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Top Health Benefits That Employers Can Offer

From an uninsured worker’s perspective, any healthcare benefits offer financial coverage and peace of mind essential to satisfactory work life. Now that the majority of companies must offer employer benefits to comply with government regulations, the more important question involves figuring out what the top healthcare benefits to offer are and how your organization can afford them.

 

Options in Healthcare Benefits for Employees

 

Different insurance options offer employers the chance to provide different levels of care at different price points for their workers.

 

HMOs – Health maintenance organizations allow workers to choose their doctor freely. They are responsible for copayments for appointments, procedures, prescription medications, and more.

 

PPOs – Preferred provider organizations have a set list of physicians to choose from. Appointments with outside network specialists or visits to off-plan hospitals will cost more.

 

Healthcare Savings – The money in these accounts is protected from federal income tax and can be used for a variety of medical deductibles or bill payment purposes.

 

Reimbursement Arrangements – These employer-funded benefit plans pay workers back for healthcare expenses they had to pay for themselves. A MERP (medical expense reimbursement plan) is a tax code provision that allows employers to save money on covering their workers.

 

What Employer Benefits Do Workers Want Most?

 

Without a doubt, more people want health insurance from their employers than any other type of benefit possible. The percentage of importance goes up based on the employee’s age. When it comes to the specific benefits offered under a worker policy, however, many options exist. In general, people prefer lower deductibles, minimal co-pays, and coverage for everything from a wellness visit to the family doctor to full coverage for hospital stays and long-term debilitating injuries.

 

Some of the specific healthcare benefits people want include:

 

  • Health savings accounts to save up for unexpected expenses
  • Reimbursement accounts for medical bills
  • Insurance for dental and vision coverage
  • Full disability insurance (often covered by worker’s compensation laws)
  • Coverage for preventative treatments or wellness programs

 

Discover Affordable Ways to Offer Top Healthcare Benefits

 

There are many excellent reasons to offer healthcare benefits to employees. While you may want to include every type possible with the widest range of providers at the lowest costs, you must temper your generosity with affordability. After all, if the business does not turn a sufficient profit, you will not be able to employ people at all.

 

While maintaining full compliance with all current Affordable Care Act regulations, you can discover ways to satisfy the people who need medical, dental, and vision coverage without compromising your ability to succeed in whatever industry or niche you represent.

 

Saving money on top healthcare benefits starts with knowledge and understanding of all the options and how things like tax benefits and group health insurance discounts can work for your company. A ClaimLinx options consultant provides these services for small, medium, and large businesses that need to find affordable ways to give their workers what they want and need.

 

Benefits of Offering Health Insurance

No matter what size business you run, offering health insurance benefits your employees provides numerous advantages not only for the workers but also for the company itself. In order to get these benefits of offering health insurance, however, you need to understand how to choose the right plan. The help of an employer consultant like those at ClaimLinx can lead you to the right final decision.

 

Five Health Insurance Benefits for Your Business

 

When making decisions about the possibility of offering medical insurance to your employees, consider these important points.

 

1 – Employee Loyalty Increases

 

When it comes to a list of benefits that workers want, health insurance comes out on top. A paycheck is nice, but coverage for both preventative medicine and emergencies improve the overall impression that workers have for their employer. They also increase overall morale and productivity. A large part of having a successful business depends on keeping all the men and women who work for you happy and satisfied. Do not lose quality workers to other firms that offer more incentives than you do.

 

2 – Jobseekers Value Your Company

 

When you want to attract new talent, offering low-caused group health insurance makes your job opening more attractive to people who have choices. If it comes down to you or a different business, offering health insurance can push you over the top. Basic benefits may not be enough. With so many companies offering insurance these days, you need to make sure you provide the very best coverage at affordable prices.

 

3 – Decrease Federal Taxes

 

If you own or operate a small business with fewer than 25 employees working full-time, you can get considerable tax credits if you offer health benefits to them. Other rules apply to enroll in the Small Business Health Options Program, but you do not qualify all if you do not take advantage of group health rates that make it possible for your employees to get healthcare when they need it.

 

4 – Fulfill Government Requirements

 

The Affordable Care Act has a whole list of rules and regulations that affect how businesses provide healthcare benefits or insurance to their employees. In many cases, a company is required to offer a certain level of coverage depending on the type of workers they have, whether they are full-time or not, and other factors. If you have any questions about these requirements, it helps to speak with a qualified healthcare consultant.

 

5 – Smart Insurance Plans Decrease Cost

 

The final major benefit of offering health insurance at your company focuses on both the business itself and every single worker who has coverage through your chosen plan. As long as you make wise decisions about the policies and covered costs, everything from premiums to monthly bills to tax payments will decrease. When you choose to use an experienced and knowledgeable third-party administrator to handle all these matters, you end up saving even more in the long run.