More than half of Americans under 65 receive health insurance through their employer. Still, employers should consider diversifying their health benefits to improve employee satisfaction and retention, according to a new report from SureCo, an Individual Coverage Health Reimbursement Arrangement (ICHRA) administrator. This report revealed a demand for more plan options.
SureCo’s 2024 State of Employee Health Benefits report surveyed employees, HR and finance leaders, and benefits consultants at companies with 150-2,500 employees. Consider these key findings:
- Eight in 10 employees prefer to select their plan from all available options instead of a company’s few options.
- Six in 10 employees would leave their current company for one with better health benefits.
- One-third (38%) of people seek a job with better benefits.
- Roughly half (47%) of employees considered seeking alternative health insurance benefits outside of their employer’s offerings.
- Half (49%) of workers avoided or delayed preventive care or medical treatment because they were concerned it wouldn’t be covered.
- Nearly half (42%) of employees said they would rather receive better health insurance than a raise this year.
Employees responded that the health insurance factors that matter the most are the costs of premiums, deductibles, and copays; the services covered (e.g., mental health, fertility treatment, weight loss medication, and gastric bypass); and in-network providers and facilities.
“But employees aren’t just looking for the basics anymore. They want choices, they want flexibility and they want to feel like their health care needs are being heard.”
– SureCo’s 2024 State of Employee Health Benefits report
The traditional one-size-fits-all approach to benefits may no longer work. Today’s workers want more than just the basics for health benefits; they want choices and flexibility to address their healthcare needs. Although rising healthcare costs continue to impact Americans and may influence decision-making, many workers value certain benefits, such as mental health and family-building benefits.
Employers may be challenged to provide more options while keeping costs in check and should monitor workers’ desires and adjust their health benefits strategy as needed.
GTM Insurance is Your Partner for Employee Benefits Design
There is much to plan, consider, and execute when designing a benefits plan for your business. Don’t go it alone. Let the GTM Insurance Agency help you create and implement a competitive, customized, and cost-effective employee benefits package while reducing the burdens and costs of managing benefits on your own.
GTM will help you:
- Outline your goals
- Assess your needs
- Determine your budget
- Comply with legal requirements
- Design your customized benefits package
- Implement your plan
Frustrated with your current employee benefits provider? The local team at GTM is here to help you find the right plan to fit your budget and excite your employees.
GTM has access to top local insurance carriers like Anthem, Aetna, Blue Cross, CDPHP, Highmark, MVP, and others. Skip any admin fees as we shop for the best rates and plans on your behalf.
We don’t believe in one-size-fits-all benefit plans, which can lead to employee disengagement and dissatisfaction, increased turnover rates, and difficulty attracting top talent.
Instead, we craft customized plans that align with your needs and goals, which means happier, more productive workers.
It’s coverage that will work for you and your employees without the stress and hassles of trying to do it all yourself.
With GTM, you’ll automate your open enrollment, onboarding, and benefits administration to eliminate errors, simplify employee benefits, and free up time for more pressing HR matters.
A complimentary integration with Employee Navigator or direct integration into GTM’s payroll and human capital management (HCM) platform means you’ll enjoy an efficient online process with access at any time from any device.
