Which job candidate should I hire? Should I expand my business? Will new software boost employee productivity? Every day, business owners are confronted with decisions that have far-reaching impact.
In my profession, the decision I often see business owners struggle with the most is health insurance. They want to choose the best option for their employees and one that is affordable for their business. Since health insurance comes in all shapes and sizes, how do you know you are making the right decision for your employees and your company?
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When I personally consider insurance, there are several factors that drive my decision:
I think through all the ‘what if’ scenarios when it comes to my family and our insurance options, but I can’t overlook the other factors.
Just like I consider many factors for my personal insurance needs, business owners also go through a similar process when selecting a health plan.
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When companies explore the value of providing benefits to their employees, they consider more than just the insurance plan. By offering a top-rated benefits package, employers can attract and retain quality employees. This value is hard to quantify but so important in today’s competitive hiring environment. Offering insurance also increases employee morale and can decrease absenteeism. A healthy workplace is a happy workplace.
Convenience is also a factor. When comparing health insurance quotes, most organizations want benefits that are easy to use and easy to administer. The provider list must include conveniently located physicians and enrollment options and must be easy to administer.
The decision to provide insurance for your business is not an easy one. It is important to think through all of the factors in order to make the best decision for employees and your business.