As with most things, innovative technology is making its way to the healthcare industry. Over the past decade, there have been some incredible changes to how people can access and select healthcare plans. Using the right health benefits software can harness those improvements and give your employees an enhanced benefits experience.
Here are the top four reasons why you need health benefits software:
1. Budget Strategies
Traditional group benefits (which many employers feel stuck with) all revolve around the health insurance products themselves. Because of this structure, many employers and employees end up overpaying for one-size-fits-all plans that don’t meet their needs. As a result, many employers are forced to cut costs by slashing budgets or by cancelling their group health plan altogether.
Because of this, many employers find themselves facing a catch twenty-two. Oftentimes, strong healthcare options are essential for recruiting and retaining talent in your organization. However, healthy financials are equally as important for growing and succeeding as a company. This is why a health benefits strategy which provides quality benefits without exceeding your budget is essential.
With the right software, you can determine your healthcare budget first, and then discover the options available to the team based on that investment. Typically, the higher the investment, the more options you unlock. With the help of the right health benefits software, though, employers can make the most of the dollars they invest.
2. Security & Compliance
If you’re like most employers, your health insurance communication likely consists of folders holding numerous legal forms walking employees through everything from sign ups to plan changes to renewals. While a paper system may seem like a simple solution, it often lacks the proper security measures necessary to remain HIPAA compliant. Between the time paperwork is filled out, handed to HR, submitted to the carrier, and finally entered into the database — it leaves a lot of room for risk.
Due to multiple HIPAA and human resource laws, it can become quite cumbersome for employers to ensure compliance. Thankfully, the right health benefits software can use systems and encryptions that not only make the details more efficiently handled, but also maintain the highest level of security and compliance. Employers can easily compile required data, while also ensuring employee confidentiality.
3. Employee Choice
When it comes to plan choice, there is a disproportionate amount of options available to employees through traditional group health plans. It can be both confusing and disappointing for the employee to realize they only have 1-3 plan options to choose from. Wouldn’t it be nice if you could give your team a menu of 15 to 50 different healthcare products?
Health benefits software changes the game when it comes to employee choice. Oftentimes, the employee is given a budget set by their employer to spend toward a plan. They are then given a shopping experience with all of their choices displayed, including bronze and gold ACA plans, sharing ministries and more!
With a health benefits software, the budget provided by the employer does not limit the employee’s access to the product they want. If the employee wants something that is beyond the budget provided, they can simply use their own money to upgrade their product and have the money withdrawn through payroll deduct. By improving choice, employees are able to feel more personally cared for by the health benefits package provided.
4. Employer Organization
Let’s face it, handling healthcare as a leader within an organization can feel overwhelming and chaotic. Thankfully, the right health benefits software can help you stay organized. With one simple tool, you can control your custom budget strategy with security and compliance, provide employees with 10X as many options, and connect with industry experts to guide you through any questions you or your team may have.
Furthermore, with the right software tool, employers can also look forward to one single group bill with a payroll withholding report combining every individually selected plan. Not only does this process keep your healthcare dollars more organized, but it ensures your budget is spent more efficiently.
Can health benefits software help you?
If you’re interested in exploring which health benefits solution can help your team best, check out remodelhealth.com/quiz for an interactive experience which evaluates your specific situation and sorts through all of your options. You can also run your own savings estimate using our free calculator to see how Remodel Healths’ software could help you save. Our benefits consultants would love the opportunity to walk through all of your options with you to help you save money and care better for your team.
Important Notice: Remodel Health does not intend to provide specific insurance, legal, or tax advice. Remodel Health always recommends to consult with your own professional representation to properly evaluate the information presented and its appropriate application to your particular situation.