Build your own benefits package to attract and keep quality employees

Build your own benefits package to attract and keep quality employees

Changes in the healthcare system and benefits landscape have many business owners, HR and managers scratching their heads.  How is it possible to provide a competitive benefits package to attract and keep quality employees at a reasonable cost?   It is more important than ever for companies to be proactive in building a benefits package. If you do your research and take the time to carefully select a plan you can offer a competitive package to your employees


without significantly increasing your costs. In addition to an optimal plan, employers can augment their offerings with value-added products such as Health Savings Account (HSA) Flex Spending Account (FSA) or by instituting a wellness program.

Offering a Health Savings Account (HSA) to your employees can ensure competitive benefits without increasing your costs. A Health Savings Account enables your employees to build up a pool of cash that they can then draw upon for out-of-pocket medical expenses. HSA savings account must be paired with a high-deductible plan. This, too has its benefits because higher deductibles mean lower monthly premiums. Also, high-deductible plans are viewed as advantageous by healthier employees because they will not need as much healthcare and therefore will not be paying as much. Consider once a year contribution by the employer into employee account linked to performance or as a matching program..

A Flex Spending Account (FSA) is another option that allows your employees to set aside money for uncovered expenses like chiropractic care, dental work, and mental health treatments. As an employer, you are able to decide which expenses are eligible for coverage and, in doing so, you can reduce your portion of monthly premiums.

Another useful way to reduce your healthcare costs is by offering wellness programs as part of your benefits packages. Encouraging your employees to receive health risk assessments and to engage in preventive care can reduce your overall costs for healthcare – people who are healthy use less of their healthcare benefits which saves you money. Healthier employees will also miss less work which means more productivity for the company. It may not even cost you anything to add these benefits – some fitness centers are glad to offer discounted membership rates for company groups.

In addition to making some of these changes to the benefits package in general, companies should also take the time to evaluate existing health insurance plans. As an employer or HR Manager, you should periodically shop around for to make sure you are receiving the best rate - different companies may offer discounts if you have a certain number of employees that want to use the plan. Or a reduced rate if specific conditions are met.

To trim costs, additional benefits such as life insurance and accident coverage can be presented as voluntary benefits that employees can elect to receive in exchange for a monthly contribution. You may also consider self insurance with stop/loss if your company is large enough.

Whenever possible Implement online enrollment and tracking for increased participation and engagement. Online tools are becoming more commonly available to smaller companies. Just make sure that you communicate clearly to your employees any changes you make to their benefits packages.

Visit the Compliance and Healthcare Reform Education Center for more information on how you can build an optimal benefits program for your employees.  Feel free to contact me if you have specific questions or for a complimentary review of your current offering terry@lynncompany.com.

Terry Denesha, HIP Insurance Advisor                                                             Compliance – Health Reform – Employee Benefits 

Terry saves employers and employees money by identifying best valued benefits, allowing employers to focus on managing business and give employees a piece of mind. Help Business and individuals determine the right kinds of insurance the need, at a price that’s right for them. Provide compliance oversight for government legislation, including ERISA, COBRA, and PPACA. Access human resource assets to optimize business continuity, reviewing EOB's to ensure correct billing and keeping up with technology-electronic enrollment.

 http://www.healthcareadvisorca.com

Cell:  661.201-0571  | Office 661.397-0041 | Fax: 661.873.2242                           3761 Bernard Street., Bakersfield, Ca  93306 | Lic. 0F98081 terry@lynncompany.com  

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