Guest writer Anica Oaks updates us on what you need to consider when providing health care benefits to yoru employees.
Employers provide healthcare benefits to attract talented workers who want to have access to high-quality health care for themselves and their family. Often employees and job seekers continue to prioritize healthcare above other common benefits. As the cost of providing health insurance increases, your business will need to find efficient and affordable ways to supply your labor force with the best possible coverage. Get coverage that works well for you and your employees using the following three tips.
Become an Expert (or Hire One)
Don’t risk falling short of the legal and regulatory requirements that affect the healthcare benefits offered by your firm. Knowledge of complex laws such as the Affordable Care Act can help you avoid expensive fines and other penalties. Your business can also benefit if you or a staff member has expertise in finding the best options for your employees.
If you don’t have enough room in your budget to expand your payroll, consider enlisting the professional advice of someone with a background in health information management. Such a credential will help you navigate the law and obtain the most affordable and effective coverage for your team.
When you select a package of healthcare benefits to offer your employees, provide all the details of the coverage to your employees. Full transparency will help workers understand how much they will have to pay and what they will get in return. Especially when premiums increase or your company’s contribution decreases, you’ll have an easier time achieving acceptance when your workers know that you’re being honest with them.
Talk with your employees to understand their health care needs and get feedback about their current benefits package. Use the knowledge you get to guide your search for benefits for your open enrollment period. If you do your best to supply your team with the health insurance benefits they want, you can increase their level of satisfaction. As a result, you’ll have a happy, productive workforce that stays loyal to you as you do your best to provide them with healthcare benefits.
Choosing Insurance Options
If your company decides to offer a group plan to your employees, you will have to decide whether to go with a preferred provider organization (PPO), which gives more options for choosing a physician but costs more, or to select a health maintenance organization (HMO) with a reduced selection of physicians but a lower price tag. You will also have to decide if you want to offer low or high deductible plans, or both.
If you are a small business, you may be able to shop through your state’s government-operated small business health insurance, also known as SHOP. The smallest businesses may be able to receive a three-year tax credit that can cover up to 50% of premiums you pay through a group insurance purchased through this marketplace. Though small businesses with less than 50 full-time employees technically don’t have to provide insurance to their workers, many businesses choose to do so as a way to attract and keep more top talent.
By becoming an expert, taking a transparent approach to healthcare benefits, and becoming attuned to the needs and opinions of your employees, you can provide benefits optimized for affordability and effectiveness. By actively engaging in the provision of healthcare benefits, you and your employees will have the best available balance between affordability and coverage.
About the author: Anica is a professional content and copywriter from San Francisco, California. You can connect with Anica here.