Why do employers need an enhanced healthcare benefits plan and how can they achieve it?

Today, the world is consumed by the word ‘Competition’ & the market has become a ticking bomb. Correct timing & a right plan of action is what companies need to win the battle. In order to master these two factors, companies require an army of brilliant employees to support their cause. It’s not easy but companies are willing to shell out a handsome sum of money to hire the best from the crowd. Sadly, that’s not enough. Employees today demand a healthy lifestyle which requires a lot more than a six-figure salary. Benefits such as health insurance have become a highlight of their list of demands. And why wouldn’t be?

Healthcare costs in the US are at an all-time high. As per a survey done in 2017, the average healthcare cost of a person per year is $10,739 & it is expected to rise by 3.9% by 2020. Thinking about the future, employees tend to work for companies that offer the best package (good salary + healthcare benefits). But there is one major problem. Not many companies offer a healthcare plan to their employees. In the employers’ defence, a healthcare plan puts pressure on the company’s finances which in turn adds to their losses. No sound employer would like that, isn’t it? Luckily, the government has come to the rescue of the employees.

Why employers can’t go against the Affordable Care Act?

On March 23rd, 2010 Mr. Barak Obama ushered the Affordable Care Act into the limelight which directed companies (having more than 50 full-time employees) to offer enhanced healthcare benefits plan to 95% their employees. If any company dared to go against it, a hefty fine of $3750 (per employee per year) will be added to its list of expenses. This was a revolutionary move which adds another challenge in the book of the employer-employee relationship. But there is a twist in it. Though this act is a huge win for the employees, it is not a total nightmare for the employers. Fortunately, there is a list of requirements that both parties have to fulfil according to which a healthcare plan can become a topic for discussion. It’s smart & convenient for both parties.

How can an employer provide an enhanced healthcare benefits plan & be happy about it?

After Affordable Care Act hovering over their head and a constant demand for healthcare plan by the employees, employers have no option but to offer an enhanced healthcare benefits plan & act happy about it. But how can they do that? Luckily, there is an easy way out for the employers.

1.     Choose a reasonable healthcare provider- It is pretty clear that companies have to take a look at its budget while offering healthcare benefits to their employees. There is no denying that but no one said that it is mandatory for an employer to choose the most expensive provider in the market. If you have the budget for it then be my guest. If not, choose a healthcare provider that won’t hurt your wallet and will cover all essential benefits that will make an employee happy.

2.     A doctor’s clinic has the potential as well- Today, many companies have steered their wagon towards the doctor’s clinic. It’s cheap and clinically effective.

3.     Let the employee do the talking- Every employee follows a unique healthcare routine & will require a different set of healthcare benefits according to his/her requirement. If both parties want to stay on the same page, employers should allow their employees to personalize their own healthcare policy. It will add a unique touch to their relationship.

Health is wealth and everyone is quite serious about it. If a healthcare plan helps a company to attract and hire the best employees, then it is worth a shot. They will see the benefit (productive hours) in the long run for sure.