Dive Brief:
- Small or growing business researching health insurance for employees may be well aware of the challenges that over 2.7 million small businesses in the U.S. face - traditional health insurance doesn’t always work for them.
- But, according to a blog post from Zane Benefits, a firm that serves the small business benefits market, there’s a silver lining in the form of alternatives to employer health insurance.
- The post outlines five alternatives that may allow small businesses to reach recruiting and retention goals without the cost or administration requirements of an employer-sponsored health insurance plan.
Dive Insight:
Zane Benefits outlines the five options, which include Individual Health Insurance Reimbursement (“Premium Reimbursement”), increasing salaries to help employees finance health insurance (for example, on the ACA's insurance exchange), non-traditional group health insurance coverage (for example, a SHOP marketplace or Co-Op coverage), wellness initiatives, and finally, boosting other employee benefits and perks.
Zane Benefits notes that when it comes to employee compensation, small businesses want to provide a competitive health benefits package to recruit and retain the best employees. However, employer health insurance coverage is not always feasible. If that's the case, those managing the small business benefits program should take a look at these five options, because competing for talent is getting tougher all the time.
