Healthcare benefits are essential, and for many, reliable benefits are a primary reason for accepting a job. As a business owner, offering competitive healthcare benefits is crucial to attracting top talent in your industry. Without industry-standard benefits, you risk losing loyal employees and the talent you’ve worked hard to attract.
Keeping and Attracting Talent with Healthcare Benefits
Attracting and retaining top talent is a significant concern for businesses of all sizes. To attract and keep excellent workers, you must understand their expectations. Health insurance is a key benefit, and by offering comprehensive health benefits, you show potential job seekers and current employees that you care about their well-being.
Offering competitive health insurance benefits is one of the best ways to attract and retain top employees, especially if you are a small - mid sized business with a tight budget. While offering the highest wages may not always be possible, providing robust health benefits can offset this challenge. Job seekers consider both salary and employer-provided benefits when deciding on a job, so great benefits can entice exceptional workers to join your team.
Types of Health Benefits
Employers typically offer three primary types of health benefits:
Medical Insurance: Covers the majority of medical expenses. When choosing a plan, consider costs such as deductibles, copays, and coinsurance. Medical insurance is the most expensive health benefit, particularly when employees must contribute to the cost.
Dental Insurance: Essential for oral health, dental insurance is relatively inexpensive and easy to add to an employer-sponsored health benefits package.
Vision Insurance: Covers eye exams, glasses, and contacts. Like dental insurance, it is low-cost and necessary for many employees.
What to Consider When Choosing a Plan
When comparing health insurance plans, consider the following factors:
Networks: More expensive plans generally offer a wider network of medical professionals and facilities. An extensive network can attract top talent, while limited options may deter potential employees.
Costs: Understand all costs associated with health insurance. Higher deductibles usually mean lower premiums and vice versa. Potential employees will also look for low copays.
Benefits: Evaluate what each plan covers and excludes. A plan with many exclusions or lacking essential benefits may make it difficult to attract talent.
Talk to an EGI Solutions Health Insurance Broker
Ready to choose a plan that will attract the best workers in your industry? EGI Solutions is here to help. Our brokers are experts in health insurance and can assist you in finding the right plan or benefits management software for your business. Contact an EGI Solutions Health Insurance Broker today to learn more.