NASHVILLE, Tenn., Dec. 12, 2018 /PRNewswire/ -- The 2019 open enrollment deadline is quickly approaching on Dec.
15, meaning it's crunch time for employers to finalize how they'll ideally save money for their businesses while also providing better health benefits for employees. Gravie (www.gravie.com), a company that's been reinventing health benefits
since 2013, recently released an eBook, "Better Employee Health Benefits in 2019: Understanding Your Options as a Small- to Medium-Sized Employer," that provides tools and information employers can use to make an informed decision about their benefits offerings, including some new and innovative options that may be more affordable than traditional options. Whether they're assessing ways they can improve health benefits and their bottom line this open enrollment season or are already thinking ahead to next year's open enrollment, businesses can take advantage of the surprising number of options they have available to them, following these four tips:
- Don't be afraid to change course: While it may be tempting to simply re-up a plan from last year, evaluating your options may save you money, time and hassle. Many employers have been taking a "grin and bear it" approach each year, continuing to accept the annual rate increases because they are unaware or don't have time to evaluate other options. For some, researching anything beyond their traditional approach is intimidating and overwhelming. But as the status quo becomes increasingly unfavorable, savvy business owners are investing the time to evaluate new options.
- Consider contributing to an individual market solution: For employers who have opted out of a one-size-fits-all group plan, there are still ways to contribute to employees' health insurance in a valuable and affordable way. They may want to consider partnering with a vendor in the industry who can facilitate defined pre-tax contributions to a plan that employees choose from an individual and family marketplace.
- Partner with a benefits expert: Choosing and administering a plan can be cumbersome, but that's only step one. "Beyond the obvious costs of healthcare, the time spent managing benefits or helping employees navigate their plan can be a drain on company resources – especially when those responsibilities fall to an executive whose main role is not benefits management," says Gravie CEO, Abir Sen. Employers may want to partner with an expert in the industry who can answer questions, provide guidance, keep you compliant throughout the year.
- Do the homework for next year: "Most people think about health insurance one week out of the year. It's not something people enjoy, so they take what their broker shares with them at face value," Sen says. Instead, Sen recommends employers get a handle on what resources, plans and models are available to their businesses, and what costs – direct or indirect – they face throughout the year, so that they can have a meaningful discussion with advisors and weigh each option carefully when the time comes to re-up or change course before 2020. Some upfront research and measurement can save significant time and money down the road, and sharing the business' goals for health benefits with an insurance advisor allows them to provide all of the options available.
Whether businesses or individuals have made their selections for 2019 or not, now is the ideal time to become better educated and aware of all the resources available for decisions makers for the coming year.
Gravie's new eBook condenses complex industry language in an easy-to-read format and helps employers navigate the options they may not have considered, identifying areas where companies can reduce and control costs, increase plan options and value for employees and reduce administrative headaches along the way. The eBook is available at: https://blog.gravie.com/employee-health-benefits-gravie-ebook.
About GravieGravie's approach to health benefits is disrupting traditional models, putting individuals and their health back at the center in a way that's beneficial to employees and employers' bottom lines and overall satisfaction. Gravie was founded on a legacy of innovation with leaders from some of the most industry-changing healthcare companies who continue to reinvent and push the status quo to better meet the needs of individuals and teams today. With expert advisors, smart technology and a streamlined model, Gravie alleviates much of the headache associated with choosing and managing a healthcare plan, providing better options for employees with controlled and reduced costs for employers. Gravie has served over 900 employers and over 62,000 individuals across the U.S. To learn more visit www.gravie.com.
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