Choosing a benefit plan

10 things business should know about group benefit plans

When deciding on which coverage to provide to your employees, consider the following:

1. A benefit plan is an effective way to attract and retain the right people for your business.
2. A benefit plan is a smart business investment and it's tax-deductible. It allows you to distribute compensation dollars in a way that benefits everyone.
3. Benefit plans provide coverage over and above what is provided through government health plans and are an important as a way to create security for you and your employees.
4. Many factors may influence your decisions about which benefit coverage to provide. Is your industry prone to certain health risks? Are the majority of your employees single or do they have families? Take a moment to assess your work environment and speak with your employees about their health needs.
5. Benefit plans provide coverage across many health categories including health, dental, disability benefits and life insurance. In many cases, as with our Blue Chip Plus plan, you can design coverage that fits your needs and your budget.
6. Other specialty benefits are also available that provide coverage that address unique needs and can greatly enhance the value of your benefit plan for employees.
7. Group benefit plans have basic requirements regarding eligibility, participation and cost-sharing. A plan advisor or a Pacific Blue Cross account manager can help you to understand these requirements.
8. As the business owner, you will likely be in charge of administering the plan. This means you will be responsible for collecting and remitting monthly contributions to your benefit provider and submitting new employee enrollments and terminations.
9. Premiums for a benefit plan can increase or decrease based on claiming trends and how much your employees use the benefits. Your benefit provider should be able to help you limit the escalation of claim costs through a variety of plan design options.
10. The service your benefit provider provides is as important as the benefits you choose to offer. If your benefit provider doesn't do its job well, employees can become greatly dissatisfied. Responsiveness in paying claims and resolving issues raised over the phone is critical to employees' satisfaction. Poor service providers can cause employees to think negatively of their employers. Do your homework and shop around. Seek advice. Speak to a professional benefit plan advisor or a Pacific Blue Cross Account Manager.