Health Insurance Open Enrollment is 9 Months Away, But It's Time To Start Thinking About It

Judging by the search activity on Google for the term "health insurance," people only seem to care about the topic in the fall. Probably because this is the time for open enrollment.

It's indicative of the ability of people to put off one of the most important benefits until the last minute. Whether you are deciding for yourself or your company, you shouldn't be waiting until the fall to research health insurance.

The time to begin is now, it's winter and this gives you plenty of time to look around at the different plans available to you and your company. It will also give you a chance to survey your employees to learn what they are really seeking in a health insurance program.

Look For A Change Even If You Don't Want One
You might like your insurance company and have no plans to change. That's fine, nothing says you have to change, but you should still see what is available on the market. Companies, terms, and policies can change. You should at least make sure the new changes still meet the needs of your company.

Here are the steps you and your benefits committee (you do have one, right?), can look at as you make comparisons.

• Determine the employees you are required to, and want to, insure. You'll need a hard number, because this has a big impact on your costs.
• Now, determine the budget for the insurance. You'll also want to compare this amount to the overall budget of the company, so you have a good idea of how much you are spending on health insurance.
• Reach out to a reliable and knowledgeable insurance broker, like Culture Insurance, and use their expertise and contacts to build the list of possible companies.
• As you go through the plans, only consider ones that are in alignment with your company culture and the needs of your employees. At this point, it is perfectly OK to not consider the plans that you know are not affordable.
• Besides price, also pay attention to the different services each company offers. Consider the work and duties of your employees, do the insurance company's services truly benefit them? For example, if a company offers stress management counseling, would your employees benefit from it, is it offered at a time and place accessible to them?
• Where is the company located and is there a physical address you could go to if you need to speak with a representative?
• Compare the types of plans available to you. HMOs are cheaper, but may people like the freedom and choice a PPO plan offers.
• You don't need to make a choice right away, after all, you are months away from open enrollment. However, you should choose a hard date to make a permanent decision.

Health insurance is the cornerstone of any benefits package, choosing the right plan is critical to keeping your best employees and recruiting top talent. Don't wait till the last minute to review your current health plan or to choose a new health insurance company.

Culture Insurance is an insurance brokerage and risk management company dedicated to working with their clients to provide benefits plans that are both attractive to companies and helpful to employees. We don't want to sell you policies, we want to partner with your company and help in your growth. Please contact us to learn how we can help your company.