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Building a competitive employee benefits package

Posted by Julio Iturriaga

In this day and age, potential employees are looking to get different things out of their careers. Common sentiments expressed among younger people entering the workforce are flexibility and telecommuting, often just as important as a paycheck. However, as an employer, you will need to create a healthcare plan that appeals and works for the greatest number of your employees.

How can you build a plan that is competitive and still attracts the attention of top talent? Well, there are several different areas that can be focused in on. The first step will be to cover the basic, federally-mandated benefits, but the truth is every employer should go farther than that. What are the optional benefits that are necessary to include, such as eye coverage or dental? Will the employees take advantage of what is offered, or will they look for alternate plans?

Affordability is certainly something that you will want to focus in on as much as possible. While you should not look for cheap options, there are ways to help reduce those costs. Adjusting spousal coverage, for example, or creating programs where employees are encouraged to maintain their health in order to have the company pay part of their premiums. Companies can only kelseycare_blog_post_feat_img_benefits.pngafford so much when it comes to health care, so finances should be spent wisely.

High-deductible healthcare plans have become increasingly popular in recent years, especially among the younger part of the overall workforce. Millennials are much less likely to need health care on an ongoing basis, or could even still be on their parents' plans. These high-deductible plans mean that the company will not be on the hook for expensive premium payments or need to deal with major claims down the line. With younger employees, this is the best way to go, as it can save the company thousands of dollars over the years.

Of course, one of the more popular options among employers is Health Maintenance Organizations, or HMOs. The traditional value proposition of HMOs is that the company's employees give up a little bit of freedom, sticking to one general physician, in exchange for lower overall costs. HMOs tend to draw a large pool of doctors through their extensive networks.

Learn how we can save you 15-20% on your company's total medical costs.

Posted by Julio Iturriaga

Julio Iturriaga is the manager of Sales and Business Development for Kelsey-Seybold Clinic.

Our team is committed to promptly and expertly managing all your inquiries and providing you with the exceptional service that you expect and deserve. To get started, complete a Get a Quote form. We will contact you within one business day or you can call the KelseyCare Get a Quote Line at 713-442-3456.

Topics: Costs of Employee Benefits

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