How to Make Sure You Are Providing Your Employees the Best Health Benefits

Employee benefits are an increasingly essential part of the employee-employer relationship in modern workplaces. Employee benefits include various programs, incentives and insurance coverages that may compensate your workforce beyond their direct wages or salary. Furthermore, offering the right employee benefits can directly impact your attraction and retention efforts, meaning that you may be better positioned to keep your top performers and separate yourself from the competition in the labor market.

Employee benefits related to health care are core pillars of many organizations’ offerings and can positively impact your workforce, company culture and business. However, these pieces of your benefits portfolio may come in many forms and include various complexities and nuances that must be considered. Investing ample time into ensuring you are offering optimal employee health benefits should be a top priority.

Steps for Assessing Employee Health Benefits

As your business endeavors to provide the right health benefits to employees, it must commit to a comprehensive analysis of the subject. Cutting corners in this regard could significantly harm your company, including its bottom line and reputation as an employer. With these stakes in mind, consider the following steps:

• Survey employees. One of the best ways to assess your company’s benefits and ensure your employees value your offerings is to ask them directly. Every workforce’s preferences regarding employee benefits are unique, so asking staff about current and prospective offerings may help ensure they are getting access to what they need while maximizing your business’s return on investment.
• Explore options. Even after identifying your workforce’s ideal health- and wellness-related benefits, these programs and insurance policies may come in many forms. Your organization should be diligent and thorough in assessing potential coverage options and plan designs, fully vetting them to ensure that employees get the opportunities they desire while balancing overall costs.
• Establish education opportunities. Your company’s work is not done even after finalizing all decisions about employee benefits. Many members of your organization may struggle to fully understand the options available to them, meaning they could struggle to know how to meet their needs and optimize their choices. Your business should offer informational sessions to help employees learn about available benefits and how to make the most of them.
• Enlist professional assistance. Whether you operate a small business with a single HR employee or a large enterprise with an entire department devoted to such matters, hiring outside help can be advantageous. Employee benefits experts can provide an objective and unique perspective on your circumstances, potentially helping you identify additional needs and options.

We’re Here to Help

At Lyceum Insurance Services, we understand that employee benefits are a complicated subject. To that end, our team will draw on over 40 years of experience serving employers of all sizes to help you assess and address your benefits-related needs. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.