5 tips when renewing your health insurance plan

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Whether you are a human resource or benefit professional, office manager or a business owner renewing your company’s health insurance plan may become an automatic process. With COVID -19 still on everyone’s mind and the uncertainty of the businesses day to day, having health insurance in place is crucial.

Considering what policy to put in place or seeing what alternatives are available can be a lengthy and a rather daunting task which at most of the time sits at the bottom of the list. However, at the time where healthcare demands are increasing and NHS supply decreasing the demand for employee healthcare benefits is high.  We are on hand to find something that fits your requirement whether it is choosing the most convenient option or you have a specific issue to solve.

It is so important that you routinely review your package ensuring that you rethink your strategy in order to give your employees the best benefits for the most reasonable rates. Before your renewal date, make sure you consider the following:

  1. Benching with market standards

Do your research. Get independent advice on how your existing policy compares with other organisations who are in the same sector as you, to determine if it is competitive. Some companies don’t benchmark which could be a major missed opportunity for you getting a more competitive rate. The market legislation and existing products are always changing, and new products are becoming available to the market which you might not have been made aware about.

  1. Let the experts do the hard work

The marketplace doesn’t always mean the best prices. Working with a team of experts who have a clear understanding of what you need can make a huge difference especially as they do the legwork for you. Insurance brokers do not work for insurance companies, they are mandated to work for you and so therefore they are an addition to your team and are on your side.

  1. Keeping up-to-date with your business needs

If you have been expanding your operations, have you considered consolidating your regional plans into a single comprehensive solution? It is worth checking the capabilities of your current provider and ensuring that they can grow with your business saving effort and money by strategically structuring their benefit platform company wide. Always make sure that your benefits are in line with your business strategy, where historical elements of the scheme that are no longer relevant are removed which can ultimately cut costs.

  1. Protecting your workforce

With everyone is living with COVID-19 and we are now looking to see how this is going to have an impact on their day to day, it is important that going forward you ensure that your business is protected. Employers should always have a contingency plan to prepare for a range of eventualities regarding the business impact with the virus and the after effects.  Make sure you have a plan in place to ensure you and your workforce are protected.

  1. Say it again, and to everyone

The renewal process is the perfect time to go out and re-market your benefits plan to your employees. It gives you the opportunity to remind your employees how great the benefits are, why they should value it, and participate in it, whatever your objectives may be, this can create re-engagement with the benefits by creating excitement and interest.

Health Matters Managing Director James Henson says:

“It is now more important than ever to ensure that you have the right cover in place.  Ensuring you are fully aware of what your current plan looks like and the options in the market.  Health Matters can provide you with support and clarity so that your employees have the benefits package that fits their requirements and that of the business”.

Get in touch for more information on renewing your health benefit packages

 

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