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Is It Time to Update Your Company’s Health Plan?

It’s no secret that updating your company’s health plan can be exhaustive and time-consuming. How do you even know if it needs updating? Well, fear not, we have gone ahead and put together a simple flowchart with some important questions to ask to see if you should start considering a new plan. The infographic below helps take some of the guesswork about whether your company’s health plan is outdated, as well as some updates to consider adding.

Image: flow chart to assist in deciding whether or not to update a company’s health plan.

Has Your Business Recently Increased the Number of Full-time Employees? 

Does your business meet or exceed 25 full-time employees?

  • Yes: You may no longer be eligible for certain tax credits. It’s time to look at your health plans again.
  • No: Move on to the next question.

Does your business meet or exceed 50 full-time employees?

  • Yes: You now have new laws and fines under the existing Affordable Care Act (ACA). It’s time to update your health plans.
  • No: Move on to the next question.

Has your business grown to meet or exceed 100 full-time employees?

  • You may need to meet new ACA requirements. It’s time to look at your plans again.
  • No: Move on to the next question.

Has your business grown to meet or exceed 100 full-time employees?

  • You may need to meet new ACA requirements. It’s time to look at your plans again.
  • Move on to the next question.

Has Your Budget Increased, Allowing You to Offer a Better Health Plan? 

  • Yes: A strong benefits plan can attract top talent. If your budget has increased, consider adding a better health insurance option.
  • No: Move on to the next question.

Have Insurance Providers Stopped Offering Any of Your Plans? 

  • Yes: It’s time to update your health plans.
  • No: Move on to the next question.

Are Fewer Nearby Doctors Accepting the Plans You Offer? 

  • Yes: If doctors are dropping out of your current plan, it’s time to update your insurance.
  • No: Move on to the next question.

Do You Want to Offer Add-ons, Such As Supplemental Insurance, Dental Coverage or Wellness Programs? 

  • Yes: It’s time to look into updating your health plan. Add-ons can attract new talent and encourage greater participation.
  • No: Move on to the next question.

Does Your Insurance Broker Know of Any New Laws — State or Federal — That Might Affect the Plans You’re Offering? 

  • Yes: It’s time to look into these laws and whether you should update your health plans as a result.
  • No: Move on to the next question.

Are Your Employees Satisfied With Your Current Plans? 

  • Yes: It looks like you don’t need to update your health plan at this time.
  • No: It’s time to update your health plan. Dissatisfaction might make it harder to keep quality talent.

If It’s Time to Update Your Health Plan: 

Follow these steps:

  • Decide how much of your budget can be allocated to health care. Remember, you’re more likely to retain and attract top talent with a great benefits package.
  • Consider incentives for participation and supplemental insurance such as dental, accidental, critical care or vision. Do you want to add any of these to your plans?
  • Talk to your insurance broker about new options, HMOs vs PPOs and the right tier level for your business.
  • Hold a meeting informing your employees about the changes. Make information about the new plans widely available.
  • Have an insurance agent available to talk to employees one-on-one about any questions they may have.

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