Your employee benefit plan renews annually. However, there are cost-effective changes that can be implemented at any time:
- Contribution Strategies
- Individual Coverage HRA
- Class Structure
- Plan Design or Carrier Changes
- Provider Network and Payment Options
- Funding Options
If you offer a fully insured group health insurance plan, these are cost savings you can consider immediately:
- Carriers: You can change a fully insured carrier at any time
- Plan designs: Most carriers will let you increase out-of-pockets mid year
- Payroll deductions: You can increase employee deductions at any time (with 30 days notice)
- Class structure: You can change the class structure at any time (with 30 days notice)
- MEC Plan: You can add a minimum essential coverage plan at any time
- Funding: You can move to a level funded health plan at any time
If you provide a HSA or HRA:
- You can add or change HRA or HSA amounts at any time (with 30 days notice)
- You can implement an Individual Coverage HRA (IC-HRA) at any time
- If you offer a level funded or self-funded health plan, these are annual contracts.
