The Edge for November 2018
For business owners, the end of the calendar year means holidays, vacations, and researching health insurance for your company. Finding the right health insurance can be painstaking and time-consuming. We asked New Jersey business executives to share how they do it, and get through it, so employees are satisfied and the company budget is not broken. Here is what they said:
Start Three Months in Advance
Each year we review the best possible health insurance plans for our diverse workforce. Finding the right plan for all members of our staff is a priority. The process starts with meeting our broker about three months prior to the date of our medical and dental plan renewal. We discuss the pros and cons of the current-year plan and raise concerns that our staff may have had with a particular plan, if any. We rely on our broker to provide us with the most up-to-date information regarding all plans available to small businesses. When it’s selection time, we look for those providers that have extensive networks of doctors, hospitals and ancillary services. We then compare all plans offered by those providers to evaluate all costs not just the monthly premium. We consider costs such as deductibles, co-pays, prescription co-pays and other out-of-pocket costs.
– Ellen McSherry, Chief Operating Officer, NJCPA
Insurance Agents Help Cut Through The Bureaucracy
I put together a survey to determine the ages of our employees and their dependents and I seek quotes from at least two agencies. There is not much price flexibility in the small group market but different agents have different perspectives as to the structure of the best plan. Agents help cut through the bureaucracy. I ask them to outline the policies they are offering, and I ask for references.
– Jeff Scheininger, President, Flexline
Sit Down With Employees
For a small company, an employer should meet with employees - before speaking to an agent - and ask them what kind of insurance coverage they are interested in. Routine doc visits? Hospitalization? Catastrophic? Dental? Vision? Coverage for their children? I suggest that employers actually sit down privately with each employee. That is how they will get the most honest information. Employees may be reluctant to share info in staff meetings or in a written questionnaire. Once that info is established, a company can shop around for an insurance policy that works for their employees and for them.
– Angelina Rocco, Agent, Aflac
Take Advantage of Technology
Technology continues to reshape the process. With that in mind, leverage new online resources that can analyze and aggregate health data to help customize benefit plans and wellness programs. Offer financial-based wellness programs, including ones that feature wearable devices. As these programs become more common, there may be opportunities for cost-savings for companies and their workforces. Provide online forums to engage people in the process and help them understand the basics. Lastly, evaluate plans and make sure they are still meeting employees’ needs.
– Paul Marden, CEO, UnitedHealthcare, New Jersey
