Benefit Plan
What Benefit Plan is Right for Your Firm?
Have you ever heard someone complain about their group benefit plan: "My insurer's plan stinks"! That kind of comment probably points to one of two problems.
First, if a company offers you a packaged program-its only program-that may be a red flag. Some plans are pre-packaged. You can take them or leave them: you can't just change them! While this may make the buying process easier, it can also be more expensive for your company.
For example, if you're considering such a plan, will you be:
- Paying for benefits you don't want?
- Missing coverage's you thought would be included?
'Value' is as important as price for most companies, so give serious consideration to a custom benefit plan. You're more likely to use and appreciate the coverage's you choose.
Second if your employees voice concerns about your plan, you'll want to ensure benefits are being paid appropriately. Some of the problem may lie in employees' expectations.
There are a wide range of coverage's you, as the employer, can purchase. Employees should understand what kind of benefits you have selected and why you've chosen them. For example: Many employers turn to "managed health care" plans as a way to keep their program affordable while still covering a broad range of expenses. It's especially important that employees understand this kind of coverage so they can get the most out of their benefits. That includes discussing things like generic drugs with their physician before he or she writes a prescription. Work with your insurance advisor to customize a group benefit plan that you can afford, then talk with your employees about the plan and how it works. These two steps go hand and hand to ensure your benefit plan investment delivers.
