1 RECONCILE YOUR BILLS
Don’t put all your faith in insurance companies to get it right. You may be paying a premium for terminated employees or have incorrect coverages for active employees. If there’s a filed claim, you could lose money or face legal action. To prevent this, make sure you carefully review your bill every month. (Keeping track of all this can be painstakingly tricky; let Thread do it for you.)
2 UNDERSTAND & COMMUNICATE THE WAITING PERIOD
The waiting period is the number of consecutive days an employee must work to meet the definition of eligibility before they can get onto the health insurance plan. To more efficiently mitigate waiting period disputes, make sure your employee knows how long they have before they can enroll in health insurance, and have a system to help automate this.
3 UNDERSTAND & COMMUNICATE THE ELIGIBILITY REQUIREMENTS
Working too few hours is one factor that may prevent your employees from enrolling in a group insurance plan. Despite this, many managers promise employees this opportunity. Make sure to understand the eligibility requirements before falsely informing your employees that they are eligible for health insurance enrollment. There are systems that make this easier for you.
4 INCORPORATE AN EFFICIENT AND TIMELY PROCESS FOR PAPERWORK
Timely administration of paperwork is the cornerstone of proper management. Often, employees do not correctly fill out paperwork, and when they do, it is usually late. Mitigate this risk by articulating the exact due date to employees, and make sure they understand which information to include. Better yet, automate this through a system that can manage the process for you.
5 SEEK ASSISTANCE
Discrepancies regarding the application of benefits need the attention of the insurance carrier within 90 days. If it is not, the error can exacerbate, and you will lose time and money trying to solve it. Immediately taking action is the best way to remedy this problem. (Don’t invest your energy into worrying about this administrative issue. Let Thread worry about this, and you focus on growing your business).