Flexible Health Plans Help Franchisees Retain Skilled Employees
Did you know replacing an employee can cost 50-200% of their annual wage? With 51% of U.S. employees open to new opportunities, and only a quarter willing to recommend their current company, it’s no wonder turnover is sky-high. As a franchise owner, you may wonder, “How can I retain my employees?”
According to a recent Gallup study, benefits are often the make-or-break factor — even in a role that seems perfect on paper. Offering standout health benefits in your franchise may set your business apart and keep top talent from searching elsewhere.
Finding the Right Health Plan for Your Franchise
Selecting a health plan for your franchise can feel overwhelming — no one-size-fits-all solutions here. From terminology to unique requirements, navigating the healthcare marketplace can leave you with questions. To get you started, let’s define a few important terms:
- MOOP: Max Out Of Pocket, or the highest amount you’ll pay for in-network medical costs in a year.
- Deductible: The amount employees pay for services before insurance kicks in, often noted as “before” or “after” in plan breakdowns.
- In-Network vs. Out-of-Network: This explains which providers are covered under your plan and at what cost.
- Balance Billing: Occurs when a provider charges more than the plan’s allowance, leaving employees responsible for the difference.
- Co-Insurance: A percentage your employees pay for certain services after meeting their deductible.
It’s a lot to absorb, but understanding these basics can help simplify your search. And with employees prioritizing both physical and mental wellness, exploring outside traditional insurance options can pay off. Offering health benefits in your franchise that go beyond the basics shows employees you care about their well-being.
Alternative Options: Concierge and Health-Share Plans
Consider exploring newer models like concierge services or health-share plans, which are designed to make healthcare more accessible and affordable. Here are some ways they differ from traditional plans:
- Open Networks: Freedom to choose any provider, supported by reference-based pricing or national networks.
- Immediate Benefits: Access benefits without first meeting a deductible.
- Initial Unshareable Amount (IUA): This replaces deductibles for major needs, linked to treatment rather than the calendar year.
- No Caps: Many plans offer no annual or lifetime coverage caps.
- Flexible Enrollment: Join anytime with month-to-month membership.
- Transparency: Many plans have set fees, minimizing surprise bills.
No single plan is perfect for everyone, but offering flexible options shows employees you value their health and wellness. Providing them the freedom to select what best suits their needs can foster loyalty and boost productivity.
At the end of the day, employee benefits are a vital investment in attracting and retaining loyal franchise staff. Although healthcare can be complex, the rise of alternative options means there are more ways to help employees feel valued and supported.
