As a small business owner, you have big dreams for your company’s future. And they likely all center on you having a happy, healthy, and productive workforce to help support you in achieving your goals.
Your employees, whether full time, part time, or casual, are your biggest asset. Offering your small firm’s employees group health insurance can help you to build and maintain the great staff that you need to succeed.
Besides salary, workers are most interested in the additional benefits in their compensation package, and at the top of that list is health insurance. Offering small group health insurance can give you a competitive edge during the hiring process and can help you to attract the best talent in your industry. It can also increase retention by ensuring that your workers are happier and healthier than they would be without health benefits. Furthermore, when your employees aren’t distracted and worrying about back pain, tooth pain, or other ailments and illnesses, they’ll be more productive at work.
Unfortunately, even if you understand the benefits involved, offering small group health insurance can be costly—in fact, it can easily become your second biggest business expense. When you’re still trying to build your small business and stay afloat, a commitment to another large expense might not be possible. You simply can’t afford to offer fully insured health insurance to your employees, as much as you want to.
However, there are ways to offer great small group health insurance without breaking the bank. Here’s how to go about doing just that.
Consider a Health Spending Account
A health spending account is an excellent way to offer quality healthcare benefits while containing costs. It’s also a popular alternative that many small business owners have successfully implemented into their organizations.
Under a health spending account, you and/or your employees can contribute a pre-determined number of pre-tax dollars that can be used on eligible health and dental expenses. However, the difference between this type of plan and a traditional plan is that your employees can spend all of their HSA dollars as they choose. They aren’t subjected to health category maximums, only the annual cap you’ve included, which gives them a lot of flexibility with their benefits. The plan can meet all of your employees’ unique needs by allowing them to spend their credits at their own discretion, while allowing you to save a lot on your healthcare expenses.
Consider Voluntary Group Benefits
Voluntary small group health insurance is ideal if you have mostly part-time and casual workers, but still want to offer small group health insurance. With these voluntary benefits, your interested employees can enroll on a totally voluntary basis for different levels of protection so they can be covered for extended health benefits, such as vision care, drugs, and paramedical services. The cost containment key here is that you don’t have to contribute to the premiums at all.
Consult with a Full-Service Benefit Specialist Firm
Unsure whether you should offer small group health insurance in the form of traditional benefits, a health spending account, or a voluntary benefits program? Consult with a full-service benefit specialist firm.
Shopping around for insurance can be stressful, especially when you’re not very knowledgeable on the subject. You might not know how much coverage you need, what your employees really want, or what type of small group health insurance is best for your unique business. A full-service benefit specialist firm can match your resources and intentions to the needs and wants of your employees.
Its specialists can offer cost-effective benefits solutions that will help you attract and retain quality employees and help you maintain a healthy and productive workforce. Through a rigorous assessment process, the firm will find you the best solution for your business today and into the future.