As we move forward in the second half of 2024 and beyond, I strongly recommended that human resources professionals review their last two to three years of health insurance renewals and ask themselves the following questions:

Am I being provided with the data I need to make an informed decision about my health insurance program? If not, ask why. After all, who pays for any product or service without having a line by line description of what they're buying?
What is the reason(s) that our health insurance premiums have continued to increase year after year?
Should our company consider self-funded health insurance? If your organization has over 50 employees, ask your insurance advisor/broker why they haven't presented this option to you before.
What other options are available to our organization to create a long-term health care strategy?
Can we carve out our pharmacy benefit? This is usually low-hanging fruit that a good insurance advisor/broker will recommend for immediate cost savings with minimal disruption.
Are we working with the right insurance advisor/broker who really understands our company culture, our employees and has a vested long-term interest in what we're doing?
My plan is already self-funded. Am I meeting all of my fiduciary responsibilities?

As much as the human resources profession is changing, so is the world of health care as we know it. Make sure you open your mind, ask questions and don't be afraid to challenge the status quo. I'm grateful that I did and haven't looked back since.

Instant Insights /

7 tough questions HR pros should ask advisors: tips from a vet who challenged the status quo

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