For many employees, the health insurance component of a benefits package can be more important than vacation time, a 401K, a company vehicle, or stock options. That’s because access to affordable healthcare means a better quality of life, both physically and mentally.
Many employer-sponsored health plans don’t cut it. Employees end up paying high out-of-pocket expenses and forgoing preventive healthcare to save money. Throw in the rising costs of insurance premiums, and employees can end up in a tight spot.
If you’re an employer, you have a vested interest in offering insurance that meets your employees’ healthcare needs. Doing so creates a better work-life balance and results in a happier, more productive workforce.
But that’s just the tip of the iceberg. Let’s explain how offering affordable health insurance to your employees will impact your business and the people working to make it successful.
The burden of expensive health insurance
Employees often find comfort in working for a business that provides a group health insurance plan. They’re getting the type of coverage they couldn’t afford on their own. Unfortunately, many people quickly find there are strings attached, and coverage doesn’t come so easily.
Costly employer-sponsored health insurance has become commonplace throughout the country. When a health issue arises, insured employees can be faced with unexpected and costly medical debt that can be devastating to their finances. Sometimes, even simple things like a seasonal cold or minor injury can result in financial strain. This scenario often happens when an insurance plan doesn’t cover lab work or scans. Or high premiums eat into an employee’s paycheck.
In these cases, expensive health insurance can have a domino effect that impacts the employee and employer.
Opting out of care
One of the most common things that happens when an employee can’t afford healthcare is simply choosing not to get it. The thought of high copays and deductibles makes it easier to either ignore a health issue altogether or put off treating it.
This often results in the insured getting sicker and needing more in-depth or urgent treatment that ends up costing more. At this point, the employer has a staff member who’s unable to work and needs expensive care.
Less focus on preventive care
There’s no denying the immense value of ongoing preventive care. It has consistently demonstrated its ability to proactively identify and address health concerns before they escalate into more severe issues.
However, employees stuck with an expensive health insurance plan tend to do away with preventive care measures. Things like annual check-ups and routine blood work get ignored as a way of saving money.
The impact of stress
Opting out of treatment and preventive care due to the fear of high copays, deductibles, and premiums ends up triggering ongoing stress. Sometimes, anxiety is debilitating and can exacerbate existing health issues or cause new ones.
Employers know that employee stress can be detrimental to workplace morale and productivity. If employees cannot get the help they need to deal with high levels of constant stress, they may search for another company that offers affordable health insurance that covers what they need.
Access to healthcare: a game-changer for employees
When people feel empowered to take control of their health, they respond accordingly. Employers who offer affordable health insurance put the well-being of their talent front and center so employees feel physically and mentally sound.
It starts with preventive care. When employees aren’t worried about access to medication, high copays, and even higher premiums, they take advantage of preventive health measures that reduce the risk of illness.
Preventive care includes:
- Vaccinations
- Blood pressure tests
- Diabetes screening
- Cancer screening
- Cholesterol tests
- Mental health assessments
Annual check-ups with a primary care physician usually address these preventive care measures. Unfortunately, the number of people who attend their routine visits is declining.
Stress is a health issue on its own. For those lacking access to affordable care, the financial stress of mitigating health issues can become a vicious cycle. Ongoing stress may lead to depression, anxiety, and insomnia. It’s also linked to heart disease, obesity, diabetes, and migraines.
Inexpensive employer-sponsored insurance eliminates this stress, giving employees peace of mind by empowering them to get the necessary preventive care—the result – employees who are healthy, happy, and productive.
Why an affordable insurance plan is key for businesses
As an employer, offering affordable health insurance to job seekers and existing staff makes life easier for you. By providing affordable healthcare, you’re improving the lives of your employees, but there are other advantages many businesses overlook. Affordable health insurance attracts top talent, reduces absenteeism, and boosts the reputation of businesses.
Attract high-quality talent
Hiring top industry talent is a difficult process. Job seekers look closely at a business’s benefits to ensure they meet their needs. Offering an accessible and affordable health insurance plan is an effective tool for attracting and recruiting new employees who’ll stay for the long haul.
Cut down on absenteeism
Employees with access to affordable insurance are more likely to be proactive about preventive care. Doing so reduces the risk of illness and the need for employee sick leave. For a business, this means higher productivity and lower staff stress.
Boost brand reputation
Businesses that prioritize employee well-being are valued more today than ever before. In addition to attracting top talent, a health-centric ethos can enhance their reputation with consumers. Better reputations leads to higher sales, brand recognition, and customer loyalty.
Elevate your company culture
Healthier, happier employees make for a more positive and encouraging work environment. By offering affordable healthcare, your staff will feel more appreciated and willing to go the extra mile for the business and their coworkers. The best talent deserves the best care. Showing your employees you invest in their overall well-being can be a game changer for the morale and loyalty of your team.
Cost-effectiveness
A high-quality, affordable health insurance plan may seem expensive at first. However, when you empower your employees to be proactive about their health, they’re less likely to need costly medical care to treat serious illness. Preventive care reduces long-term healthcare costs for you and your employees.
Businesses should provide affordable health insurance
Many employer-based health insurance plans provide comprehensive coverage but include hidden costs, limited care, and other challenges that prevent employees from getting the help they need. Employers must make an informed decision when choosing a plan.
Here are some points to consider when looking for affordable healthcare:
- Determine your budget upfront to know which plans align with your financial capabilities.
- Collect data surrounding your staff’s healthcare needs and family demographics when deciding on coverage.
- An extensive provider network gives your employees a better selection of primary care physicians and specialists.
- Keep your eye out for plans that include wellness programs aimed at preventive care.
- Educate yourself on insurance laws and regulations to ensure your business is compliant.
- Once you choose a plan, ensure your employees understand how to utilize their coverage.
It’s all about finding comprehensive health insurance employees can feel good about. Once you do that, your staff will benefit from better health, peace of mind, and the knowledge that you’ve got their back.
Affordable healthcare will also give your business a strong infrastructure backed by a positive work culture. It’s a win-win.