When it comes to employee benefit schemes a central player is very often health insurance. We all need it after all, so it’s not surprising that employees can place a lot of value on their company’s health insurance offering.
There are now nearly 400 health insurance plan choices on the market in Ireland! Moreover, the market is hard to navigate due to constant changes by Insurers, Regulators and Government.
Renewing your company’s health insurance plan can therefore present something of a challenge. Unsurprisingly HR professionals often dread when that time of year comes around again! If that’s you then breathe easy! This post outlines 5 simple tips that will help you towards a successful Employer Health Insurance Scheme Renewal.
Let’s get started!
1. PLAN BENEFITS FOR EMPLOYEE DEMOGRAPHIC NEEDS
With so many plans available in Ireland, there is a wide variety of benefits to be considered for your employees.
Most plans are structured to include Inpatient and Outpatient benefits. Inpatient benefits are for when you are admitted to hospital as a patient. Outpatient benefits are for non admission costs such as GP Services. The Health Insurance Authority have a handy jargon buster at https://www.hia.ie/consumer-information/jargon-buster.
Depending on the demographic, different benefits are more important for employees. For a younger organisation, benefits such as Physiotherapy and Maternity may be important.
An employee survey is a great way to understand the important benefits in your organisation before you commit to a new plan. Alternatively you could consider offering a choice of plans to accommodate the different needs of your employees.
2. REDUCING YOUR HEALTHCARE COSTS
Community rating applies to health cover in Ireland. It means that the same price is supposed to be charged to everyone for the same level of benefits, irrespective of their age and health.
All insurers design plans specifically for corporate clients which can include additional benefits that are not on the standard plans. For example, Employee Assistance Programmes. Everyone in Ireland has access to Corporate Plans but the Insurers can apply a discretionary discount of up to 10% for a group of persons i.e. a company.
Renewal is the only period of time when you can negotiate with the Insurers for a better deal. So, it’s time to be brave! Be sure to request a corporate discount from your health insurance provider.
3. INDEPENDENT ADVICE
Due to the complexity of the market and importance of good cover, consulting with an Independent Health Insurance Expert is always recommended. An independent expert will be your ally in the process and be able to review all providers and plans in the Irish market. They will also be there to support your employees with any health related questions that they may not wish to discuss with their employer.
4. EMPLOYEE COMMUNICATION
Employee communication is critical to the success of your company health insurance scheme. As well as ensuring that employees understand their plan, good communication will assist with employees appreciating the company benefit provided.
A communication strategy should be ready for execution at least 6 weeks before the renewal date.
5. EMPLOYEE WELLNESS PROGRAMMES
Health Insurers are now much more engaged in offering support for your internal Employee Wellness Programmes. From Workplace Fitness Challenges to Expert Speakers, there has been a huge improvement in the offering over the last 5 years. As part of the renewal process, have your employee wellness plans in place and ask for support from your health insurance provider and guidance from your independent expert.
Thank You!
I hope this post has been useful to you when planning your upcoming renewal. Feel free to leave any specific questions you have about company health insurance renewals in the comment box below and I will be sure to respond to you.
In the meantime why not subscribe to our Employee Financial Wellness Newsletter for lots more HR guides, articles and advice.
