Small businesses can have it rough when it comes to providing a competitive benefits package. Health insurance costs continue to rise every year and it gets more and more difficult to provide a package to employees that can compete with much larger companies. At Ashton Benefits, we can help you find small business benefits solutions that can keep you competitive with other companies without breaking the bank. Read our guide for a few of our suggestions.
Offer an HSA plan
A Health Savings Account, or HSA, is an account that your employees can contribute to paying for expenses related to health care. This can include visits to the doctor, prescriptions, and even buying new eyeglasses. This account is owned by the employee and can often roll over from year to year. Plans that come with an HSA option are often less expensive for both the employer and the employee because the insurance company doesn’t have to pay out nearly as much as they would with a plan that comes with a low deductible. HSA plans are commonly high-deductible plans for individuals who don’t visit a doctor often.
Provide a variety of options
Keep in mind that you’re going to have a pool of employees with a variety of needs. You can offer different plans for employees that will appeal to their individual needs. This allows you to continue to provide a plan that has broader coverage without paying for everyone to be on it. Those who would rather save than have health coverage can save, while those who need more coverage can get it.
Offer wellness programs
Insurance companies will often provide incentives to your employees for improving their health. These can be smoking cessation or weight loss programs that are designed to encourage healthy living among your team. Get involved with these programs with your insurance company and pass the information on to your employees. They can improve their health during the year with the help of a wellness program, which means that your insurance premiums will not increase as much or even be lower the next year as you have fewer employees who smoke or have major health risks.
Offer remote options
Outside of providing your employees with competitive health benefits, you can create a positive work environment. Since the start of the COVID-19 pandemic, working from home has become a new normal for many people. If the work your company does can be done remotely, offering work-from-home options to prospective employees can be a major bonus. Keep in mind that this benefit doesn’t mean that they have to be allowed to work from home every day. There are benefits to having your team in the office together. However, the flexibility to be able to work from home is nice for some as they’re able to save on child care, fuel costs, and food.
Offer employees a specified number of days to work remotely each week, month, or even a year. You can even encourage employees to take time away from home by allowing them a flexible work schedule on vacation.
Get in touch for more
If you’d like to learn more about small business benefits solutions and how you can compete with bigger companies in your market, reach out to our team today. With the help of Ashton Benefits, you can find a benefits package that will be enticing the top-tier talent you’re trying to recruit. Schedule a meeting by sending a message using our online contact form or give us a call at 877-640-2813 to speak directly with a member of our team.