Health care. You love it, but you also hate it. You’ve got double-digit premium increases and plenty of unknowns.
As a business owner, you want your company’s health care plan to help you retain your employees, but you also need to be able to control your costs. With possible additional changes to the health care landscape coming from the new administration, it’s going to get even more confusing. What’s an employer supposed to do? Who knew health care could be so complicated?
Many employers are being proactive by exploring the option to move their health care program to a self-funding model. Self-funding can help you customize your benefits specifically for your business and adjust components of the plan as your needs change. In addition, you are not subject to state mandates. Come claim time, you pay only for actual claims, not anticipated claims. That can really make a difference! A self-funded plan, particularly when combined with a high-deductible health plan, can help achieve your goal of high quality and affordability.
To further enhance your program, pair your self-funded health plan with a range of different voluntary benefits offerings, like Voluntary Term Insurance, Voluntary Disability Insurance, and Voluntary Accident Insurance, which can be added at no additional cost to your bottom line. A Voluntary Accident policy pays cash benefits directly to the employee for bills from a covered accident and can help cover a higher deductible. A Voluntary Disability policy pays up to 60% of an employee’s salary if he becomes sick or injured off the job, so employees won’t be trying to claim that an injury happened at work instead of at home. And a Voluntary Term policy supplements the group life insurance your employees already have with additional term life coverage up to five times their income in order to better protect their families if they die prematurely.
Adding voluntary benefits to a self-funded health plan can enhance your employees’ engagement in your overall benefits package by allowing them to tailor the plan to what they believe is best for themselves and their families, which can translate to happier, more productive employees. Talk to your Pekin Insurance independent agent today to find out more on how a combination of self-funding your health plan and adding voluntary benefits can work for you and for your employees.