We are facing challenging times right now not just here, but also throughout the USA due to the COVID-19 pandemic. Many jobs either have changed due to the implementation of work-from-home initiatives or have been threatened. Examples of the latter are those in the restaurant and movie theater industries.
However, the current challenges that people are dealing with have also led them to seriously think about their priorities. One of those priorities, especially for employees, is health insurance that businesses can offer. Here are four reasons show why you should provide it as part of your employee benefits package.
Peace Of Mind For Employees
The most significant benefit of offering health insurance coverage is that it is one of the biggest priorities for potential employees. America may have the most advanced medical treatments in the world, but they are also the most expensive. As a result, anyone without health insurance may find themselves financially wiped out by serious medical treatment or experiencing the constant financial burden of prescription medicine.
Offering a health insurance plan gives employees the security they need to concentrate on their work and their families. Any company that offers it is bound to attract more quality hires.
It’s More Financially Feasible
In the past, the only way to get a group health plan to offer employees was through a traditional fully funded plan. This means getting health insurance from a company and then paying the premium for each employee every month. In doing so, small and medium-sized businesses may end up hitting a big financial stumbling block.
Today, however, many more alternatives exist. Self-funded and level-funded insurance options are available, allowing businesses to set their own limits for insurance. Meanwhile, medical expense reimbursement plans (MERP) let companies create a monthly pool from which employees can get reimbursements.
It Creates A Healthier Workforce
When an employee is sick and needs treatment, the situation may worsen, and you may ultimately lose that member of your team if they can’t handle the medical expenses. With insurance coverage helping with the costs of treatment and prescriptions, employees can get preventive checkups that keep them in good health and allow for the detection of medical issues before they become more extensive and costly. This means fewer medical situations will impair the members of your workforce.
It’s Good For Long-Term Employment
Any business that offers health insurance will attract a higher number of hires. More importantly, however, the coverage provides a way to keep costs at a minimum. Healthy employees perform well and will continue to do so. They don’t have to be immediately replaced by someone new who will require time and training. Health insurance protects not just your employees but your business productivity as well.
If you’re interested in a health insurance plan for your company, let us help. Visit us, and let us know what kind of budget you have for health insurance, how many employees need coverage, and the type of plan you’re looking to get.