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Assessing your Current Group Benefits

By August 10, 2022September 23rd, 2022Personal Insurance

Group health insurance is an insurance policy offered by employers that provides health coverage to employees and their dependents. As businesses grow and change over time, it is essential to reassess your coverage to make sure your needs haven’t changed as well. Below, the insurance professionals at Unity Insurance discuss how to assess your current group health insurance benefits and whether it’s time for you to make a change.


Assess What You Already Have

If you already have an existing group health insurance policy, good news— you are already on the right track! Offering competitive benefits is a great way to attract and retain employees, but are the benefits you are offering truly meeting the needs of your employees and your business? 

At Unity Insurance, our trusted professionals act as your personal resource to figure out what works best for your business. We’ll help you go over current benefits and suggest modifications based on employee demographics, usage, and other needs.


A Changing Business

While competitive salaries are one way to attract employees, benefits and other compensation can play a key role in whether an employee decides to join your company or stay on the team. If your business has recently grown by revenue or employee size, it may be a good idea to reevaluate your offerings. Can you take on a greater share of premiums now that business has stabilized? Are there more cost-effective plans available now that you have more employees contributing? 

It is also wise to compare your offerings to those available from other businesses within your industry. This helps to determine whether your benefits are comparable to others within your industry or if they may need to be modified to increase recruitment and retention goals.


Purchasing Group Health Insurance

Before purchasing group health insurance, it is essential to gather information from all employees and their dependents, including name, date of birth, and zip code. This information allows your agent to provide you with an accurate quote. In addition to basic information, you’ll want to consider a time frame to ensure that the quote you receive won’t expire and that you will have enough time to complete the process. The recommended time frame is between six and twelve weeks, and at a time when your business is not typically too busy. 


Speak With An Agent At Unity Insurance About Group Health Insurance

Unity Insurance understands the challenges of deciding if your group health insurance plan is still the best fit for your business. Our professionals provide guidance and support to ensure you make the right decisions regarding coverage options. We work with our clients to provide the best plan to match the business and employees’ needs. Call 410-539-6642 to learn how Unity Insurance’s experienced insurance agents can assist you.