10 Ways to Simplify Employee Benefits: Strategy #1 – Multiple Health Plan Options
One size does not fit all. It’s true for shoes, and it’s true for employee health plans. The employee with a large family and a history of medical issues will have different health insurance needs than the twenty-something free spirit in perfect health. Try to cover them all with a single, all-encompassing health plan and you not only end up with disgruntled employees — you also end up paying for unused coverage.
The good news, however, is that you’re not stuck with offering one plan across the board. You have options — and those options can lead to significant savings, both your employees and for your small business.
Insurance carriers generally give you several different levers to choose from in driving your company’s health benefits machine. You can offer your employees choices such as a co-pay option, different co-pay percentages and co-insurance levels, higher or lower premiums and deductibles, and other factors that give workers some leeway over what kind of coverage they choose to pursue. This leeway becomes especially important if an employee has to cover an ever-changing number of dependents.
Flexibility makes all the difference in selecting health plans. When you offer your employees dual-plan or triple-plan options, they can select the coverage tier or bundle that best fits both their health needs and their monthly budget. Or you might pursue the “a la carte menu” approach of offering a base plan with various buy-up options for employees to choose from.
Finally, remember the value of expert guidance in any business decision. For more cost saving strategies, sign up for our free webinar on May 12 from 10am – 11am here.
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