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.
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