Building a Competitive Benefits Package in 7 Easy Ways

A benefits package is an integral way for your small business to invest in your employees. It not only helps to retain qualified workers but also keeps them productive, satisfied and feeling valued. A strong benefits package can help position your business as an employer of choice. Here are seven things to consider when building a competitive benefits package:

1. Comprehensive coverage with specialty products

Combining health coverage with other specialty products creates a fully integrated benefits package. Options like dental coverage and life insurance plans help protect your employees and keep them satisfied. Consider including additional offerings such as prescription drugs, wellness programs and more. Competitive benefits packages like this provide your employees with the best coverage at an affordable rate for you and them.

2. Single-carrier coverage removes confusion

Having multiple insurance carriers can be complicated, especially when it comes to coordinating customer service or resources. Working with a single company for employee benefits eliminates the hassle and keeps everything under one roof. Plus, employees will have consistent communications and tools that make understanding their benefits that much easier.

3. Add extra value with no-cost services

Benefits that exceed expectations will show your employees just how much they are appreciated. Find products that offer value-added services at no cost to them, such as grief counseling or employee assistance programs (EAPs), which can help address employees' physical and mental health needs through tools and resources. Offering these products demonstrates your commitment to employees’ well-being. This support can promote a positive work culture and increase morale and participation.

4. Extensive network options provide advantages

Your employees should have access to the care they need, wherever they are. A benefits package with a statewide or even national presence can make all the difference, especially if it includes access to high-quality facilities and providers. Offer a cost-effective health plan that ensures your employees have access to healthcare that meets their unique health needs based on their age, medical history and personal circumstances. Explore various plan types, like Preferred Provider Organizations (PPOs) or Health Maintenance Organizations (HMOs), to determine which best suits your business.

5. Tax-advantaged solutions lead to savings

Employees can take control of their healthcare costs through consumer-driven products like a health savings account (HSA), flexible spending account (FSA) and health reimbursement arrangements (HRAs). These powerful tools help employees save on taxes, cover eligible out-of-pocket expenses and more, all through a seamless integrated process.

6. Keep sales and services local

As a small business, you recognize that keeping things local has a significant impact. When an insurance carrier’s sales and customer service teams are dispersed across markets and regions, maintaining seamless communication and collaboration can become more difficult.

Medical Mutual’s Customer Care team is recognized for ensuring a positive member experience through exceptional service. Our team members live and work alongside our members, giving us a unique perspective not only on the barriers and concerns they face but how we can address them.

7. Simplify the experience with digital access

You can improve your employees’ experience, efficiency and reduce administrative burden with one simple shift: by going paperless. Moving from mailed documents to digital delivery means the same information is sent faster, more securely and all in one organized place where it can be reviewed, downloaded or printed at any time. Employees can still opt to receive physical copies if they prefer.

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Building a competitive benefits package not only supports your employees throughout their health journey but also shows that your business can provide the same great benefits comparable to those of a larger company.

Medical Mutual administers the COSE Benefit Plan to provide members with premium health insurance coverage. If you’re a business owner interested in an affordable health insurance plan, specialty products and wellness programs, consider enrolling in the COSE Benefit Plan today. For more information on COSE Benefit Plan through Medical Mutual, request a Sales consultation with our dedicated group representative.

Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. We provide peace of mind to more than 1.2 million Ohioans through our high-quality insurance plans.