Comparing, selecting and implementing a corporate health insurance policy can be complex and time-consuming – so it’s easy to fall into the trap of sticking with the same plan year after year, without checking if it’s still the best one for your workforce.
But with policies in the Irish market continuously changing, you could end up overpaying for your workforce’s cover or missing out on valuable benefits.
Of course, it may turn out that you already have the optimally policy in place. But taking the time to review your health insurance policy every year at renewal, scrutinising any changes to the benefits and charges, could deliver valuable returns for both your business and your employees.
Reduce Your Costs
Health insurance premiums are constantly being reviewed across all three of Ireland’s providers, with multiple price changes having been announced throughout 2022. Any changes won’t be applied to your policy until renewal, and insurers don’t always communicate the changes directly to customers, so it’s important to check your renewal documents before committing to another year.
While legacy plans are often subject to annual price increases, new policies are regularly added to the market. Vhi introduced two new plans in May, while Irish Life Health’s newest plan will be available from this November. Not only are new plans often very similar to some existing plans, but they can come at a lower cost.
So, the plan that was most cost-effective when you first took out your corporate health insurance policy may no longer be the best option.
By checking what changes, if any, have been applied to your current plan and reviewing the market for new plans, you may be able to reduce costs without jeopardising valuable benefits – or introduce additional benefits such as dental cover, without increasing your spend.
This is especially important if you’re a small organisation with a growing headcount. Group discounts are often available once you hit a certain threshold of policy members – so if you’ve added new employees to your plan, you may now be eligible for a lower rate per member.
Get Better Benefits
While prices are constantly changing, so are the benefits included in existing plans. You may find that valuable benefits currently being used by your employees will no longer be available after renewal – which can be daunting for you as an employer as you look to ensure your employees’ needs are being met.
Likewise, new benefits are also often added to existing plans. For example, in January Laya added their Fracture Clinic benefit to some plans, while Irish Life Health will add their Mental Health Guide benefit to a further eight plans from this November.
So, it’s possible that a less expensive plan that didn’t offer you the desired benefits when your first selected your policy now has the cover you and your workforce need.
And with new policies being added to the market every year, there could now be a plan available that meets all of your needs and offers better benefits than your existing plan, without increasing your budget.
Meet Employees’ Needs
Since the start of the pandemic, employees’ needs and expectations have evolved rapidly across all roles and industries. Chances are, your employees now expect greater support for their health and wellbeing – from help accessing treatment when they become unwell, to empowering them to live a physically and mentally healthier life.
As their needs change, so should your benefits. If you took your policy out before 2020, and haven’t reviewed it since, it’s crucial you conduct a full review before your next renewal to make sure it’s delivering the right cover and benefits to meet your workforce’s needs in 2023.
While there has been a significant focus on wellbeing over the past couple of years – and rightly so – it’s also more important than ever to offer comprehensive cover for hospital treatment. Waiting lists for hospital treatment through the public healthcare system currently stand at over 900,000 people, with many people facing long waits to access care. By offering the best care available for your budget, you can help employees get on the road to recovery quicker.
And with bills rising across the board, helping employees to reduce their medical bills through comprehensive, company-funded health insurance is likely to be highly valued by your workforce, helping to retain talent in a competitive hiring market.
Review without the Hassle
The Irish health insurance market is extremely complex. There are over 320 plans available, with continuously changing benefits and premiums. As a result, it can be confusing and time-consuming to compare all plans and identify the right one for your workforce.
But it doesn’t need to be. At Eppione, our health insurance experts can help you to understand your specific needs and budgetary requirements, assess your current plan and any changes, and conduct a full market review to identify any alternative plans that could be more suitable.
So, you can make sure you have the optimal plan in place to support your employees and keep costs within budget, without investing large amounts of your time in assessing the vast array of options.
If you’d like to find out more about how our health insurance experts can support you, get in touch using the form below.