Insurance makes up a significant portion of your employee benefits package. While almost all employees want basic health coverage, they may also want access to other types of insurance at a reasonable cost. Improving your choices can help attract and retain employees and could save you some money.
Ask Employees What They Want
The easiest way to determine what kinds of insurance your employees want is by conducting a survey. You should first ask whether workers are satisfied with their present insurance coverage. Follow up by asking why or why not, so you can get some insight into their preferences.
You should also include a question that asks employees to select the types of insurance they might like to add. Your list of choices might include plans such as accidental death and dismemberment insurance or long-term disability insurance. The survey answers will help you select and prioritize the insurance plans you offer.
Provide More Options
Each of your employees has unique needs that a one-size-fits-all benefits package can’t address. For example, you might give employees a choice between an HMO and a PPO health plan. Or, you may provide access to dental, vision, and even pet insurance.
Insurance isn’t your only option in providing benefits to your employees. Dental discount plans are an affordable alternative to insurance. Health savings accounts or flexible spending accounts are also popular options that can reduce total costs for employees. Some companies also offer discount programs for home and auto insurance when bundled with select providers.
Review and Negotiate
Before automatically renewing your contracts with insurance providers, review the plans and carefully examine them for any changes or cost increases to you or your employees. You’ll find many choices for group-rate plans available, and shopping around can pay off. You can reduce costs for both yourself and your employees.
Insurance companies can be competitive and can have several levels of plans. Ask questions when negotiating the costs. You may need to weigh the costs vs. the benefits of the plan. The cheapest rates won’t be worth it if your employees are dissatisfied with the coverage they receive.
Today, employees have come to expect that insurance will be part of their total compensation. Expanding the options you make available can increase employee satisfaction. As a business owner, you should consider it a fair and worthwhile investment in encouraging high-quality workers.
Did you enjoy this article? Here’s more to read: Why You Should Take a Closer Look at Your Benefit Options