Last Updated on October 17, 2018 by Jessica Adams
Health care benefits, such as medical, dental, and vision, are offered to most employees after their first 90 days. Despite being an added cost, offering health care benefits are an effective way of retaining top talent and attracting quality employees. There are other key advantages as well. Businesses can make savings since people will often accept improved benefits as opposed to a higher salary. Absenteeism is likely to decrease as a result of offering health care benefits.
Companies can also get a tax advantage by deducting contributions made by employees, into their own insurance packages. But, what type of health care benefits should you offer your employees? You want to ensure their best health and make sure you can enjoy all the benefits? There are generally two different types of global medical insurance options you can give to your employees. These are as follows; fee for service plans and managed care programs. Let’s take a look at each option in further detail…
What Health Care Benefits
You Should Offer Your Employees
Managed Care Programs – HMO
This type of international medical insurance limits employees to which facilities and practitioners they can use. In the U.K., HMO is known as House in Multiple Occupation. In the U.S., we’re used to HMO standing for the Health Maintenance Organization. These programs are very much centered on preventive health and can be tailored to suit your wants and needs. The best health insurance companies have different plans for you to choose from. This way, you can have control over the level of coverage and can select a policy that fits in with your budget. Aside from general health care, there are a lot of global health insurance plans that cover vision and dental insurance as well.
The insurance company will usually give you the option to add either or both options to your policy. Of course, your employees will have to pay an additional cost per “extra” added to their plan. How sad is it that both Dental and Vision are actually seen as “extras” in the health insurance game? This is something you may want to take into account though. You need to consider what is going to be covered in terms of the healthcare itself. From those covering the likes of ultrasound system scans and check-ups to those merely covering emergency healthcare, there are lots of options.
Fee For Service Plans – PPO
These plans are designed so that employees are reimbursed, regardless of which hospital they go to or what doctor they use. This is a more attractive option for most of your employees. They have the benefit of being able to use any medical center or professional they wish. Either way, this could, of course, result in greater costs for you. Most employers usually tend to favor the Managed Care Programs or what is closest to America’s HMO option. We know that if we could afford it, we’d all love to pick the PPO option!
All in all, you should definitely consider offering international health insurance or here in the States, go for the PPO! As an entrepreneur, chances are that your employees are maybe 3-5 in numbers at your small business. When contrasted with other benefits, such as childcare assistance and pension plans, health care is certainly the most sought-after benefit employees seek when looking for a new job. It is something that is of value for all people, irrespective of where they live, how old they are or any other factors. If you don’t offer health insurance at present, now is the time to start doing so.
Edited by Jessica Rose Adams
No Comments