Is your business suffering from high turnover rates? Depending on your industry, you could be seeing quit rates from the tech sector’s 13.8% to retail’s 60%. The reasons vary, but most business experts would agree that employers will find it easier to attract and retain top talent by offering solid benefits, including healthcare.
In fact, by offering additional health benefits, you can improve employee engagement and reduce your turnover rates. Here’s how.
As it stands, most employers already offer some type of health insurance policy. But these group plans don’t always offer the sorts of benefits that employees want. And even those with the right benefits come with high deductibles or high out-of-pocket limits that don’t prove adequate for major life events.
For example, it’s not unusual for healthcare plans to have a $5,000 deductible and a $12,000 out-of-pocket limit, which can be financially devastating if you have an accident or plan to have a baby.
Employers can keep employees engaged by offering additional health benefits that go beyond the traditional health plan. Here are some ways that you can step up your benefits game to attract and retain your best talent.
What is supplemental healthcare? Supplemental insurance is a separate healthcare policy designed to complement an employee’s existing insurance plan. Supplemental coverage typically assists with out-of-pocket costs, such as deductibles, prescriptions, or other services.
Employees can use a supplemental policy to aid in the high costs of their primary plan or to cover expenses that the insurance provider won’t necessarily cover, such as dental or vision. Many providers can also tailor plans unique to the needs of their employees for a customized form of coverage.
Many patients are growing accustomed to the convenience of telehealth services. The right healthcare provider can offer your workforce remote options such as:
These online options offer the highest standard of medical care, all while providing the convenience of an appointment that meets from anywhere in the world. Additionally, programs like Simpay’s fully compliant Select Plus make accepting payments for these appointments seamless and cost-effective.
Roughly 67% of the American population uses prescription medication. Unfortunately, many health insurance providers don’t fully cover the cost of prescription drugs.
Offering supplemental healthcare to your employees can help them afford their medication. This is especially important for employees who take medication for chronic conditions, such as asthma or diabetes.
Beyond the immediate healthcare benefits, many employers discover the attractive power of general wellness benefits. Many supplemental healthcare providers can offer options such as:
These sorts of supplemental benefits give your employees a more holistic form of care, which can be a powerful incentive to remain loyal to the company.
If you’re a business owner, you can get started today by searching out a supplemental healthcare provider. Live Life Healthy Healthcare offers a variety of benefits that include telemedicine, prescription drugs, wellness screenings, and more.
Employers who provide additional health benefits can expect higher levels of employee engagement with lower levels of turnover along the way.