Building an efficient corporate health insurance plan for your employees can appear challenging at first, but it doesn't have to be. You just need to know where to begin. To understand where you should get started improving your corporate health plan, you need to conduct an audit.
A thorough audit is going to show you the various areas of your health plan that need improving, ultimately improving the offering you provide employees. Here's what you need to know about corporate health plan audits.
Expenses can increase and cost the company money
It will be important to review premiums which increase every year. This can be an issue for businesses as an increase in premiums could end up costing the company money. A simple review of the current provider versus its competitors could result in savings should another provider's rates and coverage make more sense. In many cases, when cover changes, companies can find themselves paying for things they don't need, therefore wasting their money.
Health insurance is not an industry that sits still.
Health insurance regulations are constantly changing
Health insurance is not an industry that sits still, therefore an audit of your corporate plan is essential to ensure you're aware of what you and your employees have covered. For example, last year the Government announced a range of reforms that will impact policies making it increasingly important for businesses to assess their corporate plans. However, if you are not making plans to review these reforms, then you could be leaving your employees in doubt about the adequacy of their cover.
You want to make sure your employees are getting the best care, so this part of the audit also needs to ensure that the coverage is actually doing what it says. Review the covered services and benefits to find out what tests, drugs and treatment services are actually included. If you find things are lacking, then it's likely time to starting looking at other providers.
Do you need help auditing your corporate health plan? Contact the team here at HICA and speak with our team of experts to help you make better sense of what type of cover is right for your business.