Is your wellness insurance working as it should? Keep an eye out for these common mistakes:
1. Poor communication
If people don’t know something exists, they won’t take advantage of it. Obvious, right? But as soon as you start talking about communicating about business insurance packages, many enterprises simply switch off. They might send out a memo when they first start up the wellness program, but beyond that it’s all quiet on the insurance front.
Your workers need to be frequently reminded of and updated on the benefits of your wellness program. Your insurer will usually provide an annual confirmation or statement on your insurance activity; this would be a great thing to share with your employees. Beyond that, ensure everybody is clear on what they get out of the program, knows what has changed (if anything) and is reminded how and why this package is a boon for them. This is integral for the success of a wellness insurance package.
Avoid this mistake: be clear and consistent in your insurance communications, make sure everybody knows that your program exists, and queue up regular updates to bring the benefits back to the front of your workers’ minds.
2. Going for the cheapest option
The most affordable option doesn’t strain your bottom line, certainly, but in many cases it defeats the whole point of employee insurance with too many exceptions and too little valuable cover.
Be very wary of a plan that puts too much emphasis on affordability rather than quality. [Source @BRAVEdaynz] (Click to tweet!)
If you’re trying to improve the health and productivity of your employees, a cheap policy often won’t have the cover they need. If you are trying to attract or retain the best and the brightest in your industry, we can guarantee you a cheap insurance policy will be seen as little more than lip service. It simply isn’t effective. That isn’t to say that there aren’t suitable, affordable options out there — but be very wary of a plan that puts too much emphasis on affordability rather than quality.
Avoid this wellness program insurance mistake: Speak with an insurance advisor to get a range of options before committing to a specific plan. It’s about value for money, not just the cheapest option.
3. Spending too much
On the other end of the scale, sometimes the most expensive option isn’t suitable either — paying more than you need to for cover that isn’t relevant or, more likely, fully subsidising the insurance doesn’t guarantee success for your insurance program.
Instead, consider providing a percentage value contribution of the insurance and ask the employee to cover the rest. It will almost certainly still be cheaper for them than the individual alternative, and it reduces the burden on your finances as well. It’s a win-win.
Avoid this wellness program insurance mistake: Discuss these options with your employees (or your managers, depending on the size of your company) and get an idea of how you can balance the cost to your business against the cost to your workers. Compromise is key, and remember that those who plan the fight don’t fight the plan.
4. Poor administration
If you have a business that is rapidly growing, downsizing or otherwise changing in employee numbers, it is all too easy to forget to update your group insurance records.
It is all too easy to forget to update your group insurance records.
This could result in you paying for or subsidising the insurance of someone who no longer works for you, or even worse, failing to provide the coverage for a new employee — a nightmare for your reputation as well as for the worker involved if they needed to claim.
Avoid this mistake: Make regular updates and check to ensure that your records for your insurance are correct---and compare your records to your insurer’s as well to ensure theirs are accurate too!
To find out more about making the most of your wellness program, read our free ebook below!
