ADDRESS GAPS AND ENHANCE COVERAGE IN YOUR EMPLOYEE HEALTH BENEFITS PLAN

Are you concerned that your current employee health benefits plan may not be meeting your workforce’s needs? Many companies of different sizes find themselves grappling with health benefit plans that fall short of expectations. If you’re wondering how to enhance your benefits plan to better support your employees, GroupHEALTH might have the right solution for you and your company.

Identifying and addressing gaps in your employee health benefit plan plays an important role in ensuring employee satisfaction and well-being. Here’s how you can evaluate your benefits plan and find solutions to enhance coverage.

Assessing your employee health benefit plan

Start by conducting a thorough assessment of your current benefits plan. It’s essential to assess your current plan to identify any gaps or deficiencies that may exist. Common challenges include limited coverage, lack of flexibility, and outdated offerings that no longer resonate with employees’ needs. Additionally, inadequate support for mental health, vision care, and wellness initiatives can contribute to employee dissatisfaction and turnover.

Outdated plans cost more

Having an outdated employee health benefits plan might be costing you more than you realize. Consider the following factors:

• Productivity: Employees who lack adequate health support may not be as productive as those who are well-supported. If your plan isn’t actively addressing the physical and mental health needs of your employees, you could be experiencing a decrease in productivity compared to their full potential.

• Recruitment and Retention: Research indicates that the quality and comprehensiveness of benefits are significant factors for prospective employees when evaluating job offers. Moreover, employees who are satisfied with their health benefits are more likely to remain loyal to their employer.

• Moral: An outdated benefits plan can erode employee morale. Employees may feel undervalued and unsupported, leading to decreased job satisfaction and engagement. Furthermore, a perception of the company as outdated or indifferent to employee well-being can harm overall morale and affect various aspects of the business.

Finding solutions to elevate your plan

To address gaps in your benefits plan and enhance coverage, consider partnering with a trusted benefits provider. Some factors in building a plan that is valued by you and your employees:

• Expanded Healthcare Coverage: By expanding healthcare coverage, you can ensure that your employees have access to the services they need to maintain their health and well-being. GroupHEALTH offers a wide range of healthcare coverage options, including medical, dental, vision, and paramedical services.

• Ask Your Employees: Take the initiative to understand the benefits your employees want and need. Consider conducting surveys to gather feedback and insights, enabling you to tailor a benefits plan that holds significant value for them.

• Flexible Plan Options: Make use of shared maximums or other tools that allow employees to have more choice around how their benefit dollars are spent. Flexible plan options allow you to tailor coverage to suit your organization’s budget and employee needs.

• Wellness & Mental Health Support: From subsidized gym memberships to access to virtual counseling sessions, you can empower employees to prioritize their health and well-being. Consider including a health spending account (HSA) as part of your plan. An HSA can help cover co-pays and deductibles as well as provide additional coverage for benefits that are most used.

• Cost-Effective Solutions: Protect the long-term sustainability of your benefits plan by integrating cost control mechanisms into its design. Prioritize cost management strategies that specifically address prescription drugs and disability, as these areas often represent significant cost drivers within the plan. With innovative solutions and strategic partnerships, GroupHEALTH helps you maximize the value of your employee health benefits plan while keeping costs manageable for your business and your employees.

Good Advice is Key

Is your employee health benefits plan lacking? Are you unsure of how to change that? Review your options with one of our licensed advisors on the phone or contact us for a comparison quote.

Whether you’re looking for extended health and dental coverage, disability coverage, or life and critical illness coverage, GroupHEALTH has affordable benefits packages that work as hard as you do.