Are you providing your employees with the healthcare benefits they truly desire and require? Before you answer with a confident “yes,” consider why employee benefits play are important in retaining employees. Research reveals that two-thirds of employees want to assess new company benefit offerings before deciding whether to stay or explore opportunities elsewhere.1
While closing coverage gaps in primary health insurance plans, such as deductibles, coinsurance, and co-pays, is essential, enhancing benefits can go a long way in attracting and retaining employees.
Now is the perfect time to evaluate how benefits can contribute to the well-being and loyalty of your employees, whether through primary plan changes for the upcoming benefit year or by enhancing coverage for key roles. This article sheds light on why employee benefits are pivotal in retaining employees and outlines actionable steps to retain your key talent even before the benefit season arrives.
Did you know that the right benefits can fill the voids left by primary plans?
Modifications to primary health insurance plans might positively impact the benefit budget, but they could lead to increased out-of-pocket healthcare expenses for employees. These adjustments may create gaps in coverage for routine care, including co-pays, prescriptions, and physical therapy visit limits.
Optimize the balance between cost and coverage with enhanced benefits. By offering supplemental health insurance benefits, you can bridge the coverage gaps in primary plans for both routine and unexpected healthcare needs. These plans can be offered to select employee groups, helping you control benefit costs while reducing out-of-pocket healthcare spending caused by coverage voids.
Did you know that the right benefits can support mental health?
In today’s workforce, stress levels are soaring, with 44 percent of employees experiencing job-related stress, according to Gallup insights.2 Executives and key leaders, in particular, face immense pressures from long hours, decision fatigue, and result-oriented responsibilities.
Mental health support must be accessible to prevent a vicious stress cycle that hampers productivity and jeopardizes business outcomes. Unfortunately, gaps in primary plan coverage, shortcomings in employee assistance programs (EAPs), and high out-of-network costs can hinder effective mental health care.
Supplemental health insurance benefits offer a different and effective approach to supporting mental health and overall employee well-being. By providing robust coverage and behavioral care resources, including care navigation, counseling, and stress management coaching, employers can help employees cope with stress and maintain a healthier work-life balance. These benefits extend to healthy employees too, with coverage for wellness treatments like acupuncture and prescribed massage therapy promoting a proactive approach to health and happiness.
Did you know that the right benefits can meet executives’ expectations?
Executives and key leaders have distinct needs and expectations when it comes to benefits. Their utilization of benefits differs, and many have specific needs based on their age and life stage, including family healthcare requirements. Unfortunately, many primary health insurance plans fall short of meeting these unique needs due to cutbacks and cost-shifting.
To address this, the right supplemental health insurance benefits can offer coverage beyond the limitations of primary care plans. Solutions can include desired coverage for orthodontia, LASIK, prescription eyewear, brand-name prescriptions, and more.
Retaining Employees through Benefit Enhancement
As we approach the heart of benefit planning season, it’s essential to consider how enhancing your benefit offerings can contribute to employee retention. Ensuring the happiness and well-being of your talent and key leaders is vital for their loyalty and productivity.
At ArmadaCare, our supplemental health insurance solutions are specifically designed to enhance ordinary health benefits for your key leaders and talent. We offer targeted benefit plans that cater to specific employee classes, aiding in recruiting and retaining employees. Our Ultimate Health® plan, tailored to meet the expectations of key leaders, enables employers to manage benefits budgets while aligning with crucial business objectives. These plans can be implemented throughout the year, regardless of the month.
Discover more about Ultimate Health® and its positive impact on keeping your talent healthy, productive, and fully focused on the success of your business.
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[1] Workhuman, 2021
[2] Gallup, 2022