Behind in the game? Here’s how you can finish strong and tackle health benefits in the 4th quarter.
Despite ACA/Obamacare, your health insurance rates are likely slated to increase this 4th quarter, with 90% of small businesses in California due to renew their health insurance plans by December 1st.
Not to mention that deductibles and out of pocket expenses will likely rise for most plans, regardless of the carrier (all of whom by-the-way will be overwhelmed since just about every single health insurance plan will be renewing at the exact same time.) So what can you do to avoid some of the stress?
Prepare Don’t Procrastinate
“A task left undone remains undone in two places — at the actual location of the task, and inside your head. Incomplete tasks in your head consume the energy of your attention as they gnaw at your conscience.” – Brahma Kumari
We are all a bit guilty of procrastinating from time to time, especially when it comes to tasks we think may be unpleasant, but success was never found in procrastination, it was seized through action and in effort. In the long run, and this applies to almost every situation, procrastinating will only drain you of more energy, time, and money than if you had gone ahead and taken care of it, so it’s best to take steps now, however small, before the flood gates open in Q4.
Just imagine if someone dropped a years worth of work on your desk all at once and asked you to complete it ASAP. Do you think you could give every matter it’s full attention? Would you be able to sift through each detail?
That’s what Q4 will be like if you fail to prep, not to mention that some important money saving and even regulatory details may be overlooked, putting you and your business at risk. Those who are unprepared or uninformed can expect rocky times ahead. In other words, it won’t be pleasant for those who procrastinate.
Consult With A Broker To Develop A Game Plan
Not sure where to start? Well that’s where strong, skilled brokers like us come in to play, as seasoned brokers can help clients navigate and review the market, benchmark opportunities, as well as help to build vibrant benefit plans that are perfectly suited for your business.
If you’re looking to hire and retain great employees in 2017 then you need to ensure the plans you put in place are more than just cost effective and within regulation, they should also be designed to help your business attract and retain top talent in order to keep your business moving forward. Experienced brokers can provide you with valuable insight and put together plans that will ultimately lead to improved retention rates and happier employees.
Ask Questions
Don’t ever be afraid to ask questions, a lot of questions. Great brokers love their clients, but most importantly, they love educating them. If you consult with a broker who isn’t happy answering all your questions, then find one who is, because trust and open communication is vital in an industry such as this and you don’t want to get left in the dark.
Own Up and Speak Up
It’s not easy for some to reach out and admit they’ve made a poor decision or that they’ve procrastinated. For some managers and business owners, pride trumps all, but it shouldn’t. Great leaders know that trail, error, and failure are all a part of the game, so if you’re worried about appearances, don’t be. If the plans you have in place now are questionable at best, then say so. Honesty with your broker is an important step when it comes to the success of your business so don’t be afraid to say what works and what doesn’t either.
So in the end, if you’re a bit behind in the game, dreading the final quarter, and not sure where to turn then finding a strong broker to take charge is the best way to win.
* We here at Corporate Strategies are one of the leading employee benefit brokers in CA, ranking as Premier Partner status for most carriers, making us an excellent choice for small and medium sized businesses seeking change and assistance in tackling health benefit plans.