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The right hospitals, clinics, or other care facilities can make or break your employee benefits package. Allowing employees to pick their own care facilities gives them greater freedom and helps them take control of their healthcare decisions. Comprehensive employee benefits packages typically include health insurance, vision and dental coverage, short-term and long-term disability coverage, flexible spending accounts, health savings accounts, paid time off, and special perks. Offering these benefits to employees motivates them to perform well and may even prevent employees from leaving your business for other employers. Benefits also improve morale by showing employees that you value their contributions to your business.
Because each employee has different needs when it comes to choosing care facilities, offering benefits packages with several options gives your employees the opportunity to make their own decisions. Some benefits packages allow employees to choose from two or three care facilities, allowing each employee to compare available services and costs. Someone close to retirement may not need a hospital that offers maternity services, but she might need a hospital that has a good reputation for treating arthritis and other degenerative diseases. Offering several options allows employees to pick the care facilities best suited to their needs.
Researching a number of care facilities may prove frustrating for employees. The American Hospital Association says that the United States has 5,795 registered hospitals, so employees value assistance in assessing their options. When you put together a benefits package with a limited number of choices, employees no longer have to worry about sifting through hundreds of options to find the best facility.
Return on Investment
A study conducted by Corporate Wellness Insights found that employee wellness programs lead to a $2 to $6 return on investment for every dollar spent. These programs help employees improve or maintain their health, leading to increased productivity and fewer absences. Employee assistance programs, which help employees deal with drug and alcohol abuse, chronic illnesses, family problems, and other personal issues, produce similar results.
Offering access to care facilities, tuition reimbursement, and other benefits also increases employee retention rates and helps employees improve their performance. In a survey conducted by the Corporate University Xchange, 70 percent of the 180 respondents cited increased employee retention as one of the positive effects of offering a benefit like tuition reimbursement. Sixty-nine percent cited improved productivity and 50 percent cited improved employee morale.
Cost is one of the major pitfalls of offering benefits to employees. The U.S. Small Business Association estimates a cost of more than $38 billion for American companies that offer benefits. Small businesses may not have the financial stability to offer comprehensive benefit plans. Benefits cost more for small employers because they do not have the group buying power of large corporations.
Companies that offer employee benefits must adhere to federal laws regarding the administration and distribution of these benefits. This increases the workload of human resources managers and creates the need for additional legal counsel. Any errors in benefit administration could also result in costly lawsuits and litigation.
All of the forms and documents necessary for benefits administration create an increased workload for managers and administrative assistants. This may result in higher printing costs, more time spent filling out forms, and the need for additional scanning and printing equipment.
Joe Hadzima, managing director of Main Street Partners, LLC, estimates that health coverage costs $2,000 to $3,000 per year for single employees and $6,000 to $7,200 for employees enrolled in family health plans. The cost of these health plans varies based on the services and care facilities covered by the plan. Long-term disability insurance costs an average of $250 per year, dental coverage costs $240 to $650 per year, and life insurance coverage costs $150 per year. This makes the total cost of offering benefits to a salaried employee making $50,000 per year approximately $2,640 to $8,250 annually. The benefits of offering these packages to employees far outweigh the costs of starting and administering an employee benefits program, however. These packages increase employee loyalty, boost productivity, reduce missed work days, and improve retention rates. MAGA Limited determined that providing elder care benefits, for example, helps employees avoid the loss of $550,000 in lifetime wages.
Employees who need to choose from several care facilities should research each facility carefully to determine which one to use. Single employees should base the decision on their needs for specialized health services and convenience. Those who participate in family health plans should ensure their chosen facilities have the services needed to care for family members of varying ages, especially if they have young children or elderly adults on the plan. Offer employees detailed information about the care facilities available through your health plan and give them several weeks to review their options.
Are you interested in care facilities? A care center can refer to a wide range of facilities from adult care, to child care, care for mental problems, physical problems, and care centers for those with any disease or specific diseases like cancer and others, and much more. This is generally a place which provides medical attention of one sort or another, either mental or physical and using prescription drugs or various healing techniques. In addition however a care center may be a place that does not provide medical attention, but that simply takes care of those not able to care for themselves such as the extremely old, children, or individuals with specific ailments or circumstances which makes their own care impossible.