Medical Insurance: It Can Make or Break Your Business

January 27, 2019

 

Running a business is a herculean task.

 

It takes nerves of steel, gallons of caffeine, and a few mental melt downs every week to keep a small business growing.

 

But just as an intrepid spirit is vital for a small business, the value of dedicated employees should also be given its due. When it comes to a business’s success, a strong employee can be equally as important as the business owner, and losing that employee can be just as detrimental.

 

Of course, you work hard to make your employees feel appreciated, right? Absolutely you do. Every business owner knows the value of those they employ.

 

But does your benefits package reflect that appreciation?

 

If you think your employees are content with their benefits, you may want to think again.

According to a study published by Aflac in 2016, only a third of employees are satisfied by their employer’s benefits package.

 

The biggest deal breaker for employees? Unsurprisingly, it’s health insurance. The hot topic issue of the Obama era has saturated the economic sector. Employees are now looking to secure not just the future of their finances but of their physical wellbeing as well.

 

81% of employees expect their employers to offer major medical insurance, and they are willing to walk away if that expectation is not met.

 

As unemployment continues to fall, members of the work force are recognizing their option to shop around for the best benefits and work environments. 16% of the workforce has walked away from their current employment or from a job offer because the benefits package was not up to par.

 

When it comes to benefits packages, it may be hard to compete against the big corporations, but it isn’t impossible. There is still hope for the small business owner. Insurance options for small businesses are abundant. The hardest part is deciding which insurance to choose. There are a lot of options out there, and you want to make sure you choose the best at the best price.

 

Luckily, The Biz Foundry’s upcoming workshop, Health Insurance for Small Businesses, is a great resource to help you navigate the convoluted task of health insurance shopping and sign-ups. We’ll take you through the different options, help you find the best fit for your business, and support you through the registration process.

 

I won’t sugar coat it. Signing up for health insurance won’t be the easiest of task. It can be time consuming, confusing, and intolerably frustrating; but you’re a business owner with nerves of steel and a gallon of coffee. You’ve got this.

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