Once you have done all the ground work and research, you need to collate all the information that you have got and come to a decision. Sit with your broker and try to iron out your differences and weigh out the pros and cons. The next step is sealing the deal.
After reviewing all your options you will be given a contract to sign. You will have to make a fast decision and submit the contract to the insurance company. The deal that you have got may not last for a long time; usually it is a thirty day period after which new deals come about. Hence you need to act fast.
Conveying the information to your employees,
Once you have sealed the deal, you need to inform your employees about what actions you have taken. When you are taking the decision, try to involve at least a few of the top management. This makes them feel like they are being kept inside the loop and also it will improve employee satisfaction. Then you need to inform all the employees through either pamphlets or public announcement about what is being offered like,
What are the various options? You need to let them know what is on offer. What is the premium amount that they have to pay and also what is the co-pay percentage that will have to be borne out of their pocket.
How it works. Make sure that the employees know exactly how the system works. This will save both you and the employee a lot of time and money. Use your human resources manager to convey the nitty gritty of the policy to all the employees.
Enrollment and usage issues. Enrollment and the coverage period will be different. You need to let everyone know the exact dates from which the coverage begins and when they need to pay their premiums. But if you are going to cut the premium cost at the source from the paycheck, it’s much simpler.
How much will it cost? Make it clear to everybody as to how much the health insurance policy is going to cost per employee per month. You also need to let them know what percentage is being borne by the organization. Try to lay the groundwork for cost sharing at the beginning itself so that there is no confusion in the future.
How can they waive their coverage? Some members of your company may not want to be a part of the health plan that you are offering. This may be due to varied reasons, some may have coverage through a spouse or may already have a plan, or some may not be able to afford such a plan. You will need to convey to them about how they can refrain from enlisting in the plan.