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How to Improve Your Small Business Medical Insurance Plan

Guest post by: Ari Rosenstein

Article Overview: At a time when it seems that the future of medical insurance for small business has been left to the whims of big government, there are still several important steps employers can take to mitigate the never-ceasing rate increases, and improve enrollment and employee participation. Here are four tips to help improve your small business medical insurance plan.

How to Improve Your Small Business Medical Insurance Plan

At a time when it seems that the future of medical insurance for small business has been left to the whims of big government, there are still several important steps employers can take to mitigate the never-ceasing rate increases, and improve enrollment and employee participation. Here are four tips to help improve your small business medical insurance plan:

1. Improve the open enrollment process.

Implement an effective enrollment procedure by outlining the steps to enrollment, providing clear materials and documentation, a well prepared presentation to the employees, and a FAQ (Frequently Asked Questions) form to address common employee concerns. These steps will increase participation in the plans, help employees make good elections and understand the value of their benefits. An effective open enrollment system will lead to a higher satisfaction level among the employees and will help build a stable participation base. Ultimately, better participation will positively impact your small business’s health insurance premiums in future years.

2. Shop cost effective plan alternatives

Don’t be complacent with your current broker or health insurance plan. Investigate alternative health plans, carriers and plan designs. You pay your broker to shop the most cost effective plans that make sense for your company and employees, so don’t just sit back and assume they are doing their job. Don’t remain content with your current plan, renewal after renewal, assuming there are no better options out there. Shop the market and you may be surprised what you find!

3. Provide alternatives plan options to your staff.

If your company is large enough, you should offer multiple plan options to your employees. Providing alternative coverages and plan designs will enable employee to select the plans that make the most sense to their personal family situation. While one employee may prefer a high-cost PPO plan to gain access to top doctors, another may opt for the cheapest HMO offered to just cove their basic medical needs. Give them the option to reduce the level of their benefits in exchange for a lower premium. Thus, rather than people dropping out of the program entirely, you will see a shift from one plan to another within the program.

4. Implement Employee Wellness Programs

Time and again, surveys point to lower insurance costs and a more productive workforce in organizations that offer employee wellness programs. A wellness program can be as simple as offering discounted memberships to the local gym, to more sophisticated programs incorporating company-wide diet challenges, weight-loss competitions and bonuses for healthy employees. The message is straightforward – create a company culture that embraces health and wellness, and prefers healthy employees to those that have a reserved seat in their physician’s waiting room.

By implementing these four ideas, you will be well on your way to improving your small business medical insurance rates for years to come.

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Article Tags: health insurance, medical insurance for small business, small business medical insurance



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