3 Ways to Help Employees Right-Size Their Medical Benefits
When employees are provided with enough medical plan choice that they can customize, or “right-size,” their medical benefits, everybody wins. Your employees will be satisfied that they aren’t overspending on medical coverage, while you as an employer can save money when employees aren't forced to buy expensive medical plans they don't need. Here are three tips to help you to feel confident that you are offering employees with options that make a difference:
1) Make sure that your medical plans you are offering are truly different.
2) Offer support to help employees to choose the plan that best fits their personal needs.
3) Make sure that you have a communication strategy that increases employee engagement and awareness.
Questions Employers Are Asking
How do we know if our benefits package will help us to retain or recruit top talent? The right programs can help you to attract and retain the highest quality of employees, which translates to financial rewards to your company. Inferior or mismatched programs are a hidden financial drain that do not resonate as meaningful to your employees. It is important to understand what the benchmark is for your industry as well as for your applicant pool.
What can we do about rising healthcare costs? Employee benefits are the second or third largest expense for most business owners. Plan design and vendor assessment is an obvious place to start, which can result in significant changes. It is important to do a full market analysis every year to make sure that your benefit dollars are achieving optimum results. You may have additional options available to you which may include utilization analysis, consumer-driven health plans, financial incentives for preferred behaviors, resources for your most expensive health care consumers and wellness programs. Find strategies that fit your culture; some will work well, while others may take longer to implement. Before you know it, your results will be measured through a disciplined approach that yields long-term benefits.
1) Right sizing your benefits to your industry and applicant pool is the first place to start.
2) Implement a communication strategy to improve employee perception and engagement.
3) Provide employees with a resource to help employees to understand their benefits, resolve issues and to ensure a smooth experience when accessing health care. Setting your employees up for success is a key component to ensuring their satisfaction with your benefits program.
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