You are already great at the things you do, you don’t need to become an expert in group benefit plans. These people already exist and they are ready to help you. Benefit plans have many complexities and their design can have significant tax and financial implications. A broker that cares about your business and its employees can figure out what the plan needs and help you select the most tax-efficient option for your circumstances. Great brokers have existing relationships with insurance carriers which can help them negotiate a better deal. They are also a wealth of knowledge and have access to resources, both free and for a fee, which will benefit you and your employees.    

Sure, you can add a fridge full of free snacks to the break room or offer coverage for custom orthotics, but do your current employees need or want these things? Finding out what people want isn’t that hard; you simply have to ask them. A confidential employee survey can easily be done online. In addition to asking employees what they want from a benefit plan, you can also review what other companies are offering to their employees. Since a well-designed group benefits plan can double as a recruitment tool, many companies share information about their plans online. Check out a few websites or pick up the phone and chat with peers about the plans they currently have in place. 

 

In addition to being a good recruitment tool, benefit plans are also an important employee retention tool. When designing a plan, think beyond today and anticipate what employees may be looking for over the next 5 to 10 years. That information can help you build in future-focused plan features such as the individual ability to allocate dollars to different medical services, more paramedical services, or critical conditions insurance options. 

Before you start to review benefit plan proposals, take some time to think about what is important to you when choosing an insurance carrier. While all insurers have minimum standards they will consistently meet, they also have areas where they excel and provide exemplary service. Make a list of the qualities that are most important to you and your employees. This list can help you eliminate potential plan providers who will not be an optimal fit for your company and employees. Some things to consider include: 

• Claim turnaround time;

• Employee communication and education;

• Access to additional resources, both free and at a fee for service;

• Carrier flexibility and willingness to innovate;

• Online services; or

• Carrier accessibility to answer questions and resolve issues.

 

In the past, employers offered employee benefits but secretly hoped they would never use them! Employers didn’t understand the return on investment that benefits provide and spent too much time worrying about incurring costs or increasing premiums at renewal time. The good news is that ensuring employees use their benefits also benefits your business. Study after study has shown that when employees use their benefit plans, a few important things happen. Employee engagement, productivity, and retention all improve. Employees are more likely to access medical care promptly, which improves their health outcomes significantly. This means less time off work, but more importantly, it means your employees feel good!  

Benefit plans are as unique as the companies that buy them. Insurers are offering more flexibility and customization than ever before. The five tips we provided will help you design the best benefit plan for your company, your employees, and for the future. If you have questions or would like more information, please get in touch with us. We offer complimentary consultations and benefit plans are our favourite thing to talk about!