HR executives need to pay close attention to 3 essential components before selecting any health-plan.
* Choosing the right broker
* Strong and reliable plan offerings
* Gaining employee input
Indeed, a key component of a Human Resource (HR) manager’s job is involved in benefits management. Key responsibilities include investigation, examination, suggestion as well as integration of health-plan benefits. To avoid health benefit headaches, take a look at these elements in detail.
Choosing The Right Broker:
One of the vital elements in ensuring the smooth adoption of a health benefit plan is getting hold of the right broker. While some organizations are tempted to opt out of a broker’s services, having one can make a huge difference. (Just because you can buy plans directly online doesn’t mean that’s the best way to get the right plan for your organization’s needs.) Brokers can prove to be quite cost-effective for organizations of any size. In fact, they rarely add extra expense to the organization. (It is important to note that the selected benefits provider is responsible for paying compensations to the broker.
A broker has the knowledge to construct a health-benefit plan suited for your organization. The broker can help you navigate the laws as well as other variables that may affect the employee benefits and the health care market. Such brokers are well- experienced in looking after innumerable health plan options.
Most importantly, your broker can offer a better understanding of a health plan’s true value and total cost of ownership. This goes way beyond deductibles and expenses.
Strong And Reliable Plan Offerings:
It is also important to make sure that employees can choose the plan that suits them best. For this, one should have a proper understanding of employee finances, lifestyle, and demographics. This understanding can be made better with efficient and trustworthy interaction.
Frequent and early communication with employees is a must. One can also provide tools to help the employees make their decisions of selecting the right health plan. This includes helping employees understand costs, benefits, and plan requirements. (One of the primary reasons buyer’s remorse sets in for companies is a lack of employee understanding regarding the plans benefits.)
Ongoing Employee Input:
This is another way to avert buyer’s remorse. Maintaining interaction with employees in preparation of enrollment can minimize or prevent troubles. This will ensure employees make the best benefits selections at the time of enrollment. It’s also best to repeat messages to strengthen their value and reduce knowledge gaps.
Opting for an open-door policy to improve interaction with employees is a good way to keep a tab on ongoing employee responses. For example, you can establish an email-address where employees can send comments. You can also create secure online forms for collecting anonymous feedback. Alternatively, a company can leverage employee focus groups. These involve teams from various departments of the organization. They work to learn about employees’ perspectives.
By taking the above-mentioned elements into consideration, you can ensure successful plan implementation.
And if you have more questions on selecting, implementing, or managing a health benefit plan, reach out to us. We’ll put you in touch with the information and resources you need to ensure success.