We completely understand that not every business is quite ready to be offering employee benefits to their staff. Even if you are, you might be considering other forms of benefits that might be more attractive than simply a group health insurance plan. To help you understand the benefits of why health insurance is important, here are our top five reasons for choosing medical perks:
1. It’s simple
There are so many employee benefits providers that offer a range of health insurance solutions for companies of any size, in any industry. The market is so large that there is also an abundance of intermediaries, like agents and brokers, that are available to help your company through every step of the process. Some plans are simple and can be up and running in no time. For more complex platforms, expert advisors are never far away to lend a helping hand.
2. It can help boost productivity
According to a MetLife study, 60% of employers found that health benefits helped their staff become more productive. Healthy people are able to accomplish much more in their time at work, and are less prone to burnout in the workplace. Preventative medical solutions can amplify the benefits where staff are aware and engaged with such perks, and extending cover to dependents and family can also relieve external stress.
3. Getting treatment and care can become easier
For many major insurers, payment options such as direct billing is the standard. Staff members needing treatment can find the whole process much easier to navigate when a healthcare provider and an insurance company have a good working relationship. Those insurers with great service levels can also provide assistance with finding the right doctor or facility when employees need it too.
4. Your company can increase its attractiveness to talent
Employee medical insurance has consistently been the most important benefit for a long time now. A Glassdoor study found that health insurance perks were above vacation and paid time off benefits, and pensions plans. If your company is in the market for new talent, it would be a good idea to consider what top performing people want. If it’s healthcare benefits and you don’t provide it, you might just lose them to a competitor.
5. Healthcare plans can be flexible as your company grows
Say you have a small, local business now but you’ve got grand plans for overseas expansion. Some might think you should wait until you’re big enough to offer employee medical insurance, but the truth is that group health plans are generally one-year contracts (very, very few run longer). If your company were to go through a radical transformational change in the next 12 months, it’s just a simple matter of reviewing your current benefits platform at renewal time and making the changes to match your needs.
Paying for medical costs out-of-pocket is usually out of the question for most employees, at least without taking a massive hit to any savings they might have. Securing health insurance for your employees will be cheaper than if they purchased it themselves – plus, as a group, you’ll have more control and negotiating power to ensure that the money you do spend on insurance is well spent.
