Group health insurance can be an attractive incentive for workers. Used correctly, it can help you attract highly qualified applicants for open positions and retain them for longer periods of time. However, there is no one-size-fits-all approach to offering group health coverage. These tips are designed to help you understand the different options so you can make an informed choice about offering them to your employees.
Analyze the Costs Involved
There are going to be costs associated with offering group health insurance. These include the actual cost of the policy, although you might choose to lessen that with a cost-sharing arrangement with employees, and the costs associated with benefits administration.
Outline the Likely Benefits of Offering Insurance
Despite its increased costs to a company, offering group health insurance has numerous benefits. In many cases, these will outweigh the monetary cost of policies and administration. Some of the benefits you are likely to see include:
- Higher employee morale
- Increases to productivity
- Lower absenteeism and turnover rates
- Fewer accidents
Examine Several Types of Health Insurance
There are multiple types of health insurance policies, and you should examine several before deciding which one, or ones, to offer. Health Maintenance Organizations, Preferred Provider Options and Point of Service plans are three common types of coverage plans.
There is no substitute for experience when it comes to offering group health coverage. Work with a knowledgeable agent to find a solution that fits your company’s goals and budget.