SMEs: Beneva group insurance is for you
Playing a vital role in the country’s economy, SMEs nevertheless have to compete with larger organizations. Offering a comprehensive group insurance plan is a great way to attract and retain employees.
However, companies with a limited budget must walk the line between benefits and costs.
Can you have your cake and eat it too? Yes! You can maximize the benefits while adopting effective management practices in order to ensure the financial sustainability of your group insurance plan.
5 strategies to better manage your group insurance plan
Through careful management, it is possible to maximize benefits and control costs.
1. Knowing the needs and expectations of your employees
Take stock of your employee demographics: age, ethnicity, sexual orientation, gender, etc.
Employees new to the job market don’t have the same needs as those who have been around the block a few times. While the former are likely planning to buy a home or welcome a new baby, the latter may be experiencing health concerns or preparing for retirement. The ideal group plan is one that covers all situations.
Once the employees’ needs and concerns are identified, it is possible to tailor a group plan to their expectations, while fostering inclusion and general well-being.
This approach also feeds employee engagement and retention by showing that the organization values them.
2. Protecting employees better with flexible insurance
When it comes to choosing a group insurance plan, flexibility is the operative word. Flexibility means allowing employees to choose the coverage that best suits them.
Have their needs changed? No problem! When the plan is up for renewal, see it as the perfect opportunity to review the coverage offering.
Sit down with your broker to analyze all the options. Together, evaluate the pros and cons. For instance, you might want to increase dental coverage while reducing the amounts for certain healthcare professionals.
Another viable option is virtual healthcare, which tends to be very much appreciated by employees.
3. Focusing on prevention and well-being
A sound mind and body is the first step towards a healthy workplace! To support physical and mental well-being, consider an Employee Assistance Program (EAP).
Companies should view EAPs as a strategic investment. Offering support in the areas of mental health, stress management and prevention is a great way to reduce absences, improve productivity and limit the number of onerous claims.
Early intervention can also help mitigate stressful or distressful situations that would otherwise have serious consequences on employee health and plan costs. In the long term, this will result in the sustainable management of financial resources.
Did you know that EAPs offer a wide range of assistance services like a daycare service locator, healthy lifestyle habit promotion, budgeting assistance to reduce financial stress?
4. Informing your staff
Talk to your employees about their group insurance plan and healthcare coverage options.
By better understanding what is available to them, your staff is more likely to use the plan responsibly and seek preventive care, like routine check-ups with a family doctor, or even, opt for biosimilars, which is a good way of keeping costs down.
Fostering employee well-being while reducing insurance costs for your company is win-win.
Keeping your employees informed allows them to make sustainable decisions about their health. Ask your insurer for helpful tools and documentation.
5. Reviewing coverage is important
Plan coverage must be reviewed on a regular basis to make sure it matches employees’ changing needs and keeps costs down. By analyzing trends and accepting that situations are going to change, employers can offer customized, balanced coverage.
Essentially, this entails replacing under-utilized coverage with more flexible options and, ultimately, ensuring effective cost management. A fine-tuned plan increases employee satisfaction while helping control costs, making it a strategic asset for any organization.
SMEs can leverage group insurance to attract talent
In a competitive market, offering benefits tailored to employees' needs enhances your SME's image and fosters employee loyalty. Group insurance shows your commitment to taking care of your employees, which is key for retention.
For SMEs, striking a balance between employee well-being and cost control is essential. Offering flexible coverage without compromising your organization's financial health is a winning strategy!