Medical insurance can be expensive, which means buying it is not always fun. But think about what you get when you buy medical insurance. You don't just get more affordable access to your doctor. You're also more likely to remain in good health as you age. You're far less likely to have to empty your wallet for a medical emergency, too. What it all comes down to it is this: medical insurance is a good idea, even if it costs a bit more than you'd like. Read more about medical insurance here on this blog. We have all sorts of insights to share.
Have you adjusted many of your employees to a fully-remote work status? More and more American employers are following this trend, for safety and flexibility purposes. But with this type of momentous change should also come a rethinking of some of your other processes. Specifically, the shift to remote work warrants a reevaluation of company benefits. Why? Here are a few ways these are impacted.
1. You May Need a Wider Radius. Some benefits — most notably medical insurance — are often tied to a specific local radius. Your plan might be limited to a local healthcare network or in-state providers. However, as employees can now work from a much farther distance, your healthcare plans may need to be more flexible.
2. Virtual Options Are Important. When the workforce is largely remote, their benefits may need to embrace the virtual style too. Telemedicine visits, for instance, help more distant workers use their health insurance coverage. Wellness programs might be more useful than local gym memberships. And employees may need to be able to do more for themselves through online user portals.
3. Employees Have New Priorities. Some benefits could become less important to those who aren't obligated to come into the office every day. Paid parking, bicycle reimbursements, or public transit may no longer appeal to them. However, reimbursement for productivity equipment or an HSA to replace localized medical insurance might be a much bigger draw.
4. You May Face New Rules. When employees live in other states, their employer may be subject to new state laws. These laws could govern things like mandatory health insurance measures or sick leave policies. Employers should research any potential state law issues and determine if it's best to handle these on a per-employee basis or as a blanket policy for all employees.
5. Competitors May Be Ahead of You. Employers deal with a tough market for luring and retaining good employers. So you can't afford to be behind the curve and let your competition snap up the talent you need. So even if your employees haven't voiced a lot of concerns yet, it may be too late by the time they make clear that they're unhappy with your offerings.
Ready to start analyzing how well your current benefits line up with your new normal as a remote workplace? Begin by meeting with a benefits consultant in your state. They'll help you see what's working and what's not, as well as what could work better. Call today to make an appointment for employee benefits consulting.
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