Employee Benefits

How Individual Insurance Plans Benefit Employers and Employees

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Today’s labor force has a different look. Most employees still work in full-time positions. But more and more jobs are being filled by gig employees, such as part-time, contract or even semi-retired workers. Businesses that offer individual insurance plans will have a competitive advantage.

Historically, many employers provided a range of health benefits and perks only to full-time employees. Rarely did other employees have access to these options. But changes in the workforce landscape are incentive for employers to offer gig workers access to health benefits, such as individual insurance plans. Offering access to these plans can be a huge advantage for businesses competing to find and keep these high-demand workers. Here’s how individual insurance plans benefit employers and employees.

Four ways employers benefit:

Controls benefit costs

With individual insurance plans, employers can offer employees access to benefits without impacting the benefits budget. Employees pay the premium. It’s a win-win option for employees and employers.

Enhances employee productivity

Employees who have health benefits tend to use their coverage. They don’t put off getting help for medical, dental or vision problems. They can address health issues at an early stage, so they don’t wait until the problem becomes more serious and leads to lost work hours. Having access to health benefits helps employees focus on their jobs. They are happier and healthier and more productive at work.

Attracts top workers

Contract, part-time and semi-retired employees want health benefits. But they say it’s overwhelming to find the right plans. Instead, they look for employers who will help them get access to the plans they value most, including medical, dental and vision coverage. Employers who offer individual plans notice an unexpected bonus of having talented and diverse workers apply to join their teams. And they quickly develop a reputation of being an employer of choice.

Resolves worries and concerns

When contract, part-time and semi-retired employees find an employer who works with them to find the best coverage options, they appreciate the support. They tend to stick with the business and become more committed and engaged with their work.

Four ways employees benefit:

Provides security

Employees are worried about finances. They struggle to stretch their monthly wages to cover expenses, such as health care costs and student loans. Many have less than $1,000 saved for unexpected payments. About 44 million adults have student loan debts. This includes everyone from recent college graduates to older workers nearing retirement. Many have monthly student loan payments of about $350. Depending on their salary, after paying their student loan or health care bills, they have just enough money left to cover basic living expenses. The idea of saving for a nice vacation or even retirement seems out of reach. Offering individual insurance coverage helps employees who don’t qualify for employer-sponsored plans have peace of mind. Because they can get access to health benefits to cover medical expenses, they don’t have to worry about covering the full expense of unplanned health costs.

Ensures consistent health care

Gig employees who don’t have access to insurance benefits say they put off taking care of their health. They don’t go to the doctor. They delay having their eyes checked. And they wait until they have a toothache before scheduling a dental appointment. But research shows that people who have health benefits tend to see the doctor more regularly. This means that they’ll take better care of their overall health so they can focus on their work.

Reduces costs

Individual insurance plans typically include preventive care coverage. Workers who don’t qualify for employer-sponsored benefits can get health screenings, eye exams and dental cleanings and checkups. Getting these regular exams can help head off more serious and expensive problems that can drain monthly budgets.

Eases worries

Employers who provide access to individual insurance plans make life simpler for employees. Workers who don’t qualify for employer-sponsored coverage don’t have to find benefits on their own.

With individual coverage, contract, part-time and semi-retired workers don’t have worry about paying for unplanned health care costs. They also don’t have to wait months to get coverage. Instead, they have instant access to their health benefits. And they can use the benefits in other locations, so their health needs are covered no matter where they work.

Benefits are the key to hiring and keeping great workers. Discover five reasons employers should offer employees individual dental and vision coverage.