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Offering comprehensive health insurance and benefits is not just a perk - it’s an essential component of attracting and retaining quality talent for your business. As a franchise owner, here are the key questions you should consider when thinking about health insurance and benefits for your team:
- What Type of Health Insurance Plans are Available? Understand the coverage options for your team including medical, dental, vision, and mental health services. Evaluate whether the plans align with your team’s needs and preferences. If you’re unsure what their priorities are, just ask them.
- How Much Will it Cost? Determine the cost-sharing arrangement between you as the franchise owner and your workforce. Find plans that work with your financial budget as a business owner and seek to strike a balance between affordability and value in the plans you offer. Learn about the expected premium contributions, deductibles, co-pays, and other out-of-pocket expenses that your workforce may encounter.
- Are There Flexible Plan Options? Ask if the health provider offers flexible plan options that cater to the diverse needs of your team. Some team members may require family coverage, while others might prefer individual plans. Flexibility can enhance your team’s satisfaction and participation rates.
- What is the Network Coverage? Understand the network of healthcare providers and facilities covered by the health plans you’re considering. Access to a wide range of doctors, specialists, and hospitals is important for ensuring your team can receive quality care and peace of mind.
- Are Wellness Programs Included? Inquire about any wellness programs or initiatives included in the health insurance plans. Wellness programs can encourage healthy habits among your team and potentially reduce overall healthcare costs. Think of programs such as, employee fitness challenges, mental health and stress management workshops, or healthy eating initiatives.
- How is Prescription Medication Covered? Ensure that prescription medication coverage is part of the health insurance package you plan to offer your team. The number of U.S. adults who report taking at least one prescription medication per day is now 70%. Understand how different types of medications are covered, including generics and brand-name drugs.
Source: Civic Science Poll 2023
- What About Retirement and Savings Plans? In addition to health insurance, inquire about retirement and savings plans such as 401(k), Roth IRAs, and other options. Providing your team with a way to save for their future can enhance their financial security and job satisfaction.
- How is Coverage Administered? Ask about the administrative process for enrolling in and managing health plans. What is the expectation for you rolling out and marketing the health plan and how can you help make the enrollment process successful for your team? Is there an online portal for workers to access information? How are claims processed and who handles ongoing needs?
- Is Support Available for Employees? Find out if there is a dedicated support system for employees to address their questions or concerns about their health benefits. Access to knowledgeable representatives can help workers navigate their coverage effectively and feel confident when tending to their healthcare needs.
- What is the Enrollment Period? Understand the enrollment period and any deadlines associated with signing up for health benefits. Communicate this information clearly to your team so they can make informed decisions and speak to experts before enrolling.
Navigating health insurance and benefits for your franchise team requires careful consideration and communication. By asking these questions to local brokers and insurance providers, you can ensure your team has access to the coverage they need, thus fostering a healthier and more satisfied workforce.
A well-cared-for team is a happier, more effective one! Meridio offers affordable health plans for franchise owners and their teams, to learn more click here.