This article was updated on September 25, 2018.
Small businesses' employees make up the majority of the "working uninsured" according to the Kaiser Family Foundation, this lack of health care coverage doesn't just pass insurance costs onto employees, it can have a negative impact on an organization's employee retention rates.
Here are some of the best open enrollment benefits that you may want to roll out this year:
General Health Insurance
According to the National Federation for Independent Business (NFIB), only 35 percent of firms with fewer than 50 employees provide health insurance. By offering this benefit, you can stand out among your competitors and help attract talent. Furthermore, these types of plans help you ensure that your workforce has access to preventative care, which may help lead to fewer sick days down the line.
Small businesses can help attract and retain top talent by offering part-time staff a full range of benefits, since many companies don't have the kind of flexibility to match this offer. These types of plans will give talented workers a reason to stay, even if you can't offer them a full-time position right away.
Health Savings Accounts
One way in which small businesses can supply health care benefits without breaking the bank is by establishing employee health savings accounts (HSA). These accounts allow employees to contribute pretax funds toward the costs of specific treatments or services. If it's within your means, you can sweeten the deal by contributing some seed money into each employee's account.
Custom Benefits Packages
One way you can stand out to potential employees is by offering custom benefit packages with the federal government's small business health options program (SHOP). This program gives you the ability to search by specific benefit types offered in your state to help create a benefit structure that best fits your staff members' needs.
If it's not within your means to offer full insurance benefits to your employees, you may want to consider investing in shared-cost plans. By having staff members foot a portion of the bill — say 10 or 20 percent — you may be able to offer better coverage to your whole team.
When choosing which open enrollment benefits to offer your employees, it's important to balance their needs with your financial means. By making this investment in your staff and their overall well-being, you can help assure each employee that they play a valuable role in your organization.
To learn more about providing health and benefits coverage to employees at your small business, check out the Health & Benefits Coverage 101 Small Business Guidebook.
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