Hardwood Floors April/May 2019

BUSINESS BEST PRACTICES MANAGEMENT

Is Your Medical Plan Healthy? It’s no secret that medical costs are on the rise. From prescriptions to procedures, individuals are often hit with unplanned expenses because they don’t have the right plan for their specific needs. Business owners are often left with the difficult task of finding the essential balance of coverage that meets the health needs of employees, as well as the company’s financial criteria. Unfortunately, it’s easy to get lost in the details of plan selection.

Below are a few thoughts to keep in mind when considering your plan options.

Consider the shortfalls and challenges of your current benefits According to a recent Glassdoor survey, nearly four in ve employees would prefer newor additional bene ts to a pay increase, with health insurance near the very top of the list. Do your current o eringsmeet the needs of employees and your business plan? When designing your plan, here are a few things to keep inmind: • How customizable is your plan? • Is level plan funding available? • Is your coverage medically underwri en? • Is there an opportunity for a refund? • Is a broad network of providers available in the plan? • Are favorable rates available if you have a healthy group of employees? • Does it o er multiple plan deductible options? • What percentage or dollar amount is the company contributing to the medical insurance o ering, if any?

Meeting employees’ needs in the future

Rate your current benefit plan offerings is is a basic, but e ective, way to measure your current coverage. Simply take aminute to rate your plans on a scale of 1 to 10, with 10 being excellent. Ask a fewquestions, likewhat do you think of the plan’s deductible?What about the o ce visit copays for primary care physicians and specialists? Are your doctors in network? If the overall satisfaction level is low, itmay be time to consider a di erent plan that is be er suited to your needs.

ink about your health coverage in the sameway you think about your business by determining both short- and long-term goals. Youmay only have a handful of employees now, but what are your plans for ve years down the road, andwill your current health coverage still work?Or are you in a comfortable spot right nowwith no immediate plans for growth? Also, keep inmind that bene ts are o en a key factor when prospective employees are considering a job o er. For current employees, awell-designed bene ts package can help drive engagement and encourage themto stay on the job.

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