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Increasing Participation in Employer Sponsored Health Plans



Have you noticed fewer employees opting into your company's health plans?


You're not the only one facing this, especially among smaller businesses. Here's a concise breakdown to understand the why, the significance, and how to move forward.


3 Reasons Employees Decline Coverage?


Rising Costs

  • Health insurance prices are climbing, and for some employees, the plans might be out of reach.


Limited Coverage

  • At times, the plans may not offer the breadth of services your employees are looking for.


Complexity Overload

  • Health benefits can be confusing. If employees don't grasp them, they might hesitate to enroll.


What It Says About Your Offer?


High Enrollment Rate (80% or more)

  • Job satisfaction and loyalty among your workforce.

  • A competitive edge in the hiring market.

  • A healthier team leading to better productivity.


Low enrollment rate (under 70%)

  • Potential dissatisfaction and unrest within your workforce.

  • A potential disadvantage in the hiring market.

  • A team potentially at greater health risk, possibly leading to decreased productivity.


Strategies for Improvement


Engage with Employees

  • Whether through surveys or casual conversations, understand their needs and reservations.


Simplify & Educate

  • Offer brief, engaging sessions or easy-to-read materials to clarify the benefits.


Regularly Reassess

  • Ensure your plans remain relevant and appealing by reviewing them periodically.


Suggested Solutions


Diversify Options

  • Cater to varied needs by providing a range of health plans.


Balanced Cost-sharing Strategy

  • Strike a fair balance between what the company covers and what employees contribute.


Highlight the Big Picture

  • Remind employees that health benefits are part of a comprehensive rewards system.


Final Thoughts


Health benefits aren't just another checkbox. They symbolize your investment in your team's well-being. Pick the plan that reinforces your commitment to them by taking the time to understand how they use their benefits with the carrier.


In offering the best—be it salary, workspace, or growth opportunities—don't let health benefits fall by the wayside. Address dips in participation proactively, and watch employee satisfaction soar!



🙋 Want a FREE Employee Benefits Strategy Session?

Click Here 👉 https://www.thinqinsurance.com/employee-benefits-strategy-session


🔴 Get Your Business Insurance Quote

Click Here 👉 https://www.thinqinsurance.com/business-insurance-quote


Connect with me LinkedIn

Personal: https://www.linkedin.com/in/stevetaylorthinq

Business: https://www.linkedin.com/company/thinqinsurance


(415) 287-3210

info@thinqinsurance.com

https://www.thinqinsurance.com

https://www.youtube.com/@SteveTaylorThinq


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