6 Things to Ask Your Insurance Broker Before Renewing

Transcription

1 6 Things to Ask Your Insurance Broker Before Renewing

2 W ith renewal season just around the corner, you may be thinking about your company s health and benefits strategy and let s just say it, you re probably dreading it. You need a plan that has enough flexibility to cover the needs of employees of all ages, controls premium increases and simplifies administration. With 52%*of Americans less than thrilled with their current health benefits coverage it s clear that most offerings are out of touch with the needs and expectations of today s workforce, meaning one of your biggest investments isn t working as hard as it should be. Savvy employers have started to offer truly personalized benefits tailored to individual employee health needs and workplace health. Have you heard from your broker yet? If not, give them a call to get the ball rolling, and you can start by asking these questions. *Source: 2017 EBRI Health and Voluntary Workplace Benefits Survey

3 1. Always-On and Accessible Today s workforce demands an end-to-end, instant and integrated digital experience yet somehow many providers still require forms to be mailed and faxed. 84% What does the employee experience look like? Can my team easily access up-to-date balances and easy-to-use tools for evaluating, selecting, enrolling? What does the plan administrator experience look like? Paperwork is the bane of my existence, is there finally a digital option? 84% of people prefer to interact digitally with their insurance Does the solution work with my current payroll and HR systems? Source: 2016 Cognizant Report

4 2. Cost Value Equation In this hyper competitive climate, businesses can t afford to waste money on benefits their teams don t care about. Now s the time to update your plan design to get a better value and ROI on your benefit investment in the long term % How much of their allocation has my team actually spent? What is my expected premium increase? How much of my benefit spend is really providing value to my employees and getting in their hands? Traditional insurance providers take a 30-40% margin on the most predictable, maintenance health services

5 3. Flexibility and Personalization The desire for flexibility and choice are here to stay, these days people are used to getting whatever they want, whenever they want it (think Netflix). Employees are coming to expect this same level of flexibility from their healthcare providers. How much are my team members spending outof-pocket? How will this solution help my team save on outof-pocket costs? Is it time to consider a spending account? 80% of employees want more flexible benefits What kind of personalized, on-demand support resources does your solution provide? Does it offer any virtual care or Telehealth integration? Source: Mercer Report 2016

6 4. Prevention The definition of health has evolved. Today s workforce has a holistic approach to health, it is not only physical, but also mental, social and financial. The health benefits they value the most go beyond traditional benefits to include osteopaths, naturopaths, mental health and fitness classes. In fact, millennials may be the most health conscious generation to date, focused on actually preventing health issues. up to 75% Will the proposed plan include enough mental health coverage? What opportunities do we have to encourage a healthy lifestyle? Can we integrate supplemental health coverage, fitness reimbursement, stress management etc. Majority of costs and incidences of chronic disease are preventable (up to 75%) Source: Centers for Disease Control and Prevention 2016

7 5. On-boarding and Communication Support Despite ever increasing job scopes, HR leaders spend a significant amount of time answering employee benefit-related questions. 51 % Does the solution offer on-site roll-out and enrollment support? Does the solution provide on-demand customer support? As an administrator, do I have access to real time usage reports? 51% of HR leaders said that a lack of time is their most significant challenge in delivering on HR objectives Will the proposed plan schedule and run workplace health services? Source: Morneau Shepell Trends in Human Resources Survey 2016

8 6. Commitment Your relationship with your insurance broker should be more than just an annual call. An insurance broker should be a true partner in helping you attract and retain talent and setting your business up for success. Is your broker meeting your company s specific needs? Is your broker a partner and willing to participate?

9 About League League is reimagining group benefits from the ground up. We connect employers and employees to a suite of employee health benefits through an end-to-end digital experience giving them unparallelled choice, convenience and value. Today s employees can finally live healthier, more productive lives through flexible benefits that include products and services they really want and will actually use. Book your free benefits review today.