Reassure Your Employees About Insurance Benefits After Their Divorce

Marriages end. Healthcare needs don’t. If your employee goes through a divorce, they will already be worried about how their circumstances and state of mind could affect their employment. Support them by being prepared to answer the questions they will inevitably have about their Michigan employee benefits.
insurance benefits after divorce

If your employee was on their spouse’s insurance plan, how can they get their own coverage now?

If an employee was on their ex’s employer-sponsored health plan, with divorce comes the end of that coverage. If your employee has never taken advantage of the benefits your company offers, now they’ll want and need to know everything, but they’ll be daunted about where to start.

Your employee can sign up for coverage outside the regular enrollment period if they have lost coverage from another source. Any major life change should be discussed with your health insurance benefits expert. They will help guide your employees through the shifts in their new reality so they choose the best coverage possible for this time in their lives.

If your employee wants their former spouse off their health insurance, what needs to happen?

It’s not about whether your employee wants their ex off their insurance, it’s simply a matter of when. The laws states that only dependent children and spouse can be covered on your employee’s insurance policy.

Health insurance companies need to be notified when there is a change in marital status. Some insurers view a legal separation as the equivalent of divorce, stopping coverage for a separated spouse before the divorce is finalized.

How will life insurance benefits change?

Sometimes divorce settlements include the naming of a former spouse as a life insurance beneficiary as a sort of insurance policy in and of itself to replace alimony or child support payments that can no longer be disbursed.

This is a personal matter that your employee will have to hash out with their divorce lawyer and their ex. It’s their responsibility to name a beneficiary and, if necessary, change the beneficiary of their life insurance policy, often from the ex-spouse to their children.

Support Your Employees After Their Divorce

The good thing is that your employee has time to prepare for this change so that on the day the divorce papers are officially signed they won’t suddenly be panicking about having zero health insurance.

It’s essential to maintain good communication with your employees about the group benefits your company offers. Let them know they can speak with your human resources team at any time or connect with your insurance specialists to have all their questions answered. Reassure them that the benefits are theirs when they need them and be clear about exactly what’s available.

Michigan group health insurance benefits vary from employer to employer. Understanding the details of the breadth of your own company’s offerings is a complicated matter. Rely on your Michigan employee benefits expert at The Benefits Group to help you support your employees through all the major changes of their lives. Contact us today.

Offering Holistic Health Insurance Benefits Makes You a Better Employer

Offering Holistic Health Insurance Benefits Makes You a Better EmployerHolistic health insurance benefits

Discouraged by traditional medical care, many people are turning to holistic health options to fulfill their healthcare needs. Employers who offer non-traditional wellness benefits coverage are attractive to workers who want more from their Michigan employee benefits than the basics. There are plenty of ways to give prospective and current employees the preventive medicine and specialized healthcare services they want, and it helps to understand why they want it.

Understanding and Supporting Holistic Medical Care

Holistic health care, sometimes referred to as functional medicine, could be considered a back-to-nature, grassroots kind of care. The doctors, nurses, and medical practitioners in this field are interested in digging deep to identify the source of your health concerns, treating from within and not just treating symptoms.

Osteopathic physicians combine this holistic arm of healing with their medical training to offer a viewpoint that considers your overall health and wellness. If you go to your doctor with depression, they’re not going to just give you a medication – they’re going to ask questions about your entire lifestyle, including diet, exercise, environment, habits, and more. Seeing a doctor of osteopathy is big-picture medicine, not just a tiny focus on the problem of the moment.

For people who want to treat their health problems at the source, avoid pharmaceuticals, and improve their wellness from the inside out, having a group health insurance plan that gives them access to their care providers is attractive. Good holistic health insurance benefits can be the difference between an employee who stays and employee who feels no loyalty and has no problem moving on.

Help Your Employees Get and Stay Healthy on Their Terms

Your employees all have unique healthcare needs. One person may be single, healthy, and looking to simply maintain their wellness. Another person has a growing family and are thinking about pediatricians and labor and delivery options. There is an employee who has a chronic disease or a major diagnosis like cancer and he or she wants to supplement their treatment with acupuncture or other holistic methods.

Even if the healthcare practitioners your employees favor do not accept insurance, there are ways your company can help your valued employees get access to the kind of care they want:

• Health savings plans, so employees can take advantage of pre-tax benefits to pay for specialized health care services and practitioners.
• Gym memberships, to encourage overall wellness, even better if the gym is convenient to your location or within the building.
• Diet programs at a flexible cost to make eating healthier easier for every meal of the day.
• More sick days, mental health days, or personal days, so employees can take care of themselves when it’s needed most.
• Flexible unpaid time off, for when there just aren’t enough sick days to go around.
• Telehealth services, so employees can get the kind of medical care they need in the moment without leaving the comfort of their home.
• On-site care, like massage or meditation classes, for encouraging and maintaining wellness even during work hours.
• Healthy lunch options provided gratis on-site or at a discounted price for workers.

Providing specialized healthcare options to your employees isn’t always an easy path to take, but they deserve the best you can offer. Work with a Michigan employee benefits expert at The Benefits Group to discuss what insurance and group benefits are right for your employees. Contact us today regarding holistic health insurance benefits.

Michigan Employee Benefits Trends for 2019

Michigan Employee Benefits Trends for 2019Michigan employee benefits trends

It’s not easy to find and keep qualified talent, but an attractive benefits package can make the difference between high turnover and long-term dedication. Compensation isn’t just about salary but perks too. If you want to keep the employees you have and attract new hires, stay competitive by incorporating these Michigan employee benefits trends.

Happening Health Insurance Trends

Making employees happy about their group health insurance coverage while managing company costs is a juggling act for any business, large or small. There are attractive options that can help you stand out:

  • Services like telehealth mitigate high-cost claims so employees are satisfied with their health insurance and your bottom line isn’t always hitting rock bottom. Most employees jump at the chance to get acute medical care without having to leave their house.
  • Specialized health care services that entice, satisfy, and retain younger employees may be worth the extra cost. Covering in-vitro fertilization (IVF), for example, makes it clear that you’re a family friendly organization.
  • Mental health services for a range of issues and ages helps destigmatize mental health and shows that your company is supportive of these health matters for you and your family, including grief and divorce counseling.

Desirable Non-Traditional Perks

Employees expect a lot from their employers, so do your best to deliver. You’ll make your workers happier, they will love you for it, and you’ll build the reputation as a company that treats its employees well. Non-traditional but welcome options can include:

  • Financial counseling
  • Flexible wellness benefits for diet programs and gym memberships
  • Tuition reimbursement
  • Student loan repayment assistance
  • 529 college savings plans
  • Flexible unpaid time off as needed for adoption, bereavement, family emergencies
  • Paid time off for volunteering
  • Pet insurance

Personalized Michigan Employee Benefits

All employees are not created equal. Family size, health, demographic, living arrangement, married or single or divorced – every person has their own needs. Insurance offerings can deliver or fail to mesh with their life. That’s why choices are so very important.

The biggest employee benefit trend is giving employees the opportunity to personalize their benefits for their needs. It’s important to communicate these benefits in the way employees prefer too, whether that’s online, via email, social media, or in print. Employees are motivated to use their benefits when they know what’s available to them. That’s on you as the employer to keep them in the loop.

Work with a Michigan employee benefits expert at The Benefits Group to discuss what insurance and group benefits are right for your employees. Make the trends the norm. Contact us today.

 

3 Ways to Educate Your Employees About Their Michigan Group Benefits

3 Ways to Educate Your Employees About Their Michigan Group BenefitsMichigan Group Benefits

No two of your employees are alike, and the Michigan employee benefits they choose from your offerings will not be identical either. Whether they are selecting the best options for themselves, however, depends on how educated they are about the healthcare and insurance that are available. Here are some of the best ways to educate your employees about the Michigan group benefits that are available to them.

1. Communicate Regularly

Quite often, communication about benefits only comes up during hiring and open enrollment. Both situations call for some quick decision-making on the spot. Give your employees information throughout the year so they have time to digest it all and make the best decisions for themselves and their families.

Ask your broker for easily digestible breakdowns of the details – bulleted lists, one-page handouts, infographics – that are easy to read and absorb. Something as simple as a tidbit of the week email reminding employees to use the gym membership included with their benefits, or a heads-up at flu time that a Teladoc benefit is available so they don’t have to leave the house can make all the difference between disgruntled and happy employees.

2. Bridge the Online Gap

Some employees are genuinely disconnected – they simply don’t rely on the internet for information or regularly use email. Printed information is just as important as easily accessible online details about your Michigan employee benefits.

Create two comprehensive benefits resources – both offline and online – so you can satisfy the information-seeking methods of all your employees. Some people still like to sit down with a sheet of paper and a pen. Don’t ignore their needs because it requires a little more effort.

3. Allow for a Learning Curve

Encourage your employees to ask questions about their benefits. Hold a meeting or info session every month about the major benefits offered. You can have your benefits broker on hand to answer questions and make the information as clear as possible.

Addressing one item at different times give employees the opportunity to truly understand each portion of your company benefits and whether they need, for example, dental and vision plans, additional life insurance, or long-term care insurance. Explain the difference between an HMO and a PPO. Discuss why you offer the benefits you do and get feedback about the benefits your employees might like to have.

The Importance of Communicating Employee Benefits

Your employees may not realize just how many benefits they have available to them. They may not understand open enrollment or the perks of a flexible spending account. They may think they’re paying for benefits they’re not getting.

If you make communication about benefits a priority, your employees will understand that you are committed to their well-being, and their happiness and satisfaction with the advantages of working for your organization. Education about Michigan group benefits also means your employees will feel safe and secure about the choices they make.

Need help clarifying your message about Michigan group benefits into digestible, helpful talking points for your staff? Talk to a Michigan employee benefits expert at The Benefits Group to discuss your needs.

4 Perks of Working with a Michigan Employee Benefits Expert

4 Perks of Working with a Michigan Employee Benefits ExpertMichigan Employee Benefits Expert

Your targeted hiring techniques ensure that you have the right employees working in the right jobs so they produce the best work. Giving an employee a task that isn’t suited to their skill set or current job duties can be disastrous, particularly if it involves overseeing the administration of group health insurance and the like. Time to consider the perks of outsourcing this responsibility to a Michigan employee benefits expert.

Advantages of Outsourcing Your Michigan Employee Benefits to an Expert

You may object to outsourcing employee benefits plan management because you feel like it’s a needless cost. After all, you have a dedicated human resources department or at least an employee who can be given that type of responsibility.

However, outsourcing group benefits to a Michigan employee benefits professional ensures that all matters related to group health insurance are being handled properly so your employees can reap the maximum advantages for themselves and their families.

Here are just some of the perks:

  1. Avoid the learning curve. The ongoing maintenance of group insurance requires a deep familiarity with compliance, operational needs, and communication. In-house managers who have not encountered this job responsibility before will be faced with a steep learning curve that could result in errors and disgruntled employees who feel like they have been misled or cheated when it comes to their benefits.
  2. Save time. When an HR employee must split his or her daily duties with the new responsibilities of Michigan employee benefits management, they can become overwhelmed and frustrated. This responsibility will steal time away from their regular tasks as they strive to understand the complexities of group insurance and properly manage the plan.
  3. Choose the best options. A Michigan employee benefits expert will not only handle your plan for you, they will guide you in choosing the most cost-efficient and helpful plan for your company and the varying needs of your employees. Insurance is a lot of information to slog through on your own if you aren’t familiar with it – work with someone who knows the landscape on all levels and can offer helpful, pertinent advice.
  4. Feel confident. You want to feel good about the choices you are making on behalf of your employees. A quality employee benefits expert helps you assess your options and patiently educates you on all aspects of your chosen plan. Through outsourcing, you have someone to coordinate policies, provide tutorials on benefits administration software or apps, handle enrollment for your company and new employees, help manage claims, keep you in compliance, assist employees with questions or claims, handle renewal, and more.

Choose the Best Insurance Options for Your Employees

Michigan group benefits management is a full-time job, and if you don’t have a dedicated in-house employee tending to all aspects of benefits, consider outsourcing. Relying on an expert to handle group health insurance, answer questions, and be the go-to resource for your employees will make everyone under your employ feel like they are getting the most out of their benefits and being treated fairly and generously by their company.

Good benefits make happy employees. Easily understood and dispersed benefits create loyal, long-lasting employees. Talk to a Michigan employee benefits expert at The Benefits Group to discuss your needs.

5 Reasons Your Benefits Could Scare Employees Away

5 Reasons Your Benefits Could Scare Employees Awaycomprehensive employee benefits

It’s important for employers to arm themselves with the best possible comprehensive employee benefits program. It’s also critical to understand where you might be falling short. You can provide great options, but if those are combined with less-than-appealing elements or service, the combo could impact employee retention, company morale, and your reputation as an employer who puts their staff first.

Are You Lacking When It Comes to Michigan Comprehensive Employee Benefits?

Employee benefits can never be all things to all people. In general, employees know this and accept it. However, there are some non-negotiables that can tank an employee benefits program:

  1. Few choices: There are so many group health insurance options and other perks for Michigan employees. Instead of just taking the basic plan as it is presented to you, you can work with a dedicated benefits expert to create a menu that will speak to every employee in some ways, from customizable consumer-driven healthcare plans to benefits that speak to your multi-generational workforce to voluntary benefits not typically covered under basic health insurance.

Naturally, rising healthcare costs can impact the bottom line and you must protect your company’s revenue, but if you don’t have employees who are happy and satisfied with their benefits, your company will suffer regardless. Offer them the best to attract and retain the best.

  1. Lack of education: Group health insurance is complicated and can be confusing. Employees want to know all their options, but they don’t necessarily want to trudge through pages and pages of documents to get to the important details that are pertinent to their needs.

Help employees understand what they can afford when it comes to benefits, and that they won’t be paying for services they’ll never use. They’re called “benefits” for a reason – they should positively impact your employees, and cost transparency is part of that. Make health insurance and all the options surrounding it as easy to understand as possible.

  1. Minimal online capabilities: Paper is nice, but if your employee benefits information is not available online, your employees will complain, and it may be enough to make a potential employee turn down a job offer. Even your human resources department wants a comprehensive benefits resource and reference library that will make their management of your benefits program easier to digest and explain. Get as much online as you can so employees can easily manage their benefits, wherever they are.
  2. No perks: Incentives are critical to keeping employees happy, and you can tack rewards on to your existing group insurance benefits. Motivate your employees with an escalating bonus structure, more paid time off, retirement plans, matching 401(k) contributions with a vesting period, on-site flu shots, on-site childcare, low-cost or no-cost healthy lunch options, continuing education, a flexible schedule, work-from-home options, office improvements, and even title changes. Everyone likes to feel special. Make sure your employees know how much you value them.
  3. Poor communication: In short, communicate employee benefits clearly and often, not just at times of open enrollment. Ask your broker or insurance carrier to arm you with easy-to-understand breakdowns of the information that is pertinent to each employee. Think infographics and bulleted lists. Make the details simple to read and absorb for your busy employees. And remind them to use their benefits, like health savings accounts, complimentary gym memberships or wellness classes, nurses on call, and annual well visits.

The difficult part of offering appealing Michigan employee benefits is in finding a happy medium where employer and employee are both content and neither one is stretching their dollars too far. Get help designing the best Michigan employee benefit program package for your company and workers. Talk to a Michigan employee benefits expert at The Benefits Group to discuss comprehensive employee benefits.

Keep Your Top Talent with Five-Star Employee Benefits

Keep Your Top Talent with Five-Star Employee BenefitsFive-Star Employee Benefits

Heavy turnover at any company doesn’t bode well for an employer’s reputation and creates an environment of inconsistency. Without a team that knows their strengths, works well together, and is focused on present and future goals, success can be elusive. Providing Michigan Five-Star employee benefits that are too good to give up makes it harder for employees to be disloyal or look elsewhere for employment and helps contribute to an atmosphere of progress and productivity.

Reward Employees for Their Dedication

When employees are supported by their company with great five-star employee benefits and other perks, they feel valued and important. These emotions encourage employees to do their best, trusting that they will be taken care of and rewarded appropriately.

The most dedicated and long-lasting employees often have longevity with a company because the employer has created five-star employee benefits program that improves over time. Consider the following perks – all financially based – for tenured employees:

And, of course, along with excellent group health plans – including dental and vision – a disability policy, life insurance, and retirement plans, enhanced Michigan health benefits can include:

  • On-site fitness facility.
  • On-site childcare.
  • In-office health classes, like yoga or nutritional seminars.
  • Daily healthy lunch options on-site, provided at no cost or low cost.
  • Work-from-home options.
  • Continuing education.

Not all employee benefits need to be related to health insurance or investment opportunities to make employees happy. The following perks can override a person’s feeling that they should perhaps look for employment elsewhere:

  • Flexible schedule, allowing for a customized work-life balance.
  • Office improvements, like a private office or standing desk.
  • Admin support, like a shared assistant.
  • Title changes, showing that an employee has earned a bump-up (just consider whether the change is merely lateral or whether it will come with a salary increase).

Five-Star Employee Benefits Contribute to the Definition of a Company’s Culture

Investing in quality employee benefits is worth the cost. Employee turnover is not just an inconvenience, it’s expensive. There are costs to recruit, interview, and train, plus the productivity time that is lost while working for weeks to fill an open position.

Employee retention is part of company culture. If employees see coworkers jumping ship for no obvious reason – whether one or many – they will want to identify why this turnover is occurring. Even if there isn’t a major element that is causing employees to leave, every departure is an invitation for employees to review everything about their job to figure out what they might be overlooking, and this includes an evaluation of their benefits. Could their employee benefits be better? Maybe they should look elsewhere for heartier benefits that improve over time.

The benefits you offer speak to how much you value your employees’ presence on your team and what your company’s leadership considers important. Not only will great benefits keep current employees from looking elsewhere for employment, you will maintain existing employees.

Talk to a Michigan employee benefits expert at The Benefits Group to discuss the options for offering comprehensive employee benefits, from medical to ancillary, to life insurance. Contact us today.

 

Fulfilling the Benefits Needs of a Multigenerational Workforce

Fulfilling the Benefits Needs of a Multigenerational Workforce

Multigenerational Workforce

The multigenerational workforce of today poses a unique challenge for employers, who seek to provide Michigan group health insurance that suits the needs of each generation and their differing priorities. Flexible, customizable benefits options help maintain employee satisfaction and retention.

Understanding the Working Generations

Whether a small business or large business, chances are you have several generations under your umbrella. Knowing who you’re working with is the first step to fulfilling your employees’ needs:

  • The Silent Generation: Born between 1928 and 1945, this portion of the workforce is very small, with employees aged at least 73 years old in 2018. They have lived through the Great Depression, WWII, and decades of change. People in this demographic are often in high-level positions, running their own companies – and making the Michigan health insurance benefits decisions – while others work part-time or hourly to stay active, or because their retirement needs the boost.
  • Baby Boomers: Born between 1946 and 1964, the Baby Boomers are between 54 and 72 years old, as of 2018. This is the time of retirement for many boomers, who now make up only about a quarter of the workforce. They have seen a lot and, most recently, have weathered the effects of the Great Recession, but their retirement is on the horizon, if not immediately present.
  • Gen X: The millions of people who make up Generation X were born between 1965 and 1980 and are a product of Baby Boomers, but also some members of the Silent Generation. They are between the ages of 38 and 53 as of 2018. Still making up about a third of the workforce, many Gen-Xers still have families to support, from young adults to college age children, tweens to infants, while others are already empty-nesters.
  • Millennials: Born between 1981 and 1997, “millennial” is the buzzword of the decade, with the members of this generation falling between the ages of 21 and 37 in 2018. They are the largest group of people working today, with more to come as they finish up their college degrees. Their needs and priorities are widely varied, as millennials, in general, are redefining what the workplace looks like and how it operates.

Pleasing the Demographics in Your Workforce

Knowing how employees view themselves and their employer is one of the major keys to understanding how to satisfy Michigan employee benefits. For example, Baby Boomers and Generation X-ers are known to identify with their company rather than their profession, staying with the same employer for decades. They are more likely to make their existing benefits work for them, though their needs are changing as they get older.

A great majority of Millennials are focused on professional goals. Many move from job to job and employer to employer without hesitation, simply to achieve the bars they have set for themselves. This makes it even more important for employers to provide benefits packages that will be hard to resist so they can woo millennial employees and retain them.

Diversifying Benefits Options

Employees want to trust that their employer will treat them well and fairly, especially when it comes to benefits. For employers, however, it’s essential to think beyond a one-size-fits-all benefits plan. Employees value good employer-sponsored health insurance benefits that are easy to understand and utilize and serve their needs and the needs of their family.

Talk to a Michigan employee benefits expert at The Benefits Group to discuss the options for offering more than one plan to appeal to the unique healthcare needs of a multigenerational workforce. Contact us today.

4 Things to Know About Consumer-Driven Health Plans

consumer-driven health plans4 Things to Know About Consumer-Driven Health Plans

Consumer-driven healthcare (CDHC), in the simplest terms, refers to third-tier health insurance plans. These consumer-driven health plans allow members to use Michigan benefits such as health savings accounts (HSAs) or health reimbursement accounts (HRAs). CDHCs allow members to pay routine healthcare expenses directly and lower premiums. Some businesses prefer to offer this alternative funding instead of traditional employer-managed healthcare.

Consumer-driven health plans focus on controlling total healthcare costs. Demand will change over time, depending on employees’ needs, but the supply of quality healthcare benefits should not be limited, at least, not if you want to keep your employees happy and reel in new hires.

  1. You protect your company.

Employers have the say in the Michigan benefits package they will offer their employees, but they also shoulder the brunt of the financial burden. CDHC plans reduce employer spending on healthcare. The reduction isn’t necessarily huge, but every little bit helps, especially for small businesses.

Because a CDHC plan is a high-deductible health plan, it protects employers from disastrous medical expenses should an employee develop a health problem that comes with astronomical costs. This type of plan also means that a company isn’t forced to pay for the just-in-case insurance costs that come along with traditional plans. Ultimately, a CDHC can reduce corporate costs.

  1. Premiums are low, deductibles are high.

High-deductible policies sound negative, but a high-deductible policy costs less. The user pays medical claims using a savings account that is prefunded. And no one is giving up benefits for higher co-payments.

Employees who are typically healthy will spend less on premiums because they rarely need to use their healthcare. Fewer doctor visits or hospitalizations put an employee’s investment in healthcare right back in their own wallet.

  1. Plans are customizable.

CDHC plans are customizable and cost-effective. Consumers are free to organize their own plans based on their unique needs for themselves and their family. The goal is that this level of employee (i.e., consumer) engagement will encourage every participant to be mindful about their healthcare choices.

When consumers have a bigger role in payment for healthcare, they are more likely to be conservative about their choices and, ideally, be inspired to make their health a priority and take better care of themselves to avoid unnecessary healthcare expenses.

  1. Employees need to be educated on CDHC plans.

Employees are encouraged to shop around for the most cost-efficient healthcare. However, as well all know, healthcare is complicated when it comes to quality of care and healthcare costs. To reduce the costs of unnecessary healthcare, employees may also reduce their use of necessary healthcare for one main reason – they think they can’t afford it.

If you want employees to feel that they’re getting a benefit from a CDHC plan, they need to be educated on how to differentiate between necessary and unnecessary care. Cost transparency is essential.

Consumer-driven health plans put the power in employees’ hands. Help your employees understand the differences between necessary and unnecessary care, healthcare costs, and quality of care with help from a Michigan employee benefits expert at The Benefits Group. Contact us today.

Rising Healthcare Costs – Affecting Your Bottom Line

Are Rising Healthcare Costs Negatively Impacting Your Company?

When is the last time you reviewed the group healthcare benefits you offer your employees? For most employers, group healthcare is the single largest expense. But, if you take the time, you may just discover that changing up benefits can yield a huge savings for your company, and give your employees better healthcare options. Rising healthcare costs can be costly if left unchecked.

Alternatives to Combat Rising Healthcare Costs

Rising healthcare costsThe National Business Group on Health’s annual survey found that employers rank the cost of “specialty pharmaceuticals” as the top element that drives cost increases. These pricey new treatments – in the thousands or tens of thousands of dollars per treatment – are for conditions like diabetes, asthma, and immune disorders.

Some employers try to combat the high cost of pharma by managing where patients receive these high-priced medicines since cost of treatment can vary depending on where it is administered. Other employers offer high-deductible plans to try to control costs across the board.

Consumer-driven healthcare enables employees to use a health savings account (HSA) and fill it with tax-deductible savings. There are limits on the amount of contributions that can be made annually for individual and family coverage, but HSA balances carry over from year to year. Plus, withdrawals are tax-free if use for qualified medical expenses.

Offering options like HSAs to employees is a cost-cutting measure for employers, and a major benefit for employees, who can control how and when their group healthcare benefits are used.

Group Health Insurance Plans That Save Employers Money

There are many options for group health insurance, so it’s natural to have concerns that you aren’t making the right choice for your business, employees, or bottom line. But there are health insurance plans that can reduce your costs, two in particular:

  1. Level-funded health insurance: Also known as partial self-funding, the level-funded health insurance plan allows healthcare expenses to be spread evenly over 12 months. Because of this perk, group health insurance costs are a predictable expense. What if there are overage claims? Stop-gap coverage saves the day. Plus, if the premium you have paid into your fund is unused by the year’s end, you get a company refund.
  2. Self-funded employee health insurance. Instead of paying a monthly premium as with traditional group healthcare plans, in a self-funded employee health insurance plan the employer pays for employee claims as they are incurred. If you have an especially healthy year, that’s a boon for your company. If an employee develops a serious illness and the medical costs to go along with it, the risk, of course, is there. However, knowing that you must reserve funds in the budget to manage claims means that, if you overbudget for claims, you’ll have a surplus of funds. That’s always nice to see, and the smart thing to do is roll those funds right back into your health plan for even more of a cushion, or provide perks like an on-site fitness center or nutritious meal options to keep your employees healthy.

Give Your Employees Healthcare They Understand

To explain the excellent benefits offered to your employees, you must understand the benefits that your company gets first. Take the time to figure out what’s really working within your business when it comes to group healthcare, and where things could be improved. Contact The Benefits Group today to align yourself with a dedicated Michigan employee benefits expert.