Building a strong and well thought out employee benefits package is a practice that helps attract and retain the most skilled workers. When searching for a job, many look for a competitive benefits package that reflects their needs and adds to their overall compensation package. We’re going to help identify critical factors to consider when building out your plan and show you how to put together a template you can share with your team and easily re-use or adjust every year.

 

Designing the Most Desirable Benefit Packages for Your Employees

When planning for the upcoming open enrollment period, it can be a daunting task to have to build out plans from scratch. But it’s not impossible. In fact, there are a few tips we’d like to share that can make mocking up your employee benefits packages simple and leave you with a template you can use time and time again.

 

Start With Required Health Benefits

There are 10 essential minimum coverage benefits every plan must include. You will need to have the following:

 

  1. Outpatient/Ambulatory Patient Care: Ambulatory services make up the care you receive in a clinic without being admitted to a hospital. Simply put, it’s outpatient care vs. inpatient.
  2. Prescription Drugs: Your plan should cover one medication from each category as categorized by the federal government. You can add additional prescription coverages and specifications like a co-pay plan, if necessary.
  3. Hospitalization: This will be your inpatient care—extended hospital stays may have limited coverage.
  4. Emergency Services: This will cover any emergent trips to the ER, and most often won’t penalize members for out-of-network emergency services.
  5. Pregnancy and Maternity Coverage: This essential coverage will take care of you and your baby before, during, and after birth. Minnesota requires 12 weeks of allotted maternity leave. This coverage can also include any adopted and surrogate children.
  6. Rehabilitation Services: If you are injured and require physical therapy or have a disability or chronic illness, this will cover any rehab therapy, whether temporary or long-term.
  7. Preventative Visits: Preventative visits like pap smears, cancer screenings, and vaccines will always be covered under your plan. Chronic disease management may also tie into this section.
  8. Laboratory Services: This ensures coverage for any preventative tests or diagnostic laboratory services.
  9. Mental Health and Substance Abuse: This includes services like psychotherapy, counseling, and treatments related to behavioral health.
  10. Pediatric Care: Any child under 18 can be covered for dental, vision, wellness visits, vaccines, immunizations, and other essential services. Dental and vision for adults are not considered a required healthcare benefit and would have to be added as additional coverage.

 

Determine Which Additional Benefits to Offer

Some non-essential benefits that aren’t required but are needed by many and tend to be standard in many plans include:

 

  • Dental
  • Vision
  • Chiropractic care
  • Orthotics
  • Hearing Tests and Hearing Aids
  • Acupuncture and other holistic treatments

 

Unfortunately, there is no guarantee that dental and vision will be included in a minimum essential benefits plan. However, they can be added at a fairly low cost to employers but save employees a great deal. Dental plans on their own or outside of your organization can be as much as $60 a month vs. $7-$10 when added to an existing health plan. This would cover two annual visits, cleanings, and annual X-rays.

 

For other services such as chiropractic care or acupuncture, they can be helpful and thoughtful benefits to add to your plan for your employees. These services can help your employees with managing pain and stress, which supports the overall well-being of your employees and adds some small benefits for these services to your plan.

 

Solidify Your Financial Benefits

 

Financial benefits do not include things like a salary or a compensation package. These financial benefits are things such as a retirement plan, stock options, discount programs, flexible savings accounts, and pre-tax health savings accounts. These options give employees more buying power and allow them to gain long-term benefits through your company, while also easing the burden of medical care costs with an FSA or HSA.

 

Working with an insurance broker can help you determine which financial benefits offer the greatest return and will be worth the cost to all parties involved. Your broker can help you weigh the pros and cons of deciding between different retirement benefits or how to choose between an FSA and an HSA plan.

 

Life Insurance and Disability

You will find most plans do offer life insurance and disability options, but to what degree and amount vary pretty heavily based on how big a company is and how much they are willing to invest in these additions. Life insurance can cover your employees and their families in the event of tragic loss. Disability coverage can cover both long-term and short-term disabilities. Short-term disability can include everything from injuries that don’t allow employees to work to sabbaticals or other leave of absences.

 

Invest in Continuing Education

Offering investment options for continuing education and career development can be a great benefit for employee retention. Providing any sort of education benefit can be highly motivating for individuals to grow in their career paths inside your company.

 

Continuing education benefits can be things such as free classes and training offered by your company, or even reimbursements for those employees choosing to go back to school for a relevant career and training. This may tie into a compensation package, but either way, it’s a very sought after benefit that is becoming more widely offered.

 

Other Perks

And lastly, the fun stuff. Benefits are only a small portion of the perks employees look for when seeking employment. There are many ways you can add value to their benefits by offering a plethora of perks and add-ons. A few examples include:

 

  • Remote work
  • Flexible working hours
  • Pet-friendly office
  • Unlimited PTO, or PTO roll-over and other packages
  • Fitness club reimbursement
  • Free or discounted lunches and snacks
  • Travel perks
  • Encouraging a strong work-life balance

 

Once you’ve solidified all of the benefits you want to offer in your employee benefits package template, you want to build it out. BeneQuick makes it super easy to input all of your benefits, including those special add-ons, into our enrollment platform.

 

Our helpful how-to videos guide you through all of the steps for both creating new benefit plans and how to copy over last year’s template and make any necessary changes. We believe that better benefits start with a better solution. Get started with a FREE demo of BeneQuick today!