Offering benefits to employees is at the forefront of every successful business owner’s mind. A benefits plan demonstrates to staff that you value their personhood and are willing to prioritize their health. High-quality talent who may have several job offers to choose from are more likely to take a position that affords them benefits.
Choosing the right benefits plan for your employees is a sometimes arduous process. Primarily, they are costly. Many small businesses may feel that, however much they would like to, they cannot afford to offer benefits to their staff. Already exorbitant, health care costs are rising steadily. An alternative to consider may be low-cost insurance plans.
Low-cost insurance plans enable you to take care of your staff while remaining within your budget.
What Are Low-Cost Employee Benefits?
Low-cost employee benefits are alternatives to traditional benefits plans. One example of a low-cost employee benefit is offering paid time off in lieu of health insurance. This removes the burden of a monthly premium while still enabling employees to take care of themselves without worrying about loss of income.
Another option is a flexible work schedule. Flexible work schedules can afford an increased work-life balance for the employee. It is well-documented that employees who feel that they have a sufficient work-life balance are happier and more productive.
Low-cost benefits can also encompass discounts (for example, to a gym) or wellness programs.
Why Is Low-Cost Insurance A Great Option for Employees?
Insurance programs help shield your employees from the financial burden incurred by unexpected health issues or accidents. Workers who feel protected and valued by their employers are far more likely to remain in their positions long-term.
A survey conducted by the Society for Human Resource Management determined that 72% of employees rate “respectful treatment of all employees at all levels” as a foundational factor in job satisfaction. Low-cost insurance initiatives ensure that even small businesses can offer benefits to their team, thereby acknowledging their intrinsic worth.
Is Low-Cost Insurance Worth It for Employers?
Low-cost health insurance may offer lower premiums but higher deductibles and out-of-pocket costs. Resultantly, employees may pay more for their care and may have access to a limited network of providers.
How To Select the Right Low-Cost Insurance Plan for Employees?
As with all manner of insurance, low-cost plans can be a navigational minefield. The option of small-group health insurance allows employers to pay a set premium, with employees responsible for deductibles. Another option is for employees to pay into an Individual Coverage HRA (ICHRA) plan. ICHRA plans allow employers to offer non-taxed reimbursements to employees for qualifying medical expenses, including monthly premiums and out-of-pocket costs.
Employee Retention Benefits (ERB) serves the Los Angeles, CA region and utilizes decades of experience to provide expert guidance for employers seeking to implement benefits plans.
