Jun 14, 2022
Opportunities to Personalize Health Benefits Plan Design
Employers have an opportunity to adapt their approach to health benefits plan design to accommodate for unexpected upfront costs, as well as meet the unique needs of employees.
Employers have an opportunity to adapt their approach to health benefits plan design to accommodate for unexpected upfront costs, as well as meet the unique needs of employees.
The latest podcast episode is here! CEO Michael Schaub and CFO Lacey Lively of Northeastern Rural Health Clinics in Susanville California share their own style of management that is anchored in being where the action is, making sure the fridge is always stocked with refreshments and constantly making sure staff know they're accessible. Listen in to hear creative ways to keep employees feeling valued, heard and laughing through the day to day. https://www.nonstophealth.com/podcast/
The relationship between employees and their employers is evolving, especially in terms of their personal health. “Employee well-being is predicted to have the greatest impact on the workplace of the future,” Forbes reports. “Workers now expect their employers to view them as individual human beings and provide benefits that support them on a personal level.”
Today’s employees have a wider variety of professional options than at any point in history. In 2021, 51% of U.S. employees were actively seeking new job opportunities as a result of burnout, the accessibility of remote work, and collective disruptions driven by the COVID-19 pandemic. As a result, high-performing employees now can exert greater control over the job market, where demand for leading professionals outweighs supply.
As recently as 2020, 43.4% of U.S. adults ages 19 to 64 were “inadequately insured,” The Commonwealth Fund reports, where roughly one-quarter of adults with employer-provided health plans were underinsured. Innovative health benefits therefore can turn the heads of workers fed up with the shortcomings of traditional health insurance.
Rising healthcare costs are on the minds of both existing and potential employees. Health benefits therefore factor into workers’ employment decisions more than ever before. And while financial compensation is always important, workers are increasingly balancing competitive salaries with desirable health and wellness benefits, among others.
As an employer, adopting and advertising competitive health benefits is an effective tool for employee recruitment and retention. Companies that approach health and other benefits in a strategic way have above-average recruitment and retention rates, SHRM reports. With this in mind, innovative health benefits plan design can become a differentiator for employers looking to attract and retain top talent.
In the United States, even employees with employer-sponsored health insurance struggle to access or pay for basic primary care. The upfront costs of healthcare make annual and preventative healthcare cost-prohibitive for financially vulnerable employees.
We hope you were able to join us for our most recent Virtual Town Hall session, featuring retirement benefits expert Renee Shew, Vice President of Mutual America Financial Group. Renee gave us an incredibly dynamic overview of why it’s so critical that you invest in the financial wellness of your workforce, and she shared tools, strategies and resources to help you boost the financial security of your employees.
Join us for our next virtual town hall on October 29th at 10am PT featuring retirement benefits expert Renee Shew, Vice President of Mutual America Financial Group. With an estimated 27% of Americans surveyed have recently had to tap into their retirement savings to offset financial hardship due to COVID-19, the pandemic is having a significant impact on employee financial health. Renee will share tools and resources to mitigate this threat to your employees’ financial future.
