When it comes to benefits, things can get more than a little confusing. From choosing the best plans to navigating the industry lingo to maintaining compliance and even finding the right technology, we understand that the process can be overwhelming at times. That’s why we do everything possible to take the complexity out of benefits. In fact, we’ve compiled a few tips to help you, the fully-insured employer, choose the right options for your business, your employees and yourself.
Change your insurance strategy
Insurance isn’t one-size-fits-all, so why should you go with the status quo? Instead, try changing your insurance strategy by customizing it to fit your needs. One option is choosing a level-funded plan, an insurance plan that combines the savings and personalization of a self-insured plan with the stability of a fully-insured plan. In fact, those who choose a level-funded plan and have fewer claims at the end of the year could be eligible for up to a 50 percent rebate. For most businesses, that’s a major benefit.
Use an enrollment system
Enrollment time is stressful, to say the least. Every employee is choosing the best options for them and their families, and HR managers often struggle to keep up—especially when they are doing everything manually. Utilize all that technology has to offer and upgrade to a benefits enrollment system. This will allow employees to compare plans, make informed choices and stay updated throughout the year. Plus, employers have all the information they need in one location.
Customize with voluntary benefits
With Millennials and Gen Z-ers taking over the workforce, employers have to distinguish themselves to attract the best talent, and that starts with the benefits they offer. Voluntary benefits, like student loan assistance, discount purchase programs, pet insurance or personal financial planning, aren’t just nice to have; they are expected by incoming employees. Add voluntary benefits that make the most sense for your business and employees to your insurance strategy.
Choose a partner you can trust
The most important thing to remember is that you don’t have to do this alone. A great benefits partner will guide you through the process, offering innovative solutions to make your job (and your employees’ lives) easier. Your benefits partner should keep you up-to-date on emerging trends, useful tools and resources, must-have voluntary benefits and more. So you can attract and retain the best of today’s workforce without stressing over the details.
Want to learn more about taking the complexity out of benefits? Contact us! We’re here to help you.