10 Ways to Create an Envious Medical Benefits Offering
by Caroline Boyland July 1, 2022
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Create well-rounded wellness
The past 2 years have had a profound impact on the workplace. The uncertainty and stress brought on by the pandemic resulted in many employees questioning their relationship with work and led many to revisit the values they want to feel embodied in the workplace. On top of the implications that the pandemic had on physical health, the transition to a work-from-home model brought a new set of challenges, and many employees faced struggles surrounding their mental wellbeing while working from home.
These changes were a catalyst for the Great Resignation that followed, with employees worldwide quitting their jobs in search of better working conditions.
This has left companies scrambling to find ways to retain and attract talent. Although many factors can influence an employee or potential candidate's decision (such as the company mission, salary, or title), in today’s climate, the health benefits the company offers have become increasingly influential.
Companies need to offer a comprehensive and attractive benefits package to stay competitive in today's job market—but with so many different factors to consider, putting together a competitive healthcare offering that will appeal to employees is no easy task.
We've put together a few tips to ensure that your company's medical benefits offering is setting you up for success.
10 ways to create an envious medical benefits offering
1. Make sure that your health care benefits are comprehensive.
Your healthcare benefits package should cover a wide range of services, from preventive care to high-quality dental. You should also consider a range of voluntary benefit packages, like critical illness, accident insurance, hospital indemnity, and others. Employees should feel confident that they will be taken care of if they get sick or injured and that they won't have to worry about footing the bill for expensive medical treatments when they need them the most.
2. Offer innovative wellness benefits.
Traditional health care benefits, such as medical, dental, and vision coverage, are still important, but they are no longer enough to attract and retain top talent. Wellness refers to everything from physical health, to mental health, to financial health— and wellness benefits should cover this full range. To stand out from the competition, you need to offer a mix of traditional and innovative benefits, such as telemedicine, fertility treatments, mental health support, financial education, and more.
3. Give them options.
When it comes to healthcare benefits, one size does not fit all. Employees have different needs and preferences, so it's important to offer a range of options. For example, some employees may prefer a high-deductible health plan with a health savings account, while others may prefer a more traditional plan with lower out-of-pocket. Some will prefer the flexibility of a Preferred Provider Organization (PPO) plan, while others might be happier with a Health Maintenance Organization (HMO) setup. It’s important to remember that employees are unique, and so are their medical backgrounds and family structures. The healthcare needs of a middle-aged employee with five kids will differ from those of a young employee just starting their career.
4. Make it affordable.
Employees shouldn't have to choose between getting the health care they need and being able to pay their rent or put food on the table. Make sure that your healthcare benefits are affordable and accessible to all employees, regardless of their income level. A decision support tool like Nayya can help employees ensure that the benefits they select are aligned with their financial needs, and tools like Nayya’s scenario planning can help employees visualize the financial implications of their selections.
5. Ask for feedback.
Employees are the best source of information about their health care needs. By engaging them in a dialogue about your benefits offering, they will also feel more invested in the package. Make sure to ask for feedback from your employees regularly when putting together a health care benefits offering. Once you have a plan in place, don't forget to keep on asking for their input to review it periodically and make sure it still meets the needs of your employees.
6. Contact an independent insurance broker.
If you're feeling overwhelmed by all the different health care options available, an independent insurance broker can help you navigate the maze of choices and find the right plan for your business. They will also be able to help you find the most affordable option for your employees and your business. Brokers can also introduce you to new tools and technology to optimize your benefits experience.
7. Get quotes from multiple providers.
When you're shopping for health insurance, be sure to get quotes from a variety of different providers. This will give you a good idea of the range of prices and benefits available and help you find the best plan for your business.
8. Integrate it with other wellness benefits.
When it comes to health, daily habits matter. To support your employees to have a daily lifestyle and show that you care about their health, it's a great idea to pair healthcare coverage with strategic wellness benefits. In addition to offering health insurance, consider other benefits that can help your employees stay healthy, such as on-site fitness facilities, smoking cessation programs, and healthy food options.
9. Consider the user experience.
In today's world, people are used to getting their information online. Make sure that the process of enrolling in and using your health care plan is user-friendly and easy to understand. Decision support tools can streamline the decision making process by empowering employees with the comprehensive education needed to gain confidence in their selections.
10. Keep your employees informed.
Changes to the healthcare landscape are happening all the time, and it can be challenging for employees to keep up with all the different options available to them. Make sure that you keep your employees informed about changes to your health care benefits package and help them understand how to make the most of the coverage that you offer.
When all your research is done, the last thing to ask yourself is if you would be happy with this benefits package. If you're not happy with it, chances are your employees won't be, either.
Health insurance is essential, but it doesn't have to be complicated. By understanding the basics of health insurance, doing the research, and putting some thought into the process, you can be sure that you and your employees are getting the coverage needed at a price point that works for employers and employees alike. All in all, showing employees that you value their well-being and are committed to supporting them through all stages of their life is a surefire way to ensure loyalty and engagement and improve talent retention.
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