For many small business owners, navigating employee benefits can be challenging. Not only do you have to work with a fraction of the resources that larger corporations enjoy, but you also have to weigh the risks of opting out of providing an attractive benefits package. The U.S. job market is competitive, and top qualifying candidates take employee benefits into account when choosing between job offers.
The advantages of providing employee benefits
When you provide health insurance and other benefits on top of salary, it sends a signal and attracts top talent on the job-hunt. It shows employees that the company invests in the whole person and provides employees with a crucial foundation that takes care of their health needs and has a stake in their future.
Benefits give you a competitive advantage in a saturated labor market—and most importantly, benefits make your employees feel protected. That makes your job stand out compared to a similar vacancy that does not offer any perks.
- Employee Satisfaction
Health insurance coverage gives your employees peace of mind and reduces stress knowing that they have a safety net in case of a medical emergency.
- Tax Benefits
Offering health insurance comes with tax benefits for your small business. For one, employer-provided premiums are tax-exempt, as well as your contributions to employee premiums.
How can Small Business Owners find the right insurance plan for employees?
When you are in the process of figuring out how to get health insurance for employees, it can be daunting to know whether you are making the best choice. There are a
wide variety of options, but your perfect fit should fall within your budget and meet the unique needs of your employees and your goals.
That’s why your first step should entail a budget assessment so that you have a complete picture of the resources you’re willing to put towards employee health insurance.
Examples of Employee Health Insurance Plans
The cost of a health insurance plan can vary. For example, with a low-deductible, high-premium plan, out-of-pocket costs are kept to a minimum.
Another option is a high-deductible, low-premium plan with smaller upfront costs but higher out-of-pocket costs. Other considerations such as your company demographic come into play as well. The age and health needs of your employees may factor into your decision about what kind of benefits to provide.
Benefits of working with a broker
It’s easy to feel overwhelmed by the employer’s health insurance marketplace—the process is complicated, time-consuming, and frustrating for business owners dealing with it for the first time.
In these circumstances, calling in the help of a licensed professional can be in your company’s best interest. A health insurance broker manages the health insurance selection process from start to finish. For small to mid sized businesses, partnering with a health insurance broker has several advantages:
- Personalized Recommendations
Your broker will learn the ins and outs of your business goals and workplace culture. With a comprehensive understanding of your needs, insurance plans recommend to you by a health insurance broker are guaranteed to tick all essential boxes.
- An Advocate for Your Goals
Working with a broker means that you can explain your goals and priorities and they will take care of the rest. Various plans and regulations can be difficult to navigate, so they will select the best options based on their knowledge and expertise. They may even be able to offer options that you may not have considered based on what’s available in the marketplace.
- Easy Access To Support
Should any problems arise with coverage eligibility, claims, payments, or other issues, your broker is a phone call away from helping you solve those.
- A Direct Liaison
You don’t have to worry about following up on health insurance matters with a broker by your side who will do it on your behalf. No more negotiating and waiting on the phone for an operator—you have other business matters to tend to.
Choosing DesignTM Health
Are you looking for a health insurance broker to guide you to the option that will benefit your employees and attract new talent to your business? DesignTM Health is here to lend a hand. Our team of experts is dedicated to finding health insurance solutions that are the best for your company.
We have a track record of trusted experience in providing various health insurance solutions for small to medium businesses with an added emphasis on service, tech solutions, benefits booklets, and streamlined back-end administrative functions.
With our user-friendly and accessible digital platforms for plan managers to navigate plans, as well as customizable benefits guides for your teams, DesignTM Health has the resources you need to optimize your employee health insurance. Contact us today to see how your business can benefit from partnering with DesignTM Health.