Health benefits are a touchy subject for most, because health insurance costs a 
lot and some employers pay for the insurance while others don’t. Health insurance policies also vary widely, and it can be hard to know if your employees are getting the coverage that best suits their medical needs.
See the article below to compare employee health benefit structures.
Employee-Owned vs. Company-Owned
This matters a lot. As a consumer, do your employees get to keep the insurance coverage when they leave the company? As a consumer, do your employees get to pick the insurance policy that covers the items they need insured? As a consumer, do your employees get to choose how expensive of a plan they buy?
Health insurance covers individuals and it covers families, my recommendation is that it benefits employees if they are able to completely manage the finances of their medical needs.
Employer-Funded vs. Employer-Sponsored vs. No Insurance Contribution
Just because an employer isn’t purchasing a group health plan, doesn’t mean they’re leaving employees with no help. The three major strategies for employer contributions are:
- Use software to reimburse your employees for the individual health insurance they buy (employers can choose to reimburse some or all of employees’ monthly premiums)
- Contribute pre-tax to employees’ Health Savings Accounts (HSAs)
- Offer (substantial) stipends for participation in wellness programs, such as a gym membership
Conclusion
Regardless of whether your company has a significant budget for employee health benefits or is looking to offering health benefits for the first time, take the time to find a solution that better fits your business and employee needs. To learn more about individual health insurance reimbursement, see the guide below.
What questions do you have about comparing employee health benefit solutions? Comment on our blog below!
