Healthcare Plan review – don’t just set it and forget it!

Posted on Dec 27, 2010

Anyone who has gotten homeowner’s or expat health insurance before knows that it is important to review precisely what coverage you are spending your money on. Why include extra cover for all the expensive technology your teenagers had in the home when they have finally moved out, taking their laptops, cameras, smart phones and sound systems with them? Similarly, if you have a growing family and all these gadgets are just beginning to enter your home, you would probably think about increasing the scope of your premium. The important message is: don’t stop reviewing.

Just as it makes sense in the home, it makes equal sense in the workplace. You need to regularly review your options for business healthcare plans in order to guarantee that you have the one that is ideal for you and your employees. These are akin to the financial reviews offered by banks, with which you are no doubt already familiar.

Choosing a good healthcare plan is a vital, yet all too frequently ignored, part of helping your business grow. However, picking one option and just sticking with it year after year is not enough. You could be throwing away money because of not taking the time to consider all your options The more serious concern is that your company could get put in a dangerous position. Even at the best of times, these are situations that you should want to avoid and, in this current economic climate, with all the doubt it brings with it, they pose even more of a concern.

A professional and dependable healthcare provider will ensure they offer you a well prepared review that looks at several key areas of your company. One of those is your business’s value. Your healthcare plan will need to be adjusted based on changes to your business’s value, which you hope are positive changes.

The amount of workers you employee is another important consideration. Even though limiting the healthcare you provide will save you money each year, you may lose out on a few of your oldest and most reliable employees. Pressure can lead to illness, absence and an adverse effect on your turnover. A healthcare review that takes all concerns into account can help you make the best decision.

You need to take your shareholders into account as part of your healthcare review also since their age and health concerns will have an impact on the healthcare plan your business chooses.

Whether your business is large or small, you need to review its healthcare insurance on a consistent basis the same way you would review your home insurance.

Link to original article