As an employer, the decisions you make will have an impact on you personally, on your employees, and on your business as a whole. While choosing great benefits will be a perk for your employees, you need to make it work for you, too. How can you save money while offering your employees the best options?
5 Tips for Employers: Choosing the Best Health Plan for Your Business
Here are five tips that will help you determine the best health plan for your business.
1. Know Your Options
Health benefit plans change and not all will fit your business. It is important to know your options. Talking to a Benefits Advisor will help you choose between traditional insurance plans, self-insured plans, and health spending accounts.
2. Choose an Experienced Partner
Having the right partner is vital. How can a Benecaid Benefits Advisor benefit you?
- We have over 17 years of experience and are known for our exceptional customer service.
- We assign a dedicated account manager to work with you and your advisor to continually improve your plans.
- Your account manager and advisor will highlight trends, and provide you with individualized solutions and recommendations.
- We provide a monthly online report so you have insight into how your employees are using the plan.
- We offer flexible products at an affordable price
- We can help you answer all of your employees’ questions regarding their insurance and/or HRA plan.
3. Get Creative
When you know how your employees are using their health plans, you can offer even better plans in the future. Provide more of what they love and less of what they don’t need. Communicate regularly with your employees about their needs. Doing so will help you choose the right plan and can also reduce the likelihood of fraud.
4. Have the Right Viewpoint of Health Benefits
When you view benefits as a part of your company’s overall compensation structure, your employees are more likely to respect and value the plan. Also, keep in mind that your benefits plan should be dynamic. The workforce is constantly changing and your benefits package should reflect the types of employees you currently employ and their needs.
5. Watch Your Competition
Knowing the packages your competition is offering can help you determine which plans to choose. For instance, more companies are beginning to offer employee wellness programs. In fact, according to Forbes.com, more than two-thirds of employers in the US are now offering such programs. Why?
According to a study done by the Society for Human Resource Management, 77% of employers commented that such programs have proved “somewhat” or “very” effective in reducing healthcare costs and improving the health of their employees.
By paying attention to the competition, you can compile a package that is both affordable and competitive.
The Right Health Plan Will Benefit You and Your Employees
While it is admirable to try and give your employees the best, it can adversely affect your bottom line. A balance needs to be found. A trustworthy Benefits Advisor—like those at Benecaid—can help you find that balance.