5 Indicators You Should Reassess Your Employee Health Plans

For any employer, benefits are an important tool for both hiring and retaining good employees. But what if your current benefits aren't doing the job anymore? When should you look into improving important ones, such as your health insurance offerings? Here are five signs that now may be the time to reassess your employee health insurance. 

1. Participation Is Low

How many of your employees actually participate in the health plans offered? Do they cover entire families or just the bare minimum? Do employees drop coverage when they gain access to other choices? Low participation rates mean that employees don't find value in the benefits, and dropping plans tells you that your options aren't as good as other choices. Reevaluating what you offer can help boost employee rates. 

2. Turnover Remains High

Employees in the United States value health insurance more than most benefits. This makes it a big draw to lure in new employees and helps convince good employees to stick around. But if turnover — the rate at which you lose employees — remains stubbornly high, one place to look is whether or not your insurance benefits are providing sufficient incentive in a competitive market. 

3. Employees' Health Hasn't Improved

One of the main benefits to employers when employees can get insurance is that the employees can improve their health. Has your workforce benefited in a physical way? Are they accessing more preventative care? What about seeing mental health providers and experiencing better mental or emotional health? If you're not sure how people are or aren't benefitting, talk with employees or poll them. 

4. Prices Continue to Rise

How do insurance costs compare to one, two, three, or more years ago? Rather than just keep paying more — as an employer or as employees — now is the time to assess modern options and determine how to get more bang for your buck. Today's choices — including wellness programs, cost-sharing choices, and cooperatives — can help improve uptake while reducing costs. 

5. Your Workforce Has Changed

Take a look at the amount, types, and needs of employees you have now versus a few years ago. Do you have more remote workers? Have the average age, number of children, or relationship statuses of employees changed? Do more people work part-time or full-time? What are their goals and interests? Health insurance offerings that may have suited an earlier workforce may not still be the best choice for your modern pool of employees. 

Where to Learn More

If your business falls into any of these common situations, now may be the time to take a fresh look at your health insurance plans. And the best place to begin is by meeting with a business health insurance agent in your area today. Your employees will thank you, and your bottom line will too. 

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