When it comes to offering health benefits to your employees, the stakes are high. Health coverage is not just a regulatory requirement for many businesses—it’s also a critical tool for attracting and retaining top talent. But navigating the world of health benefits can feel daunting. This guide will help you make informed decisions, avoid common pitfalls, and create a program that works for both your business and your employees.
Understand the Legal Landscape
Healthcare is one of the most heavily regulated sectors, and as a business owner, it’s crucial to understand the laws that apply to your company. The Affordable Care Act (ACA) mandates that employers must provide health insurance that's affordable and meets minimum value requirements to at least 95% of full-time employees and their dependents.
Failing to comply with these requirements can lead to costly penalties, but partnering with Meridio ensures you’re meeting regulatory standards while giving your employees the coverage they need.
Know What Matters to Your Employees
One of the biggest mistakes business owners make is assuming they know what their employees want. Conduct surveys or hold meetings to gather input on what your team values most in health insurance.
- Do they prioritize access to mental health services?
- Are affordable premiums and deductibles the main priority?
- Is dental and vision coverage a must-have?
- Do they want access to voluntary benefit plans?
Meridio’s flexible offerings make it easy to tailor a benefits package that resonates with your workforce. For instance, healthy employees who primarily need preventive care can benefit from our cost-effective Minimum Essential Coverage (MEC) plan, while those requiring regular medical or mental health services might prefer our Minimum Value (MV) plan. Meridio also offers robust Dental, Vision, and Voluntary coverage options for employees who value those services for their healthcare needs.
Consider a Variety of Factors When Shopping
To create a benefits program that works for everyone, consider these key factors:
- Plan Types: different employees have different needs. Consider offering a mix of plan options such as HMO’s (Health Maintenance Organization), PPO’s (Preferred Provider Organization), or HDHP’s (High-Deductible Health Plan).
- Cost: compare premiums, deductibles, copays, and out-of-pocket maximums to find a balance between affordability and coverage.
- Network Size: check the size and quality of the provider network. Ensure employees have access to their preferred doctors, hospitals, and specialists. A strong network improves satisfaction and ensures employees get the care they need.
- Employer Contribution Level: determine how much of the premium you’ll cover. Many businesses aim for 70-80% to keep plans affordable for employees while staying within budget.
- Administrative Ease: evaluate the administrative burden. Look for a provider that simplifies enrollment, claims processing, and employee communication. A benefits partner that removes the administrative work-load altogether, also saves on your bottom-line.
- Flexibility Options: consider plans with FSAs or HSAs, which allow employees to customize their coverage. Offering voluntary benefits can further enhance your benefits package. Review plan options with open enrollment periods or guaranteed acceptance with no waiting periods, such as Meridio’s Everyday Health plans.
Avoid Common Mistakes
It’s easy to overlook certain factors when shopping for health benefits, be sure to avoid things like:
- Ignoring ACA Compliance: Ensure your plans meet minimum essential coverage and value requirements to avoid penalties. Read more in this blog, the Affordable Care Act and what it means for your business.
- Overlooking Employee Input: Failing to understand what employees want can lead to low satisfaction and wasted resources. It can even be the determining factor when new hires make decisions regarding employment.
- Neglecting Cost Analysis: Focusing solely on premiums without considering deductibles, copays, and out-of-pocket maximums can lead to unexpected expenses.
- Underestimating Administrative Work: A cumbersome plan can frustrate both you and your employees.
Why Choose Meridio?
Meridio specializes in affordable, flexible health benefits tailored to all-sized businesses. With a range of plans including Minimum Essential Coverage (MEC), Minimum Value (MV), Dental, Vision, and Voluntary benefits, we make it easy to offer a comprehensive package that meets your employees’ diverse needs. Our plans are ACA-compliant, cost-effective, and designed to simplify your administrative workload.
Take Action Today
Expanding your health benefits offering is an investment in your employees and your business. By understanding the legal landscape, knowing what your employees need, and carefully evaluating plan options, you can create a benefits package that attracts and retains top talent.
Ready to get started? Contact Meridio today to explore our affordable, employee-focused health plans and build a better future for your team.