The job market is highly competitive. There are several employers across the state that offer excellent benefits and pay. In a candidate-driven market has, it’s important for employers to stay competitive. One of the best ways to do this is to offer great benefits. A good benefits package can ensure that highly skilled talent accepts your offer. Furthermore, that they stay. However, when you run a small to midsize business, it can be hard to compete with some of these companies. Benefits are not cheap and when cash flow is limited, it can be outside of your budget. Fortunately, there are some options.

Managing Healthcare Benefit Costs

The number one benefit employees want from their employer is good healthcare. In fact, healthcare benefits are often the deciding factor between two job offers. Unfortunately, employer-sponsored healthcare is extremely expensive. In 2020, employer-sponsored healthcare cost an average of $21,342 per employee and their family. Those costs are also increasing. Between 2019 and 2020, they’ve increased 4% and are expected to continue to rise every year. This makes offering a great healthcare package very cost-prohibitive, which subsequently leads to losing good talent to companies that can afford it. Fortunately, there is an affordable option that can help called self-funded healthcare.

What Is Self-Funded Healthcare?

Self-funded healthcare is a type of employer-sponsored healthcare that is designed to help manage costs for both employers and employees. Instead of buying an insurance package that comes with a lot of limitations and high costs, employers will pay for healthcare costs out of pocket. This may sound like a more expensive way to pay for healthcare, but in fact, can save a lot of money. By paying these costs out of pocket, you cut out the expensive middleman and additional charges for healthcare benefits that no one is using. You will pay just for the healthcare your staff needs and nothing else.

What Are The Benefits Of Self-Funded Healthcare?

The biggest benefit of self-funded healthcare is the lower costs. You will establish trust and only pay for the care your staff needs. You will also keep any of the money at the end of the year that was not spent on healthcare. Your employees will also save money. They will not have to worry about monthly premiums, copays, or deductibles. Beyond the costs though, there are a number of other great benefits. First, employees will no longer be limited to the in-network providers and can choose what doctors they want to see. Secondly, there are no state-levied premium taxes. Finally, you will have the quality healthcare you need to attract and retain high-quality talent.

If you’ve like to learn more about self-funded healthcare and how it can help you with staffing, Contact our professional team at National Insurance Partners Inc. Inc., We have created a flexible variety of self-funded healthcare plans for employers like you. We can help you provide these important benefits, while also keeping your overhead costs low. Give us a call to learn more.

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