Offering choices in health insurance plans can help with employee retention and job satisfaction. Employees may feel as though their employer cares more for them if they aren’t forced into a one-size-fits-all health plan. They also feel empowered when they have choices and can be involved in their healthcare decisions. Below are some ways companies can offer health plan customization:
Types of Plans — The three main types of plans are HMOs, PPOs, and HDHPs. Some employees may be resistant to HMOs because traditionally they had fewer choices of providers to stay in-network. Unknown to most, that is slowly changing, as HMOs have grown to cover a large number of providers. PPOs may be more expensive for companies but offer the employees more choices. HDHPs are high-deductible plans that may be suitable for some employees looking to save the most money on their premiums.
Different Coverage Levels — Coverage levels are often described as “metal plans” because they are offered as Bronze, Silver, Gold, and Platinum for example. Each level offers a different ratio of what the plan pays versus the employees’ cost. This can give employers some flexibility because they may prefer one provider, offering different plan levels give employees a choice in how much of their medical costs they wish to pay.
Deductibles — Another option is similar to “metal plans” by offering different deductible levels before the health insurance coverage begins. Offering one low-deductible choice can be a hiring advantage if it causes your company to appear better than your competitors’ coverage.
Multiple Carrier Options — This is probably easier for companies in multiple locations who can offer insurance carriers more suited for a particular geographic area. Companies should always check provider coverage for their area, particularly if they choose a smaller carrier who might be more restrictive for in-network coverage.
If you need help communicating health insurance, open enrollment, or other employee benefits to your employees, First Day Films can help. We create professional videos that allow employers to communicate efficiently and economically to their employees. For more information call First Day Films at 833-422-7332.