Maximize Your Benefits Spending
Health benefits are an investment in the growth of your business on several levels. They can help position you to attract top-tier job candidates, help employees feel more secure and engaged, and give you the resources to encourage a healthy and productive workforce.
But offering a robust benefits package can be a major undertaking for smaller companies, from the premiums themselves to the costs associated with benefits administration and compliance. Are you making the most of your benefits strategy?
Knowledge is power
Employees have limited knowledge about how much a benefits package adds to their overall compensation. They also rarely stop to consider how becoming a more informed consumer of healthcare can help them make the most of their spending.
Here are three ways to help your employees better understand, manage and maximize the benefits your company offers:
- Educate. When was the last time you took a detailed look at your plan and everything it offers? Or talked to your insurance professional about plan provisions that may be under-utilized because employees are simply unaware of them? In addition, many carriers offer support and resources such as a staffed toll-free phone line for questions, or educational newsletters that you can pass along to your staff.
- Communicate. Keep your employees in the loop about new plan features and changes. Let them know that you value their input and what’s important to them when making any changes that could affect them and their families. It can be hard for employees to keep up with the latest options and choices, so circulating easy-to-understand information can help them make more informed healthcare choices.
- Participate. Small steps such as stocking the vending machine with healthier snack choices, sponsoring a wellness program or putting a bike rack in your parking lot can encourage everyone to take an active role in their own health and well-being. Being proactive pays clear financial dividends as well — according to the International Foundation of Employee Benefits Plans, companies save an average of $3 for every dollar they spend on employee wellness programs.
Finally, take full advantage of your greatest resource — a knowledgeable benefits expert who takes a consultative approach in helping you craft the strongest possible benefits package. Your insurance advisor’s expertise can help you reap the benefits of a healthy, productive workforce while controlling your healthcare costs, too.