As an employer seeking the best workforce possible, it helps to be able to offer quality health insurance as part of a compensation package. However, for small- to medium-sized businesses, it may require careful budgeting to afford such a plan. Below are some suggestions to help you get the most for your insurance dollar and attract top talent to your company.

3 Tips for Designing an Employee Health Insurance Plan

1. Be Aware of Employee Demographics

When designing your group health plan, consider who your employees are. If they’re mostly young, single, and carefree, consider plans with lower premium amounts, higher deductibles, and flexible spending accounts. Young people are less likely to rely on their insurance plans and often prefer to minimize costs, whereas older employees and parents will likely prefer lower deductibles and more comprehensive coverage, even at the expense of higher monthly premiums.

2. Understand Your Options

The three main types of plans you can provide are as follows: 1) defined benefit plans, where you provide certain benefits if the employee seeks health services within a care network; 2) defined contribution plans, where you provide employees with an allowance and let them select from an options menu; and 3) a professional employer organization (PEO), which is an outsourcing firm that provides services to SMBs—including payroll duties and providing health insurance. The first option is usually the most popular with employees, but be sure the network isn’t restrictively small.

3. Consider Starting a Wellness Program

Wellness programs focus on early diagnosis and prevention, minimizing the ultimate cost of premiums.  For instance, some employers provide fitness trackers to encourage their team to stay in shape, lose weight, quit smoking, and eat a healthy diet. This approach often saves them money over the long run.

To design a group health insurance plan for your employees, contact Blocker Insurance Agency in Cleveland, GA. They’ve served businesses and individuals in and around White County since 2008. In addition to health care coverage, they also specialize in auto, home, life, RV, and renters insurance. Visit their website to submit a contact request form or call (706) 865-1072 to request a quote from a friendly, knowledgeable insurance agent.