Health insurance is often offered as a perk of full-time employment. No business can get by without offering their employees some voluntary benefits for both full-timers and part-time employees or remote workers. However, this arrangement can present a hardship on smaller businesses, especially during these uncertain times when commerce has already dropped. Let’s review some health insurance concerns to help you make the most of a bad situation!
Compare Different Plans
One way to improve the welfare of your employees is to compare different available plans. That way, you can find the best coverage for your employees with a minimum of investment. Group insurance is easier to acquire this way, especially when you have options. No obligation quotes are also another reason to shop around before making any decisions.
Provide a Selection of Plans
Another idea is to narrow down the plans you think will be the most attractive and offer different selections or tiers to your employees. Lower premiums and higher deductibles could be the best way to move forward with your plan selection process. Sometimes the reverse is true – higher premiums but lower deductibles that can lower the insurance barriers to getting the proper coverage, care, and treatment when they need it.
Explore HSAs and FSAs
HSAs and FSAs are more options that can be embedded in health insurance plans for everybody. HSA stands for Health Savings Account, and FSA stands for Flexible Spending Account. HSAs can be used to pay into both vision and dental insurance plans, which is a considerable amount of what your employees will need to pay for aside from hospital stays. Given current conditions, they may even need testing for COVID-19.
Take Advantage of Tax Savings
Even though the tax deadline has been extended, it’s still tax season. Using an HSA-compatible plan can lead to immense tax savings. Your employees have more take-home pay and less worry about how much the deductions are going to come out of their paychecks. The money saved from all of this investment will help small businesses thrive.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!