Comprehensive Benefits – When to Ask For A Second Opinion

Comprehensive benefits - when to ask for a second opinion. When your car breaks down, you usually take it to a mechanic who will run diagnostics and give you an estimate of the cost. If that estimate looks too high for the service or the diagnostic doesn’t fit the complaint, you might seek another opinion. Additional information and insight from other experts can help you make a more informed decision. The same should be true for your employee benefits program.

When you receive a sizable increase in your renewals, ask your consultant or broker for details about your plan and advice on how to proceed. Your consultant should be able to create strategies and offer solutions to lessen annual increases or reduce your total spend. If you don’t receive answers or a strategic plan is not designed, you may need a second opinion.

Building health programs that perform well and deliver high-quality, low-cost care takes time and expertise. Your consultant should show you possible cost-saving opportunities and exceed your expectations by answering questions and presenting you with potential positive and negative outcomes of those offers. Not continue to show you similar estimates from the same carriers year after year, especially if workforce needs are changing.

Shrm shares the importance of knowing what your people need and how quickly those needs can change. Staying ahead of benefit trends such as mental health support, paid time off and job flexibility, including work-from-home options, is essential for any comprehensive benefits program.  

CONTINUED INCREASES CAN BECOME UNSUSTAINABLE FOR YOU AND YOUR PEOPLE

Options are available. Whether you decide to stay with your current broker or follow the recommendations of a second opinion, you and your broker should discuss your employee healthcare program consistently throughout the year, not 90 days before your renewal. 

Regular communication with your broker or consultant keeps everyone on the same page and can ensure your healthcare program is heading in the right direction. Whether you decide to make big or small changes, the right strategy can reduce costs, improve member experience, and unlock hidden revenue. For example, we recently spoke with a client who received a sizable increase after their renewal. Instead of waiting until year's end, we began collecting data, designing strategies and discussing options. We established a new renewal date, reducing their cost– sooner.

EVERY COMPANY IS UNIQUE. FROM THEIR PURPOSE TO THEIR PEOPLE

What works for one company may not work for another. Where some businesses decide to dive into self-funding, others may choose to redesign their pharmacy benefits program. No matter the change, the strategy designed for your business should represent what your company stands for, and what your people need.

At Conner Insurance, our goal is to create a comprehensive healthcare program by showing you all possible avenues. Then work with you to create a strategy that improves member experience and unlocks hidden revenue, working at a pace that reflects the needs of your people. If your workforce is not ready for change, other areas of the program can be addressed.

WE WORK WITH YOU. AT YOUR PACE.

Just because your car broke down doesn’t mean you have to replace the entire engine. Your consultant should be able to meet you where you are and work with you to get the best care available. If your consultant isn’t doing this for you, consider speaking to someone who will.

If you have questions about your healthcare program, let’s chat.