When was the last time you updated your employee benefits package?
When was the last time you updated your employee benefits package? Now take a minute to compare that to the handbook issued to all new hires. As the onboarding process unfolds, you have to get tax-related documents such as W-2 filed. Likewise, you must inform them of the benefits they can make use of at some point. Before any of that can happen, though, everybody needs to know how to interpret the health benefits-related language before them.
There Are Several Benefit Plans to Consider
Therefore, the time has come to start narrowing down your choices. Let’s begin by discussing the fundamentals of group insurance. Then we’ll take a look at the caveats that could make this process trickier than necessary.
Group health insurance is rarely a one-size-fits-all solution; every employee has a different set of life circumstances. That’s why all of your team members deserve some comprehensive breakdowns so they can feel assured they didn’t choose a plan that won’t work for them. To that end, Preferred Provider Organizations (PPO plans) and Health Maintenance Organizations (HMO) plans are going to be their most likely selections.
Complications That Can Make Everything More Confusing
Now that we’ve got group insurance covered let’s discuss some other complicating factors. Ultimately, aggregating the best employee benefits (and perks) comes down to a literal cost-benefit analysis.
Different plans carry various types of healthcare coverage. Although the actual “price tag” for the product might seem low, consider the presence of deductibles, copays, and coinsurance. Those riders might change the game. Thus, having a set of available plans is the smartest play since it gives your employees the flexibility of choice.
- Dependents (like children) offer another wrinkle. This element of providing insurance means you’ll need to recalculate the amount of money you want to extend towards healthcare solutions. Remember that your small business may not have the same resources as larger competitors in your area do.
- Complexity could be another issue. What do we mean by that? For some employee benefits, you’ll have to dig a little deeper. Aspects such as prescription drugs, vision coverage, and dental plans should not be ignored or excluded. After all, by offering them, you could be boosting your team’s morale. The ability to switch between plans is a huge difference-maker as well. Don’t pass that up just because you think it won’t become a possibility!
A Customer Testimonial
Leo Rudegeair, the Assistant Director at ChristLife Catholic Ministry for Evangelization, was immensely grateful for services rendered to his organization. “This letter is to express gratitude towards Joel Landsman for his efforts in helping ChristLife implement a Voluntary Benefits package for our staff. When Joel and his manager, Drew Skibitsky, explained what they can provide through the MWE Partnership, it sounded like a good idea, but I was not sure what my employees would think….” Superb job, Joel! For our readers, come back next week to read more of what Leo had to say!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!