Sponsoring group medical coverage requires paperwork. While these tasks usually aren’t too burdensome, the time and money you’ll need to spend managing your plan is a cost that you need to weigh along with the cash costs. Keep in mind that brokers often provide many of these services.
Paperwork and employee relations management comes into play:
- At the beginning when you introduce the health plan to employees.
- Once a year for annual enrollment.
- With ongoing maintenance, including:
- Adding/deleting employees and family members.
- Making premium payments.
- Dealing with problems (billing, eligibility, claims).
- Collecting contributions and managing the payroll to accurately reflect employee contributions.
- Managing the paperwork for new and terminating employees.
When working with a broker, be sure to discuss with them what administrative duties they’ll assume, and which will remain your responsibility.