Offering your employees choice in benefits gives them the ability to select the plans that are best for their particular needs. If you only have one health plan, your employees don’t have much choice in healthcare – the most desirable benefit after monetary compensation.
In the 2017 Employee Health Benefits Annual Survey, 58% of covered employees only have one type of health plan offered by their employer. Since health care is so important to your employees, offering them more choice in plans can have a significant effect on attitude towards your overall benefits package.
Offering Multiple Health Plans Empowers Employees & Increases Retention
When employees feel they have more choices (and choices that are applicable to them) they feel understood and cared for by their employers. They don’t feel forced into a one-size-fits-all choice, especially since health care is such an important part of their lives.
Employees may also feel more engaged in their overall healthcare by wanting to take advantage of their plan choice. When employers offer more health care choices as well as great benefits communication and education, employees can feel truly confident in their benefits.
Read More: How to Become a Better Health Care Consumer | How to Increase Health Care Understanding at Open Enrollment
Having multiple health plans can also appeal to your future employees, by standing out from other employers in your industry and local area. Make sure to share that your company offers a wide range of benefits (you don’t have to be specific). Good places to share general tidbits about your benefits package are your careers page, Glassdoor, job fairs, etc.