Every employer has to consider the needs of their employees. Although offering vision benefits, dental coverage, and overall wellness programs are a solid start, you cannot overlook other factors such as mental health. An employee who is feeling overwhelmed and burnt out due to non-workplace related stressors will not be able to perform at the standard you expect. This issue can be compounded when your business is undergoing turmoil caused by another transition. Employee turnover can take a huge toll on all of you, which is why comprehensive health plans are such a necessity in this day and age.
A Quick Look at the Differences
Before we can continue, it behooves us to differentiate between these two plans. The fully-insured health plan is the conventional one that most employers will extend to their teams. For instance, the company will pay a premium fee to the insurance carrier. The rates associated with the premium are locked in for the next year meaning that they won’t fluctuate from month to month. This arrangement remains static as long as the number of enrolled employees doesn’t change. When inevitable scenarios such as roster changes occur, then a new insurance plan will emerge accordingly: namely, the premium will change. Deductibles and co-pays fall to the covered employees to pay, but the costs involved will be much easier to swallow.
The Definition of “Self-Insured”
However, every company will be operating under different circumstances. Sometimes, it might not make sense to deploy fully-insured health plans. Instead, self-insured health plans can be just as beneficial. You might also have heard of them referred to as Section 105 plans – but in essence, this is where the company organizes their own configuration of health coverage plans. Third-party administrators are involved in this process to help ensure that fixed costs and variable costs are adequately addressed on time.
The Utility of HRA Programs
Offering your employees HRA programs can also help boost morale and give them another avenue towards the health insurance they need. Health reimbursement arrangements can provide the best of both worlds – many daily tasks are automated, and claims processes are handled by insurance carriers. Regardless, applicable costs are kept under control!
A Customer Testimonial
Now, we’d like to switch gears and tell you about another pleased customer. Andrea Pinnock of the IAM National Pension Fund needed help with an insurance claim. Her claim was submitted and processed extremely quickly. “Dale and his team were very responsive to my inquiries and followed up to confirm if my claim had been process[ed]. Their time and efforts were very much appreciated.” Nicely done, Dale!
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 Partnership 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!