What Makes a Health Benefits Program a Good One? – Choosing the Right Plan
According to the most recent data from the US Department of Labor, about sixty nine percent of employees in private industries had access to health benefits as part of their employee benefit options. Of these, around half took advantage of the offered health benefits. About eighty percent of the costs were paid by employers. This data helps highlight the facts that health benefits are very important to employees, but that since you'll be investing a good bit of money into providing health benefits to your workers you need to ensure that you're getting the very best program your money can buy. As such, it's important to understand the features of a great health benefits package.
The first thing you want to consider when choosing health benefits for your employees is actually overlooked by a large percentage of employers. You need to ensure that your health benefits will actually be accepted in the area. Since certain health institutions only accept insurance from certain providers, you need to pick health benefits that include insurance accepted at the majority of nearby care providers. The best policy in the world is useless if your workers have to drive across the state in order to use it. Keep this in mind when you begin looking at health benefits and use it to narrow down your options.
Next, look at the costs of the health benefits you're thinking of using. This begins with the actual costs to you as an employer, and in most cases you'll be able to get a group rate that is much lower than standard health benefits might be. But you also need to consider your employees' costs as well. What is the copay? What about the deductibles and premiums? And what percentage of the health benefits costs do employees and employers each pay? Health benefits are one of the most valued benefits in the minds of employees, but if their out of pocket costs are too high they'll never use them.
Options are also important when choosing health benefits. For example, some health benefits include a combination of insurance and flexible spending accounts. Some plans will allow optional coverage of children or spouses while certain health benefits packages will only cover individuals. Health benefits could include dental or prescription drug coverage as well, so take the time to investigate what each health benefits package is offering before you commit to one.
Finally, consider enrollment and management options when buying health benefits programs. Try to find one that can be added to an employee benefits management system easily, like the ones offered from Unicorn HRO. This way your employees and HR department can effectively manage enrollment and management of their health benefits without causing too much stress in the workplace. Adding a spouse or checking the balance of an FSA can be much easier with health benefits management systems, so take the time to ensure that you can implement this in your workplace. Keep all of the above points in mind when you begin looking for a health benefits program and you'll be certain to find a great one that you and your employees will benefit from.