How Offering Multiple Health Plans Can Help Your Business
Updated: Aug 3, 2022
Employers nationwide realize the positive impact that offering multiple health plans can have on employee engagement, retention, and recruiting efforts. When looking for the best health insurance for your small business in NY, consider the following for your workforce.
More Plans, More Choice
Health care isn't one size fits all, and every employee will use your health plan differently. That's where the power of choice can significantly help your company. By offering different health plans, you can cater to the diverse needs of your workforce.
For example, a high deductible health plan with a health savings account means lower premiums and the ability to use pre-tax dollars to pay for out-of-pocket costs. Offering this option allows a young, single employee more cost-saving options as an entry-level employee. On the other hand, offering a lower deductible plan with higher premiums will give employees with any medical issues or individuals with families greater cost stability and expense predictability.
Benefits of Offering Multiple Health Plans
Health care is the benefit most highly valued by employees, according to a study by the Society for Human Resource Management. Moreover, an Employee Benefit Research Institute study revealed that most employees would like more choices than they currently have regarding their health insurance plans. Offering multiple health plans allows employees to select the plan that provides the right amount of coverage at the right cost to remain healthy and productive.
In today's labor market, it's even more critical for employers to respond to the workforce's desires. Employer-provided health insurance offers excellent peace of mind that employees are taken care of, especially if multiple coverage options exist.
While offering multiple health plans can improve employee engagement, retention, and recruiting efforts, it's important to remember that this plan model isn't suitable for every company. Be sure to align your benefits plans with your organization's strategic goals. For help with this, please get in touch with NY Small Health today at +1 (212)-548-3941 or visit here. Our team of experts will help you find the best small business health insurance in NY for you.