Business owners understand the most important component of their success is their staff. So they want to make sure they provide the highest quality healthcare benefits package possible. Unfortunately with the rising costs of healthcare, providing your team an excellent healthcare package can be price prohibitive. One option to overcome this issue is by implementing a self-funded healthcare program. These programs can save business owners thousands every year on health insurance. However, many wonder if their employees will prefer self-funded over standard policies. Here are the reasons why employees love self-funded insurance plans.
Employees Save A Lot Of Money
Standard employer-sponsored healthcare doesn’t just cost employers a lot of money, it costs employees a lot of money as well. In fact, on average employees pay for 82% of employer-sponsored healthcare coverage. Employees have to pay monthly premiums. Then they have to meet sky-high deductibles. They also have to pay for out of network costs and treatments that are not covered by the insurance policy or insurance company. These costs can add up. On the other hand, with self-funded insurance plans. They contribute to the company healthcare fund. Then when they need to get medical care, the company pays for the out of pocket costs. This can save employees thousands as well.
Self-Funded Programs Have A Focus On Preventative Care
One of the biggest drivers of healthcare costs is the lack of preventative care. With healthcare costs so high, most people wait until they have a significant issue before going to the doctor. Early diagnosis is one of the best ways to ensure positive health outcomes. So when your only visiting the doctor during emergencies, their health suffers. With self-funded healthcare, they can go to the doctor for regular check-ups without being worried about massive bills. Over time this system saves everyone money, but most importantly, it also protects the health of your workforce. A healthy workforce is the key to success.
Employees Can Go Where They Want
Insurance providers limit where your employees can go. Oftentimes a new employee has to leave their family doctor because they are out of network. Further, if they need to see a specialist, there may not be one in the network. So they will incur out of network expenses. When your employees are not limited to the providers approved by the insurance company, they can see the medical professionals they are most comfortable going to for their care. This freedom of choice is very important and can ensure they are happy with their care.
If you’d like to learn more about how self-funded healthcare can benefit everyone in your organization, visit our website at National Insurance Partners. Our team at National Insurance Partners Inc. has provided a wealth of information about how self-funded healthcare works. You can also give us a call at 1-866-684- 2854 if you have any questions. We’ll be happy to walk you through the process and help you decide if self-funded insurance is right for your business.