Do you know what’s really inside your benefits plan?
Be honest, when was the last time you reviewed your “benefits booklet” in detail?
Employee benefits can seem complex, and keeping track of caps, exclusions and exceptions might make your eyes glaze over. But if your benefits advisor is just providing a “high-level summary” at renewal time, you may be missing some important information about your coverages and your costs.
The fine print isn’t always fine
When you review your coverage you should have a clear sense of where your cost risk comes from.
Here are a few areas to watch out for:
Who’s carrying the risk?
Depending on your circumstances you may want to own all of the risk in your plan, but for many small businesses sharing the risk with others makes more sense. You have more control over your costs when you carry risk, but your opportunities for smoothing costs over time may diminish. Either way, it’s important to understand who is carrying the risk when it comes to your plan.
Are your coverage caps appropriate?
Many of your coverages have caps built into them – the coverage ends when an employee reaches a certain limit. You don’t want to leave your employees without necessary coverage, but you also don’t want to open your plan up to abuse. Make sure you understand what limits are in place to reduce your exposure to high costs or over-use.
Not all disability coverage is created equal
Most business leaders know only two types of disability coverage: short-term and long-term. But did you know that within long-term disability are two more periods (known as “own occupation” and “any occupation”) that can have a huge influence on your plan costs? If you don’t know if your disability coverage is built for your business then you may be paying more than you should.
Knowledge is power!
GroupHEALTH’s 4,500+ clients have a huge advantage over their competitors: our exclusive Advisor Partner network. They don’t skip over the small but crucial details that make all the difference in plan designs. Instead, GroupHEALTH clients know that their coverage is fully tailored for their business, and that their benefits are working as efficiently as the rest of their business.
Let us arrange a 30 minute conversation with one of our exclusive Advisor Partners. Build your plan now.