Want to Offer Your Employees Health Insurance? Here’s How to Go About It
The decision to offer health insurance to your employees is a big deal. Finding the best employee group benefits plan is only one of the challenges you face when you have made the decision to expand the benefits you offer to include health insurance coverage.
1. Reasons you should offer an employee group benefits plan to your staff:
- It will help you hire and keep the best people. Employee retention is bis problem for many companies around the United States. Every year, employee turnover costs businesses at leas t $11 billion. People do not think they will or should stay with their current employer. Many Millennials say they do not think they will still be with their employer in two years. Nearly 44% of them say that. Companies that increase their talented and experienced managers and work to engage their other employees improve their bottom line by doing this. Gallup has found that businesses that invest in their employees have earnings that are 147% better than their competitors. Offering employee group benefits plans is one way to hire and keep the best people. That can only help your business.
- You will reduce the amount of sick leave your employees need. When an employee group benefits plan is made to be a part of your full-time employee benefits program, your employees will be healthier, they will work harder and they will miss less work due to illness or injury.
2. Look at the pros and cons of offering an employee group benefits plan.
As an entrepreneur, you carefully weigh the pros and cons of any money you spend for your business. When you are looking at offering an employee group benefits plan, you should do the same thing. Your best bet is to bring in some group benefits specialists and carefully go over your best options.
3. Look into the different options you have for offering an employee group benefits plan to your staff.
There is no “one size fits all” employee group benefits plan that works for all businesses. You have a lot of options when you are looking at group health benefits. This is why having a group benefits specialist work with you is a good idea. They can help you navigate the waters and find the best plan and options for your company and employees.
Look at employer sponsored health insurance. These group health insurance plans cover everyone who works for you and their spouses, partners and families. Typically, these plans tend to offer everyone the same benefits. These plans are connected to a person’s job. People get their insurance from their employer.
Check out the defined contribution plan. These plans are affordable alternatives to the group health insurance plans. Employers set an amount to put into their employees health plans. These are not actually health insurance plans but companies give their workers funds, that they do not have to pay taxes on, to find their own health insurance plan or to just pay their own medical expenses.
4. Find an insurance broker you trust.
Insurance brokers can walk you through the process and help you find the plan that is best for you and your employees. There are other options available to small businesses who want to do right by their employees without breaking the bank and going out of business. The Affordable Care Act has changed a lot of what is available to both companies and individuals.
5. Look into the implications of the Affordable Care Act.
Everyone needs to have health insurance now. The individual mandate included in the law known commonly as, “Obamacare.” There is also an employer mandate so if you business meets certain criteria, you have to offer an employee group benefits plan. Talk to your group benefits specialist or insurance broker about what your options are for your company.
Offering health insurance to your employees is a great idea. There are few ways that people are shown that their employers care about them than making sure they can stay healthy. If you do nothing else, you will reduce employee turnover, which costs you more than offering your people better benefits.