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Featured
Article
Health Insurance Plans
can give you a Competitive Advantage
(Information provided by Combined
Employee Benefits)
In a tight labor market, the quality of your
benefits package can make the difference between
attracting star candidates and average performers.
Aside from paid vacation, 401K plans and profit
sharing, health insurance is one of the most
important components of an employee benefits
package. Yet according to a recent survey taken
by the National Small Business Association Conducted
March 27 - April 1, 2007, just 41% percent of
small businesses in the U.S. offered healthcare
benefits to their employees.
These
statistics make large companies - and the comprehensive
benefits that they generally offer - extremely
enticing to a prospective employee. Small business
owners have recognized this and increasingly
are using health benefits packages to attract
and retain topflight employees.
Clearly,
health plans fully funded by the employer are
ideal for employees, but rising healthcare costs
make these plans prohibitively expensive for
many small business owners. Fortunately, there
are some ways for even the smallest businesses
to offer health benefits.
Ask
employees to share insurance costs.
While asking employees to share healthcare costs
might seem like a bad idea, it can actually
be an effective tool that helps employees value
their healthcare plans.
Manage
costs through a phased approach.
Another consideration is a phased approach,
in which employees share the cost of their benefits
on a decreasing basis as they build seniority
with the company.
Before
you make any decisions about your benefits plan,
research your market thoroughly to make sure
you offer competitive benefits. Remember that
the same types of companies compete for similar
pools of employees - if your direct competitors
offer full benefits, you should too.
The
process of putting together an employee benefits
package need not be arduous, but you do need
to be informed. Begin your research by talking
to a consultant or attorney who works in the
employee benefits industry.
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EMPLOYER
BENEFITS
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EMPLOYEE
BENEFITS
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Premiums
are tax deductible
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Premiums
are non-taxable
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Attract
better talent
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Peace
of Mind against medical catastrophe
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Retain
better talent
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On-line
access to plan benefits
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Enjoy
higher employee productivity
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Select
coverage based on needs
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Reduce
absenteeism
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Stay
healthier
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Tailor
plans to needs & budget
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Employer
contributes to premiums
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By
Mike Moh, Employee Benefits Specialist
www.healthinsurance-ceb.com
© Copyright 2007
Disclaimer:
The above information is presented for educational
purposes only.
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of information received from many sources and
therefore does not make any claims of accuracy.
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for loss or damages of any nature arising out
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including but not limited to, special, consequential,
indirect or punitive damages.
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shall not be liable for errors, omissions or
other wrongful conduct of any third party or
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