In a space as fast-paced as an organization, CEOs know there are several tasks they should perform to keep employees happy. You’re well-aware of companies with meteoric rises to success, and companies enjoying success for several years because of employee support.
For seizing opportunities, you know you have to stay ahead of the curve with relentless focus on keeping employees satisfied and productive. So when it comes to achieving this goal, there is a palpable pressure and stress to have an effective employee healthcare plan, especially under the Affordable Care Act law.
While many CEOs have cut staff or benefits because of this overhaul, successful companies understand the responsibility to the people who work and who represent them. Frustrated business leaders may choose the downsize option because of their dreams of jettisoning the effort and risk behind running an in-house health benefit program, but such an approach can have an unhealthy effect on employees and company productivity.
That doesn’t have to be your case, as these actionable tips can help you implement an effective employee plan in light of the new law:
Take advantage of subsidies
The Affordable Care Act offers as much as 50 percent subsidies to businesses providing health insurance to their personnel. These subsidies are available to businesses having less than 25 full-time employees, pay annual wages under the $50,000 bracket and contribute up to 50 percent or higher when it comes to premiums. So if your business qualifies, remember to take advantage. If it doesn’t, go with other available options.
Communicate healthcare terms
No matter how the benefits information is communicated, make sure to provide detailed insight on flexible spending accounts (FSAs), health savings accounts (HSAs), and other terms. Once employees understand what they are going to be offered, they will start making correct healthcare decisions.
Don’t do it alone
There are reliable partners, platforms and healthcare providers that are able to provide direction, support and turnkey services to companies while they implement employee health care plans. Health Net, one such company providing partner services, demonstrates that CEOs can use a wealth of resources and tools to quickly administer their company’s health plans and manage employee details. This translates into spending less time on health insurance and more towards the operations of your business.
Partner up with a plan
Some partners will provide a set of plans that can be offered to employees. For example, in a general Health Maintenance Organization plan, organizations can choose a PCP (primary care physician) from the partner’s network and pay a fixed monthly fee; the PCP then sees all the healthcare related services. This kind of a plan is ideal for employees who like a single healthcare provider to coordinate all their medical care at predictable costs. In such a plan, employees can depend on basic, inpatient, and emergency services.
Provide incentives to augment participation
Any kind of incentives, financial or non-monetary, whether pertaining to your health plan or outside of it, can significantly increase success and participants of employees. For instance, employees who agree to undergo physical examination can be given a bonus, or an extra day off, or a similar reward. Such incentives will also encourage other employees to become more engaged with the implemented plan. The end result will be increased company productivity and healthy results in your profit & loss statement.