What You Need to Know About Health Insurance and Employee Benefits
What benefits help attract qualified employees? In a competitive job market it may not seem like benefits matter. But the perks often make a major difference when it comes to the best candidates’ acceptance rates. Take a look at what benefits employees value and how you can provide options.
Health Insurance Basics
Beyond the requirement to provide your employees with a policy, this benefit is a primary perk qualified candidates look for. According to a Glassdoor Employment Confidence Survey,79% of employees would choose new or added benefits over a pay raise. When it comes to benefits, 40% of the employees surveyed picked healthcare insurance as the most valued option.
While 40% may not seem like a lot out of the adults surveyed, employees value healthcare insurance more than any other benefit or perk. Glassdoor’s survey certainly isn’t the only one of its kind to cite health insurance as a primary employee pick. In another similar survey, of 2,000 adults, also ranked healthcare benefits at the top of the list.
Health Insurance Options
Before you choose a health insurance option (or options), talk to a qualified agent. An insurance agent can demystify the process and help you to understand plans, prices, and healthcare-related jargon.
Options to ask your insurance agent about include:
- Your contribution and employee contribution. You’ll pay some of the benefit costs. The specific amount depends on the policy and your budget. According to a 2018 Kaiser Family Foundation (KFF) survey, workers paid an average of just over $5,500 annually towards their plans.
- The deductible. This is the cost to the employee per annual use (what the plan requires the employee to pay before it covers 100 percent of the costs).
- In and out–of-network providers. Employees pay less to use in-network providers. Employees are typically happier with the option to choose from a wide selection of in-network providers.
Along with health insurance, you may also want to offer other benefits or perks. Read on for more information on top choices.
Other Benefit Selections
What types of benefits do employers offer? Other desirable benefits you may want to consider, but don’t necessarily need to provide, can include:
- A retirement plan. A 401(k), pension, or another type of retirement plan may entice employees or put your job offer above someone else’s.
- Paid sick days. Your employees may need to put their new healthcare insurance to use. If that happens, they’ll appreciate paid sick days.
- Paid vacation. Employees will also value paid time off for vacation or relaxation.
- Family leave. Paid leave is an important benefit for pregnant and parenting employees or staff who takes care of an ill family member.
- Life insurance. Along with healthcare insurance, some employers also provide company-sponsored life insurance. Again, talk to an agent about policies and options.
These benefits can draw potential employees in and give them a reason to choose your job. But they aren’t the only reasons to work for you. Some employers also offer perks that go beyond typical benefits.
If you’re not sure what perks to offer, consider your overall budget and how the choice will help your employees (or entice future staff members to take a job offer). While there are a variety of perks employers regularly offer, some of the top selections include:
- Flexible schedule. This option allows employees to start earlier, work later, or even work from home.
- Casual dress. Some employees enjoy a casual or casual-optional work dress option.
- Free snacks. An in-office snack bar, buffet, or coffee bar is a perk that will grab a potential employee’s attention.
- Gym membership. This is a perk for employees and for you too. The healthier your employees are, the less work they’re likely to miss.
Other perks to that will attract employees (and keep existing ones happy) include on-site child care, child care assistance, performance bonus pay, or free parking.