In the ever-changing landscape of workplace culture and employee satisfaction, one thing reigns true: great health benefits. Above all other benefits an employer has to offer, having a well-structured and affordable health plan is essential to an employee’s tenure and the financial longevity of the organization itself. Today, however, employees are seeking more than just good coverage. We interviewed several employees across the Kansas City Metro and surrounding areas, ranging from small to large corporations, to see what matters most when it comes to health benefits. Here's what we found:
Simplification and Ease of Use Health insurance is too complicated! When people feel that they need a degree in actuarial modeling to understand their basic health plan, we are doing them a disservice. No matter the health insurance model you use, plan design you have, or who you partner with, it is still not easy to understand and communicate to your employees. This is a huge problem and we need to do a better job at breaking down the complexities for our employees to actually use their benefits effectively.
Supplemental Benefits Think dental coverage, vision, mental health partnerships, massage and physical therapy benefits, etc. Many of the people we spoke with mentioned that basic needs are typically covered by their plans today, such as 1-2 preventative visits or other general services at these types of providers. However, when it comes to orthodontia, glasses and contacts, counseling, restorative and daily living therapy, and so on, these are either not covered or have a high deductible or coinsurance to access the benefit. We have been observing the patterns of the younger and up and coming generations and it is clear that diversification and personalization of benefits is a top priority.
Rewards and Incentives for Healthy Behavior Here’s a novel idea – instead of rate increases, what if we rewarded our employees for managing their health well? And no, we’re not talking about a $25 gift card for joining a gym or getting a physical examination. People want real incentives that put money back in their pocket for living a healthy lifestyle. This should be a no-brainer and easy win for many organizations to put in place for their employees because it not only drives engagement, but it will lower healthcare costs in the long-term.
It's clear that there are opportunities, but the consistency in the feedback we received tells us that these 3 things would greatly improve morale and satisfaction among employees and their health benefits. Offering a simple, yet comprehensive health plan that addresses more than just your physical health and rewards your employees for managing their health well will not only attract top talent, but will cultivate a healthy, engaged, and productive workforce. Employees want to feel valued and supported in all aspects of their well-being, and by re-designing your health benefits to meet their needs, you can do just that.
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