Renewing your health plan is something you have to do every year. It's something that is absolutely essential for most businesses. Employers love health insurance and the way it can attract new talent like a magnet. Employees love the peace of mind that it gives them and in many cases rely on it to continue living with an acceptable quality of life.
Even knowing all of this, many employer groups choose to wait until the last minute. It's understandable, you get busy during the last quarter of the year and it's tempting to put things off in an attempt to organize your time as best you can. But remember that this goes for other businesses as well, including your insurance carrier — they often get slammed around this time of year. Here's why it pays off to get a head start on
Solving Problems Takes Time
The experience of renewing your health plan can range from quick and painless to drawn-out and frustrating. In many cases which experience you have depends on how much time you give yourself. Problems have a way of sneaking up on you even when you think you're doing everything by the books, and solving these problems as they pop up takes time.
When you wait until the last minute to renew it should be obvious that time is not on your side. Not only do you have less time to work through any issues that arise, insurance companies are also slammed with other business who had the same idea. Remember, one of the things your paying for is communication, and communication can slow to a crawl during these busy periods. You simply get more bang for your buck when you get a head start on your renewal.
Employees Want To Be Clued In
Employees prize their health insurance over pretty much every other benefit. They even prefer it to an increase in salary in many cases. Needless to say that health insurance is something they feel strongly about. Most employees want to know what's going on with their health insurance and they want to know that their benefits are secure, especially as they enter into the holiday season. They need to know these things for themselves and for their families. The longer you wait to renew, the less you'll be able to help them during this critical time of the year.
Change Happens Fast
With all of the recent changes to the Affordable Care Act it's worth mentioning this point. The health insurance marketplace is likely to continue changing from year to year — sometimes dramatically. What looked good for your business last year may not be as appealing the next. Waiting until the last minute to renew your health plan gives you less time to digest these changes.
Starting early is almost always good advice and it's certainly true when it comes to renewing your health plan. The longer you wait, the less control you have. Summerlin-Roberts are experts in healthcare cost containment. We help employers find affordable coverage that meets their needs. For more information about providing affordable health insurance that is still satisfying to employees, please contact us today.
