How to Provide Your Employees the Best Health Benefits

Most responsible employers understand that health benefits are essential in many modern workplaces. Employees have come to expect these programs, which can provide additional perks and compensation on top of their direct wages or salaries. However, while your organization is likely well aware of the general importance of these benefits, selecting and maintaining ideal offerings may be complicated. At Lyceum Insurance Services, we’re proud to offer guidance.

5 Steps for Offering Health Benefits

As your company considers various options to offer its employees, you and your fellow decision-makers must commit to a comprehensive and exhaustive process. Cutting corners on this task could prove costly. Consider the following steps:

1. Ask employees. Surveying your workforce directly is a logical and essential first step. Whether you’re offering health benefits for the first time or reassessing your current package, understanding employees’ needs and preferences can help maximize your investments’ cost-efficiency.
2. Explore options. Health benefits come in many forms and different options may include various advantages. For example, understanding the differences between a health maintenance organization, a high-deductible health plan and a preferred provider organization can be critical when choosing a group health plan and making coverage selections.
3. Consider your budget. Although every employer would like to offer top-notch health benefits, your organization must confront the unfortunate reality of fiscal limitations. Working with a qualified insurance professional can help you prospect options from multiple carriers and find suitable coverage at affordable rates.
4. Understand financial incentives. Offering health benefits can have fiscal advantages for your company. For instance, your contributions toward health insurance premiums are often tax deductible. Additionally, larger businesses with over 50 full-time equivalent employees may be subject to financial penalties under the Affordable Care Act if they do not offer health coverage.
5. Commit to reassessments. Regardless of how thorough you’ve been in compiling your health benefits package, your employees’ needs and your company’s situation may change over time. Plan to reassess your offerings at least once per year.

We’re Here to Help

Contact Lyceum Insurance Services in Frederick, Maryland, today to learn more about finding the best health benefits for your employees.

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.