How to Cut Costs without Hampering Employee Benefits, Clarity Benefit Solutions Explains
Numerous researches have pointed to the fact that health benefits are of extreme importance to the employees of any firm. Not only do they increase productivity, but also enhance job satisfaction, and hence, lead to better employee retention for the companies. Offering Health Savings Accounts (HSAs) helps companies save greatly on taxes. But the ever-increasing cost of offering health benefits places employers in a fix as to how to offer the best while keeping the costs in check. Clarity Benefit Solutions, a commuter benefits provider company, explains how to cut costs without compromising with the health offerings.
1. Educate employees multiple channels
Many a time, employees don’t just grasp the benefits of the offerings. Most of them don’t take the time to fully read and understand the offerings. As a result, many of them don’t use the benefits at all, resulting in higher costs for the employers.
The need of the hour is to relay the information in a way that they fully understand the benefits and make use of them. The idea is to present the information in multiple formats for them to select a method they are comfortable with, e.g., website, print, mobile apps, posters, social media, etc.
2. Take help of a broker
Consulting a broker to get help with the best available health plans that offer maximum benefits at a minimum cost is a viable way to save resources. Under the guidance of a broker, all the employees get to understand the available plans better and have the option to decide on their preferred health benefits and plans.
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3. Promote the use of Telehealth apps
Telehealth apps allow employees to call, text, or video-conference with medical experts without actually visiting medical facilities. This helps save a lot of time and money. It further helps reduce absenteeism by allowing the employees to save on commuting and waiting time at medical centers.
4. Utilize an online benefits platform
An online benefits portal brings together all the aspects of employee benefits under one roof. It assists companies in providing tailor-made employee benefits without all the hassle, at a fraction of the cost. It streamlines and automates a majority of the process, thus freeing up the HR professionals from time-consuming and monotonous tasks. These platforms make it easy to assess and select the best health insurance and benefits packages as per the requirements of the firms and their employees.
While choosing an online benefits platform, it is necessary to understand the suite of offerings in addition to employee self-service and ACA compliance measures. In addition to Clarity, Kaiser Permanente, Aetna, UnitedHealthCare, Cigna, etc. are some of the major players in the field of health benefits/insurance providers for firms large and small.
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