We have a few questions for the business owners out there. Are you looking to:
- Grow your business in the coming months or years?
- Hire new talent for your company?
- Solidify your core team of employees?
- Improve workplace productivity and morale?
- Earn tax credits and financial incentives for your business?
If you answered yes to any of the above, then it’s time to start thinking seriously about extending health insurance benefits to your team.
Enrolling your business in a group health plan is a great way to protect your employees in the here and now, and set up your business for long-term success as you look to the future. Here are some of the biggest advantages that can come with creating a group health plan for your business:
1.) Offering Benefits Can Help You Recruit New Employees . . .
It’s a competitive market out there. If growth for your business is in your long-term sights, then it’s important to recruit the team that can help you get to where you want to be. Offering a benefits package, including health insurance, could be one way to give your business a substantial edge over your competition as you look for new hires.
According to a 2016 report, 60 percent of employees say that they would take a job with lower pay but with better benefits. In fact, 16 percent said they had left a job or turned down a job in the prior 12 months due to the lack of benefits offered.
And there’s a cross-generational appeal to offering healthcare benefits. According to findings from the recruiting and HR company Clutch, 44 percent of millennials, 62 percent of Gen Xers, and 62 percent of Baby Boomers all rate health insurance as the most important benefit they could receive. So, offering a competitive plan could help you stand out, no matter who you’re trying to recruit.
Finally, consider this: Per Clutch, nearly a quarter (23 percent) of full-time employees don’t receive any benefits at their current job. Offering comprehensive health insurance could be a great way to attract any talent looking to make a change.
2.) . . . And Keep the Employees You Already Have
Offering health insurance to your employees is a great way to retain talent, especially if you have a team that you’d like to keep together long-term. A new benefits package can allow you to fully take your employees’ wants and needs into account. This can be a great way to show your team that you’re committed to their wellbeing, and invested in the future.
According to the findings from Clutch, more than half of all employees (55 percent) say that “health insurance is the most important benefit in terms of their job satisfaction.” This is crucial to keep in mind. Extending insurance benefits to your employees could be just what it takes to keep them feeling engaged and enthusiastic about your business.
In fact, 42 percent of employees said that if their employers made improvements to their benefits it “would be something positive they could do to keep them in their jobs,” according to a report from Forbes.
3.) The Potential for Cost Savings
One of the more daunting aspects of providing health benefits to your employees is the financial aspect of things. Many business owners believe that extending group health benefits means more administrative costs and higher overhead.
While this is often true, extending health insurance benefits to employees can come with significant financial upsides.
For instance, many small businesses and employers may be eligible for tax benefits and credits by offering insurance. There are also ways of structuring plans to minimize the potential costs for companies. For instance, level-funded plans may help employers recoup the financial difference on unused claims at the end of the year, which can lead to substantial savings and financial flexibility. There’s a greater level of flexibility and freedom to group health than many employers might think.
And this is to say nothing of the increased capacity for growth and productivity that can come with improved healthcare options for employees. Studies show that offering health benefits is an effective way to help your employees manage their finances.
In fact, a 2016 report found that 50 percent of employees “worry less about unexpected health and financial issues” because of benefits they receive at the workplace. Taking care of your employees is a great way to help ensure that they take care of your business. Increased productivity and efficiency, reduced absenteeism, greater employee loyalty—in many ways, these are benefits that pay for themselves.
4.) Increasing Productivity and Employee Satisfaction
Are you creating an environment where people want to work? Where employees feel seen, valued, and respected? Where everyone is given the tools necessary to perform at their very best?
Health insurance benefits are one way to keep the people who power your business healthy and happy, and ensure that they’re always able to put their all into their work.
For instance, a 2016 MetLife study on benefits trends found that employees who feel in control of their finances because of their insurance benefits are less likely to postpone important preventive medical and dental care.
More employees getting preventive treatment means fewer people calling in sick or taking time off. Even better, having a healthier workforce means having employees who are more focused, alert, and efficient when they are in the workplace. In short, a team that feels empowered to take control of their health needs may just be a more efficient and productive team overall.
In short, empowering your employees with health insurance benefits can go a long way towards increasing employee satisfaction and loyalty.
Offering benefits shows your team members that their health and financial security truly matter to you. It’s a way to unite the workplace, and promote dialogue and camaraderie among employees and employers. Finally, getting team members’ input on insurance is a great way to make people feel heard and valued—all the better for team morale, and for employee retention.
The Importance of Having a Go-To Guy for Health Insurance
As you weigh all of your options for providing health insurance for your business’ employees, it can be difficult to know where to start. There’s so much information out there, and it can be daunting trying to understand all of the different benefits, plans, and policy choices all on your own.
Fortunately, you don’t have to go it alone when it comes to health insurance.
According to polling data, 71 percent of employers say that, by working with an enrollment firm, they were able to improve their communications with their employees about benefits coverage overall.
And that’s not all. Specifically, the data showed that:
- 69 percent of employers found that working with an enrollment professional improved enrollment planning
- 69 percent said that it also helped to improve plan implementation
- 71 percent said that it helped improve communication to employees on what their benefits covered/included.
Having a professional work with your business also offers huge benefits to employees, as well.
Of employees who had access to one-to-one assistance with their benefits, 55 percent say their information was easy to understand, as compared to 45 percent of those who didn’t have one-to-one service.
Fifty-seven percent of those who had access to personal enrollment assistance say that their company’s benefits communications “effectively educated” them on their benefit options, so that they could effectively select the options that would best meet their needs. Less than half of those who did not have benefit assistance said the same.
Looking for help and guidance with health insurance benefits for your business? That’s where Matt Peebles and the Enrollment Specialists can step in and help.
About the Enrollment Specialists
Led by our own health and life insurance superhero Matt Peebles, the Enrollment Specialists can help your business find the right health and life insurance policies to meet your goals.
Matt will work closely with your business and get to know what sets you apart, so that he can help you design the right plan for your unique circumstances. Along the way, he’ll highlight the value of your potential plan and help you understand every piece of the puzzle, including rates and benefits.
This way, you can rest assured that you’ll be making the best decision for your employees’ needs. At every step of the way, Matt will use every tool at his disposal to make sure your costs are minimized while your coverage is at its peak.
Even better? With Matt on your side, you have a go-to teammate for all things group health. Whenever you have any questions or concerns about your coverage, for the entire life of your plan, Matt will be there, ready to step in. He’ll be your main point of contact and do all of the heavy lifting, so that you’ll never have to sweat the small stuff. And when you bring on Matt as your personal health insurance consultant, it never costs you anything to take advantage of his services.
Are you and your business ready to take a big step forward? Are you curious to see how much of a difference it can make having a leading health insurance consultant on your side? Ready to say, “I Got A Guy” for your business’s group health plan? Drop us a line today to get the conversation started.