as a business owner, you are in the midst of reviewing your plans, policies and deciding on the outlook for the new year. One of those assessments is the group health insurance plan for your employees. It could be time to consider updating or getting a new policy, especially if your current plan indicates the following:
You’ve added several employees
If your business is growing and you’ve added new employees to expand your operations, it comes with caveats that you need to adjust your group health insurance plan. Make sure that your policy is designed to cover all your new employees, and if any amendments have to be made to your policy. If your company is growing rapidly, you can get Modular Flex Plan, which is an excellent option for companies with 50+ employees.
Your Group Insurance Benefits plan is the same for all your employees
Although group insurance benefits are there to protect your employees, not all your employees face the same issues, risks and medical conditions. While it is reasonable to have a singular benefits plan to cover all your employees if you notice that their needs are vastly different, consider offering greater flexibility by including either a Health Spending Account or Wellness Spending Account or both. It can go a long way to keep your employees satisfied.
Your deductibles are still set too low
As health prices rise, it is essential to make sure that your employees are covered when using their group health insurance. This is where it is vital to consider the deductibles of your plan and how it affects your employees. It is best to discuss it with your insurance company and find the best approach, whether that is increasing the deductible, eliminating it or reducing the reimbursement percentage.
Your maximum disability benefits are too low
Your employees want to know if their future is secure if the unfortunate should happen, and they cannot work any longer. Upon reviewing your group health insurance, if you notice that your employees are not receiving sufficient replacement income should they become disabled, it is time to consider adjusting your plan. That added security can go a long way to easing any fears your employees might have. Make sure you also account for inflation when adding the numbers.
Life Insurance is not high enough
Your employee’s financial security is one of the critical points in your plan. But more than that, it’s security for their family. Life insurance is a key point in all this, so you have to consider if the life insurance fee is high enough to help support the family if something tragic were to happen. It is usually recommended to offer at least one time the annual salary as basic life insurance coverage.
Perlinger Group Benefits has been offering exceptional group benefit plans since 1992. Our goal is to provide the best group health insurance plans to meet your business’ needs, regardless of the size of your business. We make it affordable and easy to get access to comprehensive benefits plans. Contact us today: Direct Line 403-217-5560 | Toll-Free 1-877-217-7829 | Email [email protected].