How To: Providing Insurance for Employees They'll Love | Oscar | hioscar Blog | Oscar
How To: Providing Insurance for Employees They'll Love | Oscar
Simply providing benefits isn’t enough. Here’s advice on choosing health insurance options your employees will love.
Employee Health BenefitsTips for Small Businesses
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Health insurance for small businesses (opens in new tab). It’s a big commitment to pay for (and administer!) health benefits for your employees. But as a small business, offering health insurance is one of the biggest advantages you have when it comes to attracting and hiring talent, employee productivity, and retention. According to Glassdoor, health insurance is the #1 requested benefit (opens in new tab) by employees.
That said, simply providing health benefits isn’t enough to keep employees happy. The health care landscape has changed dramatically in recent years. It’s important to learn about the latest health care trends (opens in new tab), and offer the best employee insurance plan, one that aligns with how consumers use health care today. Here’s advice on choosing insurance options your employees will love, and helping them get up and running with health benefits during your next Open Enrollment (opens in new tab) period.
Not all health insurance plans are created equal. When evaluating your options, look for plans that cover care options like telemedicine, retail clinics, and urgent care visits.
If your employees have special health needs, you may also want to consider plans that don’t require specialist referrals (opens in new tab) to make it easier to access the doctors they need.
Look for insurers that support a personalized experience.
Insurance companies are notorious for providing impersonal, unhelpful customer support. When possible, opt for insurers who’ve invested in a more personalized member experience (opens in new tab).
Additionally, some insurance companies work closely with doctors to gather and share data so they can provide more informed recommendations. Ask your broker for information on how insurance companies work with doctors and hospital groups to provide integrated care.
Offer plans that provide tech-enabled health care options.
Many health insurers provide online access to health data, digital monitoring, appointment booking, and other health services. This technology can help your employees proactively manage chronic medical issues, see a doctor quickly, and make smarter health choices – saving them (and you) time and money long term.
Opt for plans with networks that provide cost savings.
As research shows, many employees prioritize cost-savings and transparency over working with a specific health care squad. Offering an EPO plan (opens in new tab) may be the logical fit for your business. Your employees will have access to a curated network of high-quality providers without needing referrals to see specialists – and you’ll avoid paying more money for access to a larger pool of doctors your employees don’t need.
Clearly communicate plan options and enrollment deadlines.
It’s tempting to just email a PDF of plan options to your employees before Open Enrollment and hope for the best. However, if you want to prevent benefits admin headaches later on, it’s best to provide additional information and support during the signup period.
Many companies hold in-person training sessions with their benefits team where employees can ask questions about their insurance options. It also helps to send a few reminders leading up to the deadline so no one forgets to sign up.
Educate employees on how to select the right health plan.
Choosing the most cost-effective health plan is really complicated, so it’s totally okay to get help from outside experts. Ask your broker or insurance provider(s) for educational materials to share with your employees during Open Enrollment. They’ll be able to provide you with a deeper dive into plan options, benefits, and which plans are ideal for which kind of people.
This information can help your employees choose the best option for their specific health care needs, preventing unnecessary administrative headaches and wasted health care dollars.
The bottom line
Today’s consumers expect a lot from their health insurance and care. As an employer, you’re in a position to help employees get great coverage that gives them access to care on their terms. Before Open Enrollment, shop around and evaluate your options to ensure you’re providing the best mix of plans for your staff. They’ll thank you for it!
