When evaluating different carriers for benefit
plans, there are several things employers should consider prior to making a
decision. While working with a benefits broker or consultant will greatly
simplify this process, it is ultimately up to the business owner to assure the
carrier selection is the best fit for their company. Here are a few
points to consider:
Carrier Credentials…In addition to checking that carriers are licensed to do
business in any state(s) with client locations, decision makers should also
seek assurance that the carrier is financially sound and meets all state
requirements such as those involving required premium reserve levels.
Diversity of Products and Services…Most companies today, especially those with more than a
few employees, tend to offer multiples plan options for their employees to
choose from. The right carrier should have a wide portfolio of plans
available for any group. Which of those plans should be in the company
benefit package? That should be based on the specific demographics of
each business, the health care needs of that population and the company budget.
Provider Networks…Prior to including a plan in the company’s benefit
portfolio, the decision maker should be assured that employees and their
families will be comfortable choosing from the physicians and hospitals within
the provider’s network.
Cost Competitiveness…This is obvious, but with all other factors being equal,
the plan premiums for both the company and its employees are a major factor in
any decision to choose or bypass a carrier.
Level of Technology…Online access to health information, digital tools and
monitoring and other technology can assist in the management of health issues,
taking stress away from employees seeking enhanced well-being and providing
employers utilization based savings in the process.
Customer Service Experience…Research the level of personalized customer service that
the provider offers members. Especially in smaller businesses, where
there are fewer if any human resource personnel for employees to turn to for help with
claim issues, a friendly, responsive and effective call center can make or
break the employee experience.
The Lower Bucks County Chamber of
Commerce offers its members access to My Benefit Advisor as a solution for
employee benefits, including voluntary offerings. For more information about My
Benefit Advisor, visit our website at lbccc.mybenefitadvisor.com or contact
Marlon Richardson at (215) 790-3640.
