405.627.6326 matt@whyhr.guru

When it comes to benefits, and particularly health insurance, we talk to a lot of small business owners who are frustrated about their options. They feel like they have to sign up for whatever is in front of them if they want to provide health insurance for their employees, and that often means writing some pretty big checks.

Many small businesses simply feel stuck and even tell their employees, “This is the best we can do because of our company size.” But saying that to an employee essentially tells them they need to start looking for a job at a larger company if they want better benefits. And it’s simply not true! There are options outside of the traditional way of doing things, and small businesses can actually leverage some things that larger companies can’t to create extremely attractive benefits packages.

And yes, there are options available outside of the traditional healthcare market! We recently attended the Free Market Medical Association annual conference and talked with a lot of people about innovative ideas for healthcare coverage.

Here are four things to consider when it comes to healthcare and other benefits for employees.

Consult with a professional

If you’re dreading your next healthcare insurance renewal, it’s time to engage an HR consultant to help you explore the full scope of what’s included in your benefits package. They can look at the demographics of your employees and the many different components that go into a well-constructed benefits plan. By evaluating all areas of your benefits, an experienced HR consultant can help you make changes to meet the needs of your employees and your business.

Think about right sizing your benefits

We’ve talked with employers who were spending a lot of money on healthcare premiums that their employee population doesn’t really need or fully use. Many small businesses are over-insuring their employees with a traditional fully insured plan and could actually be saving money if they moved to a self-insured plan where they pay for claims directly at the time they occur.

Invest in tangible benefits

Imagine if you could reduce your healthcare costs, actually insure the employees based on their usage, and then take the savings and reinvest it into something tangible for your employees. Maybe you contribute to a health savings account (HSA) for your employees or increase your company match on a retirement plan. Maybe you can save enough to afford another employee and lighten the load for your current team. Those are tangible benefits for your employees and your business.

Consider direct primary care (DPC)

Another alternative option for small businesses is providing direct primary care instead of traditional health insurance. In the direct primary care model, patients (or the employer) pay a set fee to a physician that covers all office visits, lab work, and coordination of care. Direct primary care physicians often have fewer patients overall, which means it’s easier to get in and see your doctor if you or your child is sick. Individuals may also have a high-deductible plan to cover anything extra or unexpected, like surgery or hospitalization, but their routine medical care is covered with that one fee.

We’ve taken the extra step to work with PL Providers www.plproviders.com to make this easy for businesses of all sizes and reach their goal of real affordable care for their employees.

For many small businesses, things like self-funded insurance plans and direct primary care are still relatively new, but there are businesses of all sizes using these innovative ideas to change how they think about healthcare and benefits. Are you ready for a change?

If you’re a small business owner and aren’t happy with the hand you’ve been dealt, there are options available. Contact Why HR today to schedule a review of your benefits and discuss your options.

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