6 Tips to Tailor Your Healthcare to Fit Your Company’s Needs
The Perfect Fit: How to tailor your healthcare coverage to fit your employee’s needs.
A robust employee benefits package can be an excellent way to retain the talent you have, and to recruit top talent. But choosing the right healthcare coverage is difficult and often seems like a one-size-fits-all package: expensive coverage with options you may not need.
Whether you’re a CFO, HR Director, or company leader, you’ve got a difficult decision to make. How do you keep employees happy and control costs in a high insurance premium environment? Going with a traditional, fully insured health insurance plan may not help you reach your goals, but you’re not sure what alternatives exist.
If only you could design your own plan with the right coverage….
You’d choose a plan you could monitor for cost-effectiveness and retain your talented staff members. It would have the benefits designed specifically for your employee demographics without paying for benefits you don’t need. And it would fit your budget.
Creating your own healthcare insurance plan is no longer a dream, but a reality. So, how do you do it?
Find a reliable partner that can provide you with these 6 things:
1. Data Analytics
To control costs, you must understand what is driving those costs and monitor them regularly. With a data analytics dashboard, you don’t just hope and pray your costs to stay in line. You have immediate access to your plan’s performance and the individual factors that drive costs including pharmacy claims, utilization rates, and clinical outcomes. You can’t control what you don’t monitor – but we give you the tools to keep your costs and plan aligned.
2. Disease Management
Recent studies indicate that rising healthcare costs can range in the million-dollar (or more) for chronic illnesses. Keeping on top of those conditions and managing their outcomes can make or break your budget. Find a partner that can provide you with the management tools you need to monitor and address these difficult conditions and their impact on your company.
3. Wellness Management
Healthy employees are the key to controlling healthcare premiums. Investing in their health can play a huge part in holding down premiums. Explore innovative, easy to understand wellness programs that encourage your staff to stay healthy by engaging with their providers.
4. Employee Demographics
Your company’s line of business and employee demographics are the basis for designing insurance plans. Whether you’re a car dealership, tech startup, non-profit or call center, you have specific demographics that drive the cost of your plan. Understanding how to leverage those demographics to create a tailored plan is the key to creating cost-effective plans that keep employees happy.
5. Technical Integration
Gone are the days of unused paper benefit booklets, claim forms, and enrollment applications. HRIS systems increase efficiency for both the HR department and employees. Find a partner with an intuitive system designed to easily integrate with most HRIS systems to make it easier for your HR department and employees to have access to their enrollment, payroll, and benefits information.
6. Plans Your Employees Will Enjoy
In this era of unprecedented low unemployment, losing key staff members is a significant hardship on the entire company. Valuable benefits that are easy to access, meet their own and family needs, and have affordable premiums are key to keeping staff members productive and around for the long term. With options for Telemedicine, EAP, HRIS system access, keep your talented staff around for the long term.
Healthcare coverage should be designed to fit your unique needs, at a price you can afford, and that employees will like and use. Here is a case study from our friends at Evolution Healthcare that will walk you through the advantages of a customizable, self-funding insurance plan.
If you want to find out more about how to create a unique plan that fits your budget, satisfies your team members, and lets you keep more of your profits contact Sapoznik today!