Additional Benefits (Dental, Vision, Chiro) Can Improve Employee Morale and Enhance Recruitment
Meet Choice Builder: The Only Private Exchange for Optional Employee Insurance Benefits
The Affordable Care Act (ACA) introduced the concept of an insurance exchange to many Americans, but the fact of the matter is that private health insurance exchanges have operated in the U.S. for years. One of the country’s most successful private exchanges, CaliforniaChoice, began operations in 1996. Today, it serves 18k small businesses and more than 320k members across California.
Exchange marketplaces – whether they are public or private – are designed to give consumers easier access to a broad range of Employee Insurance Benefits. With an exchange, you and your employees have a variety of carriers and plan options from which to choose, so you can select the coverage that best matches your individual or family health insurance needs and budget.
If you’re a business owner or mid-career manager, you may have dependents you want to include in your coverage. Maybe you take a prescription drug for an ongoing medical condition, such as diabetes or high cholesterol. You may have a preferred doctor, who is only available through a local PPO. Your 20-something administrative assistant or 30-something supervisor may be single or divorced (without children) and not inclined to visit the doctor, other than for a routine annual check-up. The options available in an exchange allow all three of you to find the PPO, HMO, or other coverage that works best for you.
The same holds true for added benefits, like Dental, Vision, Chiropractic & Acupuncture, and Life Insurance. The Choice Builder insurance benefits exchange, created by the same company that operates the CaliforniaChoice health exchange, has just what you need. Choice Builder can help you expand your employee benefits beyond health care. You can contribute to your employees’ added benefits or you can offer these benefits on a completely voluntary basis. You can even “mix and match” coverage, so your company shares in the cost of some coverage (like one of several Dental plans), while the employee pays the full cost for other coverage (say, perhaps, Vision or Life Insurance). The choice is yours.
Why consider added benefits? There are many reasons. As mentioned above, you can choose whether you share the cost, or your employees pay the full cost. Added benefits are a good way to keep your employees happy, too – and happier employees are up to 20 percent more productive. That affects your bottom line.
Dental, Vision, and other benefits can also help you attract and retain employees. You may be surprised to learn a 2017 study by Aflac found a majority (58 percent) of employees would a take a job with lower pay if it offered better insurance benefits. In fact, 16 percent of those surveyed two years ago by Aflac said they have left a job – or turned down a job offer – due to the available benefits.
Choice Builder offers convenience and a variety of coverage options for you and your employees:
Pick one, or pick them all; the choice is yours. And you’ll receive just one monthly bill for all of your employees’ added Choice Builder benefits. Plus, you can easily manage those benefits through one website.
The additional advantage offered by Choice Builder is convenience. You don’t have to go to different insurance companies to offer the coverage your employees want; it’s all available through the Choice Builder program. You get access to a wide variety of Dental options – from Ameritas, Anthem Blue Cross, Delta Dental, and MetLife plus Vision coverage from EyeMed and VSP. Life Insurance is offered by Assurity Life. And Chiropractic & Acupuncture treatments, available as an employer-sponsored benefit, are backed by Landmark Healthplan, a California leader in integrated care since 1985. Best of all, you get one monthly bill for all of your employees’ added benefits – and you can easily manage their benefits through one website. There’s just one toll-free number for assistance, too.
To learn more about Choice Builder – and how the added benefits it offers can help you attract and retain employees and, potentially, increase productivity, too – talk with your employee benefits broker. If you don’t have a current broker, we can help you find one.