It’s no secret that employees value their benefits. In fact, benefits packages are a top consideration when determining whether to accept a new job. Some surveys even list health insurance as the first priority when it comes to evaluating offered benefits. But selecting just any old health insurance package isn’t necessarily going to attract top talent.
If you want to have the chance to hire the best and brightest in their field, you need to offer a health care package that does more than meet basic needs. With that in mind, here are five things employees want to see in their company insurance.
1. Strong Medical Network
The medical network associated with a health insurance plan dictates where employees can seek treatment. Most people already have relationships with doctors and other medical professionals based on their previous healthcare experiences. And offering a plan that requires them to choose new physicians, clinics, and hospitals may leave some employees wanting.
While no medical network contracts with every medical professional or facility in the area, having a wider selection allows more employees to see their physician of choice. Before choosing a health insurance option to offer your employees, consider how well the associated network will suit their needs. If the network seems insufficient based on your personal requirements, your employees would likely feel the same.
2. Specialty Coverage
Health and wellness don't stop at basic medical professionals. Employees also look for coverage outside of the standard medical community. Dental and optical insurance are highly desirable, as it makes caring for one’s whole self simpler. Additionally, wellness options are also appreciated. This can include alternative treatment options for those who prefer a holistic approach to healthcare.
Even though these aspects are highly desirable when considering company insurance, they can be offered as options, or riders, instead of part of the standard coverage. That way, those who are interested can choose to add the options (for an additional premium cost), and others can bypass the coverage.
Some common riders, besides those previously mentioned, include dependent care, maternity coverage, and physiotherapy. Since these options aren’t needed by every employee, including them as riders helps those interested in the services secure the options they need.
Hospital network riders and geographical area coverage also help widen the appeal of your plan while helping keep company costs low. If your employees travel regularly for work, then having plans that operate internationally is also ideal.
3. Few Plan Exclusions
While specialty coverage is desirable, a large number of exclusions does not make an attractive health insurance package. No plan is exclusion-free, but overly restrictive offerings will frustrate employees.
Certain exclusions are fairly commonplace. For example, cosmetic and bariatric weight loss procedures are optional treatments more often than considered medically necessary. That means having those exclusions in the plan won’t negatively impact how employees view the insurance offering. However, restrictions beyond the norm won’t reflect positively on your business.
4. Reasonable Deductibles, Co-Insurance, and Premiums
Deductibles are fixed costs employees owe when they obtain covered care. Lower deductibles make it easier to receive treatment as the upfront costs are minimized. Many visits to medical professionals are unplanned, so having a high deductible makes obtaining necessary care more challenging.
Co-insurance is the portion an employee owes after services are rendered. Often, these costs are based on a set percentage depending on the type of treatment received. While these costs might not be due upfront, higher co-insurance means employees will owe a larger sum when the time comes to pay. Keeping co-insurance percentages low is an attractive benefit to many employees, and should be a major consideration when companies choose plans.
Health insurance premiums are a major expense for any employee. But that doesn’t mean your business should focus on low premiums first. Often, lower premiums mean higher deductibles and co-insurance payments. Instead, aim to keep premiums reasonable for the coverage being offered. Since premiums are fixed for at least the calendar year, employees can predict what is owed on a monthly basis. As long as the premium is appropriate for the coverage, and competitive when looking at competitor offerings, employees will generally be pleased.
5. Preventative Care and Wellness
Healthy employees are more productive than their unhealthy counterparts. Therefore, choosing insurance that supports employee health and wellness not only benefits them as individuals, but it also helps your company’s bottom line.
One way a healthcare plan can help promote wellness is by including free or low-cost preventative care. This encourages employees to monitor their general health on a regular basis and helps identify warning signs of potential problems before they do real damage. By including these benefits as part of the premium, employees feel supported in their decision to receive the care they need, which is an attractive feature of any work environment.
Similarly, having wellness programs designed to assist employees in maintaining a healthier lifestyle are also desirable. This demonstrates the business support workers as whole people and fosters a more productive work environment overall.
Even though healthcare costs are rising, your company can support its employee by offering comprehensive group healthcare plans that rival top individual medical insurance offerings currently available. And UAE businesses focused on providing the most desirable medical plan features may find it easier to attract the talented employees they need to improve their standing. Ultimately, that makes it a win-win scenario for you and your employees, which is normally the best outcome imaginable.