For those companies and business owners who still do, or those who are ready to offer them again, your employees will be thankful for it. Not to mention, it gives you a tremendous advantage acquiring top notch talent over your competitors.
Here are three big reasons your employees will thank you for providing them health insurance and how to fix it if they aren’t.
1. You pay for half of the cost, minimum.
This is the number one reason people are able to afford the coverage you provide. Let’s face it, if you had someone picking up at least 50 percent of any of your monthly bills, you would probably throw a parade for them. Your employees might not be that appreciative, but they should at least give you a big hug every month.
If they aren’t, it’s because they have no idea what it really costs. Offer to pay 50 percent of your employees cable and internet bills, see how grateful they are. That's because they know exactly how much their full bill is. It’s okay to remind them what their health insurance would cost if you didn’t pay for part of it.
2. More Comprehensive Benefits
Group health insurance plans are required, by law, to offer certain benefits that are optional with individual and family plans. This allows your employees to enjoy broader coverage and simple solutions for some of life's biggest moments. If you think I’m being a little dramatic, maternity coverage is one of those required benefits. If one of your employees wanted to have a baby on an individual health insurance plan, it would cost them around $5,000 extra to do so. With your plan they just have to meet their deductible and out-of-pocket maximum.
Again if you don’t have women AND men thanking you on a daily basis you either have an office full of single, career-driven workaholics (which might not be so bad for the company’s bottom line) or they simply don’t truly understand the extra value of such a benefit. Make sure they know they can have as many babies as they want, whenever they want all at a greatly reduced cost.
3. Guaranteed Coverage
With the Affordable Care Act’s changes looming in 2014, guaranteed coverage isn’t the headliner it used to be. However it still remains, for 15 months, very important to people dealing with certain preexisting conditions. Outside of the additional benefits offered with group coverage, guaranteed acceptance is the main difference between group and individual health insurance.
Chances are most of your employees are unaware of this aspect of their group health insurance, or your company is filled with young, healthy 20 something’s who haven’t seen a doctor in years. Most people I talk with who are making the switch from group to individual coverage are unaware of this major difference. Again, when 2014 rolls around this will no longer be a reason your employees can thank you for, but there is still plenty to be thankful for without it.
Oh, by the way, these things probably also apply to you. You know, the person who writes the checks. You are also going to reap the benefits of group coverage because your employees allow you to be able to be considered a group. If any of your employees are reading this they now know one reason you can thank them for your health insurance.
Do your employees lack appreciation for their health insurance benefits? If so, why?