4 Quick Tips On How To Maximize The Value Of Your Group Insurance Plan For Your Employees

  1. Survey your staff – Determine what your employees want; dental, vision, prescription drugs, life, disability etc. This will give you direction when shopping around and designing a plan. A scheduled meeting or simple feedback form are helpful strategies for collecting info about your employee’spriorities.
  2. Do your research –Learn about all of the different types of plans out there and review the pros and cons of each optionto see if they cater to your situation. Your options include traditional fully insured plans, healthcare spending accounts and administrative services only plans. The size of your business and your coverage needs will dictate which one is best suited for you.   
  3. Select the right agent –Finding an agent that you enjoy working with is key. The right agent should represent multiple insurance companies and provide multi-faceted solutions. It’s also important to get an understanding of what to expect in terms of service once the plan has been set up.  At Norbram our agents will always suggest the best plan for you and we are always here to help with your employee benefits plan.
  4. Don’t shop on price alone – selecting the lowest priced plan up front can often mean increasing rates at renewal time. Many plans can increase your rates based on the claims from your group in the healthcare, dental and short term disability categories. If claims are determined to be high in relation to the premiums you pay, you can count on a jump in your cost with many benefits plans. To limit your exposure to rate increases, you may wish to consider a pooled plan.  

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