Medical costs are one of the leading causes of bankruptcy in America, accounting for 62% of cases, according to a Harvard University study reported by Forbes. Medical costs are also one of the top stressors for Americans. In the 13th annual Stress in America survey, two in five adults reported that they previously had difficulty paying for health care, and more than 60% surveyed shared that medical costs are a source of stress for them.
Medical benefits give employees peace of mind by allowing them to take care of themselves and their families. It’s understandable, then, that medical benefits rank high on an employee’s priority list when considering employment opportunities. It’s also understandable that an employer’s benefits plan offerings tie into its employee value proposition.
There are many factors to consider when deciding on the types of medical plan benefits to offer to employees. Depending on the goals and budget of an organization, there may be several options to choose from, including traditional co-pay plans, high deductible plans, plans accompanied by a Health Savings Account (HSA) or Health Reimbursement Account (HRA), supplemental insurance, catastrophic insurance, critical illness insurance, mental health benefits, dental benefits, and vision benefits. There are also minimum requirements for employers to consider based on certain local and state laws, as well as the Federal Affordable Care Act.
A benefits brokerage firm like KBI can help you determine the best options for your organization and learn about the many health benefit plan options available to you. Continue reading for an outline of some of the benefits plan options organizations can offer as part of their benefits package.