We write a lot about how group health insurance is broken and how defined contribution health benefits are the future of small business health insurance.
So, how do you know you've officially freed yourself from group health insurance? Here's 15 lighthearted ways HR changes after implementing pure defined contribution health benefits.
1. It's renewal time and you're not stressing about whether you'll have to select a new plan, and at what price tag.
2. Your boss just gave you the high five in the hallway for keeping health care costs controllable.
3. Your employees are knowledgeable about individual health insurance, and use this knowledge get more value out of their health benefits.
4. You spend less than 5 minutes per month administering the health benefit -- and all of a sudden have more time for those big strategic projects that have been on your to-do list for way too long.
5. When your boss asks you for a "quick" report on liability, cost, and utilization you happily say "I've got it right here" (rather than lock yourself in your office for an hour).
6. Your "health benefits" file folder just went from taking up the whole top cabinet to a tidy folder alphabetized appropriately under "h".
7. You no longer have to explain to upset employees why the one-size-fits-all plan you offer doesn't cover their family doctor.
8. You no longer dread the time it will take to call the insurance company. Because you never(!) need to call them on behalf of the company again.
9. Your employees take you out for happy hour because their health benefits are being increased this year -- not decreased.
10. An employee is confiding in you about an upcoming medical procedure or pregnancy, and you're not secretly thinking "oh great, what is this going to do to our health insurance rates next year?"
11. You just recruited and hired that hard-to place senior program manager because your health benefits package rocks.
12. You love seeing your health insurance broker at the office, because you know he/she is helping employees find the perfect health plans.
13. You just got a round of applause at the board meeting. For the first time.
14. It's employee enrollment time and you just saved the company five reams of paper because you simply enrolled employees online.
15. A beloved employee is retiring early, and you're no longer worried that she won't have health insurance coverage or will have to pay exorbitant COBRA premiums.
What ways do you know you've freed yourself from group health insurance by offering defined contribution health benefits? Leave a comment below.
