When it comes to creating an employee benefits package for your business, there some key items to take into consideration.
For instance, did you know more than 50% of job candidates say that company benefits are among their top considerations before taking a new position?
So, with that in mind let’s think about the following questions.
1. Are there certain insurance providers you want to see options for (or not, for that matter)?
Some employers love the idea of Kaiser and everything about it: the fact that it has its very own hospital system, ease of filling prescriptions and closed network system while others like to have more freedom of choice.
2. What is your goal in providing benefits?
Are you a new startup company with a smaller budget but looking to grow? Or maybe you are in a very competitive industry and providing a robust competitive package helps you to retain key employees?
3. Have you considered employee contributions?
Have you considered offering a tax advantaged way for employees to pay for their portion of premiums and other uncovered medical related items? (The average savings is around 30%.)
4. What benefits do you want to offer?
There are so many to choose from: medical, disability, payroll, 401K, etc.
It’s a tough question to ask yourself - what benefits to offer? Here’s a helpful resource to learn about current benefits trends with the 2017 Society for Human Resource Management Report
5. Can you provide benefits your employees can’t get on their own?
Did you realize that it is much easier and more cost effective for an employer to provide a benefit than it is for your employees to get those same benefits on their own? Some are so cost prohibitive that they would not be able to buy them on their own, even if they tried.
6. Did you know that in Oregon we use “composite rates,” which means that your group’s rate is determined by the overall “average age” of your company?
For this reason, a key component for us to provide you with accurate rate quotes can be done with a complete and accurate census. If your census data is not accurate (i.e. it has missing employees, incorrect dates of birth, wrong hours worked, the enrollment is not reflected accurately), this can impact the rates that are quoted.
When it comes to the actual enrollment if there any further discrepancies or changes in the census the overall rates can and most likely will fluctuate.
When it comes to getting accurate health insurance quotes as part of your overall employee benefits package, it may take a little extra legwork upfront, but it has the potential to save you money in the long run.
Making the choice to offer benefits is a big decision, so we hope this information can provide you with some insight to help your company make strategic benefits decisions. Contact get-benefits today to learn more.