1. Does your organization have 1 or more employees?
A defined contribution plan works for companies of any size.
2. Has your organization offered several plan options for employees in the past?
If you checked yes and your organization has a practice of offering several health plan choices, the move to a defined contribution plan will likely be easier for employees to understand and assimilate.
If you checked no, you’re not alone. The majority of employers offer just one benefit plan to employees. Moving to a defined contribution will require some investment from your HR department to educate employees — we can work with you and your broker to help with that.
3. In past years, have you passed health care coverage expenses on to employees?
Whatever your past practice has been, you can continue your philosophy with a defined contribution plan. You can retain the same level of employer contribution from year to year or you can revise your contribution annually.
4. Is it important for you to maintain a consistent contribution amount and allow your employees the option to buy up for the coverage they want?
If you checked yes, a defined contribution product will help you control your costs and make it easier for employees to select a plan with the level of coverage they want.
5. Are you looking for a solution that can be more automated to facilitate employee choices?
Zane's Defined Contribution Plan integrates with intuitive online selection tools that asks a few questions and then displays health plans that are the best match for the employee. These tools also allow employees to enroll online. Personalized phone assistance is also available.
Are you ready for defined contribution?
If you answered “yes” to these questions, transitioning to a defined contribution may be a good fit for you. Discuss your options with your broker, and make sure you include a talk with a Zane Benefits sales associate who can show you how a defined contribution plan could work for you today – or what you can do today to get ready for a defined contribution solution.