25 Mar How Business Owners & HR Can Offer Better Healthcare Benefits
strategies to enhance healthcare benefits
📖 What Are Employee Healthcare Benefits?
Employee healthcare benefits include medical, dental, and vision insurance provided by employers to support employee well-being. (Offer Better Healthcare Benefits)
These benefits can:
✔ Attract top talent – 88% of employees consider healthcare coverage a key job factor.
✔ Reduce absenteeism – Healthier employees mean higher productivity.
✔ Provide tax advantages – Employers can reduce payroll taxes with pre-tax benefits.
💡 7 Smart Healthcare Benefits Strategies for Employers
- Offer a Section 125 Plan to Save on Taxes 💰
A Section 125 Plan (also called a Cafeteria Plan) from The Policy Shop helps businesses and employees reduce taxable income and lower payroll taxes.
How Section 125 Benefits Employers & Employees:
✔ Employees pay health insurance premiums with pre-tax dollars, increasing their take-home pay.
✔ Employers save 7.65% on payroll taxes per participating employee.
✔ Includes medical, dental, and vision insurance, Flexible Spending Accounts (FSA), and dependent care benefits.
🔹 Pro Tip: Small businesses using a Section 125 Plan save thousands in taxes annually!
- Provide Affordable Group Health Insurance Plans 🏥
Group health insurance is a cost-effective way to offer coverage. Consider:
✔ PPO Plans – Greater provider flexibility.
✔ HMO Plans – Lower premiums & managed care.
✔ High Deductible Health Plans (HDHP) – Works with Health Savings Accounts (HSA) for tax savings.
🔹 Pro Tip: Adding an HSA to a High Deductible Plan allows employees to save for medical expenses tax-free!
- Offer Telemedicine & Virtual Healthcare Options 📱
With rising healthcare costs, telemedicine offers convenient, low-cost healthcare access:
✔ 24/7 doctor consultations – Reduces time off work.
✔ Lower costs for minor illnesses – Cuts ER & urgent care visits.
✔ Increases employee engagement – Easy access to healthcare boosts satisfaction.
🔹 Pro Tip: 67% of employees prefer virtual health options over in-person visits!
- Include Vision & Dental Insurance for Complete Coverage 👀🦷
Adding vision and dental insurance helps employees stay healthy and reduces long-term healthcare costs.
✔ Dental plans – Cover preventive cleanings, fillings, and major procedures.
✔ Vision plans – Provide free or discounted eye exams, glasses, and contacts.
🔹 Pro Tip: Section 125 Plans from The Policy Shop include vision & dental coverage pre-tax!
- Invest in Employee Wellness Programs 🏋️♂️
A strong workplace wellness program reduces healthcare costs and boosts employee productivity. Consider:
✔ Gym membership reimbursements – Encourages fitness.
✔ On-site health screenings – Helps employees detect health issues early.
✔ Mental health support – Therapy and stress management services.
🔹 Pro Tip: Companies with wellness programs experience a 25% reduction in absenteeism!
- Offer Flexible Spending Accounts (FSAs) for Medical Expenses 💳
A Flexible Spending Account (FSA) helps employees pay for out-of-pocket medical expenses tax-free.
✔ Covers co-pays, prescriptions, and medical supplies.
✔ Funds are deducted pre-tax, reducing taxable income.
✔ Employers save on payroll taxes when employees participate.
🔹 Pro Tip: The Policy Shop’s Section 125 Plan includes an FSA option to maximize savings!
- Educate Employees on Their Healthcare Benefits 🎓
Many employees don’t fully understand their benefits, leading to underutilization. Strategies to improve engagement:
✔ Host annual benefits workshops – Explain coverage options.
✔ Provide clear, easy-to-read benefit summaries.
✔ Use an online portal for employees to track benefits and claims.
🔹 Pro Tip: HR teams that educate employees see a 50% increase in benefits participation!
🎯 Conclusion: Build a Better Healthcare Benefits Package Today
Providing strong healthcare benefits is essential for attracting talent, improving employee retention, and reducing absenteeism. By leveraging The Policy Shop’s Section 125 Plan, group health insurance, FSAs, and wellness programs, businesses can offer top-tier benefits while saving on taxes.
✅ Key Takeaways:
✔ A Section 125 Plan reduces payroll taxes while helping employees save.
✔ Offering telemedicine & wellness programs improves workplace productivity.
✔ Providing FSAs & vision/dental insurance increases employee satisfaction.
✔ Educating employees about their benefits ensures higher participation.
🚀 Want to offer better healthcare benefits? Contact The Policy Shop today!