This is a sponsored post by UnitedHealthcare. All thoughts and opinions are my own.
Let's face it.
Small businesses have a lot of trouble attracting and retaining good talent. The most talented people still prefer to work for larger companies.
And it's not always about a higher paycheck or a about the reputation of working for a bigger firm.
The Staggering Insurance Gap
One key reason why people prefer to work in bigger organizations is because smaller businesses don't offer the best health benefits. Only 54% of SMBs (with less than 200 employees) offer traditional health insurance to their employees, compared to 98% of large organizations.
But what if you do offer health insurance? Is that good enough?
Employees are Hardly Satisfied
As the debate about the Affordable care rages on, we can all agree on one thing - that we don't agree on what the best approach to healthcare coverage!
Even if you do offer insurance, some of your employees will find it excessively expensive, while others will feel that it's inadequate. A large percentage will wish that they had more flexibility in choosing their healthcare coverage.
What stops Employers from Offering Insurance?
Why don't more employers offer health insurance?
First of all, it's the cost. Insurance premiums are high, and have been rising. Most small businesses are not profitable enough to spend on insurance. But because they can't afford insurance, good people don't join them and they have high attrition. And to complete the vicious cycle, a lack of great talent means that they are unable to become more profitable.
Moreover, most of the insurance industry is complicated to understand and navigate. According to the Superstore Quant Report, 2015 National Accounts Client Scorecard Survey, employers consider choosing the right health plan as time consuming and confusing.
If you are a startup, do you really have the bandwidth to figure out the best insurance option? Hardly! But if you don't do enough research, you might end up with a plan which your employees are unhappy with.
Not offering health insurance has another pitfall. Health has a huge impact on productivity and emotional well-being, in three ways.
First, an employee who is insured will feel far more secure about their own and their family's well-being. It's a lot easier to focus on your work if you know that your health is in good hands.
Second, an insured employee will have the opportunity to get regular check-ups done and will therefore be healthier than their uninsured counterparts. They will take fewer sick days, which directly translate into more productivity for their employer.
But perhaps the most important benefit is that insured employees feel more cared for by their employers. As a result, they will have a greater sense of loyalty towards their company. They will be far more committed to the company's success and motivated to do their best.
There are several challenges SMBs and their employees face in acquiring health insurance. Is there a way to make the process simple and affordable - for both employees and employers?
The Solution - UnitedHealthcare's Online Insurance Shopping Portal
The three major concerns for both employers and employees in healthcare insurance are cost, coverage and complexity.
To overcome these challenges, UnitedHealthCare has launched an insurance shopping portal that has made the process of choosing insurance simple and more affordable. This portal is especially designed for small businesses with 2- 50 employees.
The portal is extremely easy to navigate. You can actually choose a plan for your company within as little as twenty minutes. The portal displays all the plans available in each location and the providers, specialists and hospitals within a network.
If you have a question at any point of time, UHC experts are also available to assist you in the purchasing process over phone or email. You can also click on several ‘learn more’ buttons to clarify your doubts.
Employees have a choice
The best thing about the platform is that you don’t need to pick one single plan for every single employee. You can offer a selection of plans and each employee can choose the one that suits them best – depending on their and their family’s needs. The ability to make this choice is a huge benefit for employees.
Moreover, this also saves you the trouble of investing a huge amount of time in analysing which particular plan might be the right fit for most of your employees.
The portal lets you determine how much you will spend as the employer’s contribution. If an employee wishes to take a plan that costs more, they simply pay the balance. Your business cost remains the same regardless of which plan your employees choose.
Here's how it works in a simple three step process:
You begin by entering your location and that gives you the list of plans available in your area. You have the option to make all the plans available to your employees, or make a selection from the list.
Next, you enter basic information like age and gender of employees and their family, you are shown the amount that you have to pay. This can be uploaded manually or through an excel file, Quickbooks or Xero.
Finally, you decide what you will pay depending on the budget that you have already allocated. If any plan exceeds the allocated outlay per person, your employee pays the balance.
Then each of your employees goes through all the available plans. They have the freedom to choose the one that suits their needs and their budget.
It’s about your Profitability
Health Insurance isn’t just about your people’s health. It’s about productivity and consequently your company’s profitability. And now that it’s so simple, why hold yourself back from getting insurance?
Check out the simple and affordable process is at the UnitedHealthcare website.
Disclaimer : The views expressed do not reflect those of UnitedHealthcare nor its affiliates. They are the personal opinions of the authors. While UnitedHealthcare has made every attempt to ensure accuracy, the information contained in these blogs may change and UnitedHealthcare assumes no responsibility for errors, omissions, contrary interpretations of the subject matter or information herein or for any losses, injuries, or damages arising from its display or use. These blogs may connect to other websites maintained by third parties over whom UnitedHealthcare has no control. UnitedHealthcare makes no representations as to accuracy, completeness, suitability, or validity of any information contained in those linked blogs or third party websites. Blogs are for general informational purposes only and not intended to be medical advice or a substitute for professional health care.