In today’s competitive business world, simply offering a basic employee benefits program is no longer enough – to stand out from the competition, it’s essential to offer unique benefits while avoiding common benefits plan mistakes. OH Employee Benefits are no longer simply an added bonus offered on the part of an employer, but may be an expected part of an employment package. This means that if your business makes these fatal benefits errors, you could potentially lose out on hiring the best and brightest talent for open positions. To ensure your benefits packages are as polished as possible, make sure your company avoids these common employee benefit mistakes.
Providing Excess Insurance and Covering 100% of Employee Plan Costs
Although it may be tempting to cover 100% of employee plan costs, keep in mind that you may be putting the wrong incentives in place. Unfortunately, excess insurance could lead to issues such as the following.
- Funding 100% of an employee’s plan costs can result in a situation of over-insurance
- When plans are fully funded, employees may be more likely to choose pricier plans, which would in turn drive company expenses up
- Partly funded plans may incentivize employees to choose plans based on personal needs as opposed to automatically picking the most expensive option
Sticking To a Single Insurer Without Comparing Options Regularly
If it’s been a while since your business has compared insurance plans and carriers, you may want to go back to the drawing board to lay out all your options. You could potentially be spending excess money or missing out on extra benefits options by failing to switch carriers. Here are some other drawbacks to neglecting frequent insurer comparisons.
- Remaining with a single insurer without comparing options frequently could result in missing out on better deals.
- Automatically going with the insurer who offers the lowest deductibles could increase the company’s expenses and may not necessarily lead to better employee coverage.
- Neglecting to consider whether different carriers have the same doctors in-network, which could allow the company to switch to a more cost-effective carrier without creating disruptions for employees’ healthcare.
Only Offering Regular Health Insurance and No Other Benefits
Of course, there are more employee benefits that your business could offer than simply health insurance. While health insurance is indeed a popular and often expected job perk, adding in other benefits could sweeten the pot for potential employees. As long as your company can make it work in the budget, you may want to consider offering additional benefits such as:
- Vision benefits
- Dental insurance
- Discounted gym memberships
- Company retreats
If your business is interested in offering the best OH Employee Benefits packages to potential employees in order to attract top talent and remain highly competitive, it’s imperative that you avoid these critical employee benefit mistakes. Now that you know about these common mistakes, you can avoid them and put together a cost-effective and highly attractive employee benefits package for your business.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.