Employees are far more likely to remain with an organization that offers them valuable benefits. Health insurance has been at the core of most companies’ benefits packages for decades. If employers can’t provide adequate healthcare coverage, they risk losing employees who would have stayed.
Do Employers Always Provide Health Insurance?
In the U.S., employers are not always required to offer their employees health insurance. Generally, employers with 50 or more full-time employees must offer affordable healthcare coverage to all of their employees and any dependents they have. They are subject to state or federal penalties if they do not offer such coverage.
Are Healthcare Coverage Costs an Issue?
SHRM conducted a survey in 2021 that found 71% of employees were satisfied with their health coverage but concerned about the high costs. This shows that offering typical insurance can prove effective at creating satisfaction amongst employees, but lowering the cost of coverage will maximize that satisfaction. Furthermore, many employees are concerned that the cost of their coverage will continue to increase over time.
Self-Funded Plans Offer a Unique Solution
It is a little-known fact that a self-funded plan can be a low-cost alternative to your current traditional group health plan. A self-funded plan wouldn’t replace your current plan — instead, it acts as a supplement that employees can opt into. The self-funded plan provides another option for employees who want more coverage for their money.
The CHAMP Plan™ by Champion Health will make providing adequate health coverage to your workforce easier than ever. This self-funded plan provides useful virtual care benefits that make maintaining good health a straightforward process for your employees. To learn more about our program, call 800-369-0932 or use the contact form on this page.