There are plenty of things that can hurt your employees’ productivity levels. One such thing is stress due to financial concerns. Medical care costs are a major financial concern for many people, including your employees. Fortunately, there are some things you can do to reduce the burden of medical costs.
Cover More of Their Premiums
Monthly premiums must be paid to keep an insurance policy. In 2021, the average individual health insurance premium was $452 per month. Family coverage is more costly. That can be a significant financial burden for your employees.
Covering some, or even all of their premiums can significantly reduce the burden of medical costs on your employees. Look at your budget and see how much of your employees’ premiums make sense for you to cover on their behalf as a part of their benefits package.
Give Them Plan Options
If you want your employees to be happy with the health insurance they get through your business, give them multiple plan options to choose from. Health insurance isn’t meant to be a one-size-fits-all sort of thing. Offering plans that have varying deductibles and premiums can help them find an option that makes sense financially and gets them the coverage they need.
Make sure you offer options that include an HSA or FSA. FSAs and HSAs help employees cover out-of-pocket medical costs. Take your burden-reduction efforts to the next level by matching employee contributions to these accounts.
Encourage Healthy Living with Workplace Wellness Programs
One of the best ways to reduce medical costs is to take a proactive and preventive approach to health care. By preserving health, you reduce the incidence and risk of illness and disease. Workplace wellness programs can encourage employees to make healthier decisions about eating and exercising, manage stress more effectively, and smoke less. It takes work to make a workplace wellness program effective, but the payoff in employee health and the reduction in associated costs should be worth it.
Reducing the burden of medical costs is just one way you can show your employees you’re invested in their well-being. The more you do as an employer to take good care of your employees, the more loyal they’ll feel towards your business. Loyal employees are worth their weight in gold. They’ll work hard for you and take good care of both your business and its customers. At the end of the day, taking care of your employees is the best way to do business.
Here’s more to read: How to Ensure Your Employees Practice Good Network Security