Congratulations! If you are one of the many small business owners that purchased health insurance for your team, then you are taking a huge step forward for your business and your people. However, you’ve probably noticed that there are some challenges to providing health insurance. You may also be wondering when you’ll need to update benefits or what policies are in place for business owners and employees for the upcoming year.
For this reason, you’ll need to take some time out of your business between now and the end of the year to assess your coverage, and re-evaluate your employee needs. You may want to update a few benefits. If you don’t know where to begin, then read our quick guide below. Here’s your small group health insurance end-of-year checklist.
1. Review the Accounting
The smallest mistakes that you view as insignificant can cost your thousands of dollars on the back end. Accounting mistakes are an example. Review your insurance budget, expenditures, and other records with your accountant to ensure compliance and accuracy. Even if you do this only once a month or once a year, it is important to know how things are going with the numbers.
2. Schedule a Meeting with Your Health Insurance Broker
If you signed up for small business health insurance through a broker, you may want to schedule an end-of-the-year meeting to review and update your health insurance policy. There are several items you may want to assess such as
- New or ex-employee updates
- Adjustments in coverage or benefits
- Available discounts or savings in your insurance plan
- New state or federal regulations or updates
Take a list of questions with you and discuss them with your broker. Use this time to ask common questions from your employees or address concerns with your policy or provider.
3. Review the Current Health Insurance Plan
Here are some things to review and assess when reviewing your current health insurance policy:
- Coverage: Do you have enough in the right areas?
- Cost: Compare copays, deductibles, and other insurance costs?
- Provider: Are you happy with your provider? Is it time to compare providers?
- Prescription: Review the policy coverage on prescriptions for policyholders.
- Updates: Where are some areas you need to update your insurance?
Comb through your current small group policy so that you understand what your policy covers, who it covers, and under what circumstances. The more you learn, the less you are caught off-guard when a dispute or problem arises.
4. Review Your Employees
Your team should have input as to what kind of coverage is best for them or their families. Getting feedback from your employees can help you adjust your coverage as necessary, which could save you money on insurance premiums.
Reviewing your employees involves asking straightforward questions about what they think of their insurance coverage. Employees are more than happy to let you know if the insurance policy you took out is meeting their needs. It’s a good idea to review all policyholders at the end of the year just before you update the group policy.
5. Check Your Security
Whether it’s a physical or digital hack, your insurance information is always vulnerable. So, make sure you have security measures in place to minimize the chances of a breach. If you keep copies of employee files, make sure they are locked away in a secure location. Limit access to employee files to authorized members of your organization.
When it comes to digital security, make sure you choose software, hardware, and SAAS services that have security features in place to keep your employees safe. If you outsource any tasks, make sure your partner has safeguards in place to protect digital assets.
Contact Insurance Enterprise for Premier Health Insurance
If you have questions about health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.