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Having Diverse Healthcare Plans is Beneficial for Your Employees

Kate Dore · November 7, 2019 · 3 min read


One of the biggest challenges of operating a business is managing employees. Often this includes recruiting new team members. One way to attract qualified prospects is by offering employee benefits. For some prospects, a company’s health insurance plan could motivate them to accept your job offer or they may decide to continue their job search elsewhere if it doesn’t fit their needs. Designing an attractive and affordable benefits package isn’t easy. Here’s how to decide what to offer your employees—and why more healthcare options could make a difference.

What most companies offer for healthcare plans

When it comes to employer-provided health insurance, most companies don’t offer a lot of options. According to a new report from the Kaiser Family Foundation, most companies only have one healthcare plan. This is especially true for smaller firms. Companies offering one plan are most likely to offer access to a PPO—also known as a “preferred provider organization”. They aren’t likely to offer indemnity insurance. Twenty-seven percent of the companies with only one healthcare plan offers their employees a high-deductible health plan.

How to pick the right type of healthcare plan

Choosing your company's healthcare plan is a big decision. It may impact your family and employees’ families' well-being for the foreseeable future. Before making a plan selection, here are some things to consider:

  • What is your healthcare budget? As a business owner, every dollar matters. You will need to decide how much you are willing to spend on healthcare and how much your employees will need to chip in. There’s a big difference in the monthly premiums between plans, which will have a big impact on whoever pays.

  • What are your employees' healthcare needs? Although every family has a unique set of health needs, you may find a range of healthcare spending based on age. For example, older employees or young families with children may spend more. If you’re not sure, you could speak with your employees to learn more about their situation and what they would need.

  • How close are local hospitals and doctors? If you work in a bigger or mid-sized city, you may have plenty of hospital networks and doctors to choose from. But companies located in rural areas may have less access.

There is no one-size-fits-all for healthcare

Regardless of age, your employees may have a wide range of healthcare needs. By offering more than one plan, you will offer employees the chance to pick the best fit for their family. For example, younger employees without a family may opt for a high-deductible plan. They may prefer to save on premiums and use the extra money to fund a health savings account (HSA). For employees with ongoing health issues, a lower deductible plan may be ideal.

Why offering multiple healthcare plans could pay off

In a tight job market, it’s not easy to hire and keep top talent engaged. If you're trying to stand out from the competition, consider your employee benefits. Offering more than one healthcare plan is one way to make an impact. It tells employees the company cares about their health and well-being. It also shows you want them to stick around for years to come.

Kate Dore

Kate Dore

Kate Dore is a Nashville-based freelance personal finance writer and Candidate for Certified Financial Planner™ Certification. She teaches financial literacy with Junior Achievement and serves as Director of Public Relations for the Financial Planning Association of Middle Tennessee. Her work has been published in Business Insider, Financial Planning Magazine, and Simple Money Magazine.

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Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.



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