As work and the workplace change rapidly these days, small businesses face their own challenges while trying to offer good health care to their employees. Old-school health insurance plans typically increase premiums, deductibles, and out-of-pocket expenses, all of which will weigh the employer and the employee equally. Over the past several years, many small businesses have found new alternatives; one such alternative is a health-sharing model. This is cost-effective but also enhances the well-being, engagement, and satisfaction of employees. This article discusses how health-sharing models can change employee wellness in small businesses.
Health Sharing Models
Health-sharing models operate on the mutual aid principle of its members. Instead of paying premiums to an insurance company, members contribute to a common pool that pays for medical bills for all the members. It motivates users to divide with one another the burdens of medical costs; thereby, each person acquires a family or even an extended group. Such shares are very affordable because their rates stand at as much as eighty percent cheaper compared to premium rates provided in conventional schemes. That’s why a small enterprise could be looking forward to keeping the expenditure on healthcare relatively under control.
Cost Savings for Small Businesses
Perhaps one of the best advantages of this model of Health Share is that it’s enormous in cutting costs. The cost is very high when small companies offer health insurance; in fact, this forms part of the major overheads for a small company. Under this model, businesses reduce their monthly costs while, at the same time, giving employees a chance at great health care.
More Employee Engagement and Job Satisfaction
Employee engagement is an integral part of any business and has much to do with positive workplace culture, for which health-sharing models are key. When the employees feel that their healthcare needs are met without exorbitant costs, then their job satisfaction becomes significantly high.
Most health-sharing models focus on preventive care and wellness initiatives, which in turn encourage employees to seek proactive ways of maintaining healthy lifestyles. The majority of the programs will offer access to wellness resources, such as fitness memberships, mental health support, and health education while being a holistic way of enhancing employee wellness. Good health and wellness can make for low levels of absenteeism and productivity, meaning it’s a good deal for the employee and also for the employer.
Community Building and Support
A significant feature of the health-sharing models is that they build community among members. Being part of a collective sharing common values in health care could make the employees feel much closer and supported. It makes relationships at the workplace much more collaborative and supportive in nature.
Besides urging members to be frank, many health-sharing programs often encourage members to share their health journeys, hence including success stories on that path. Such stories breaking stigmas behind issues make health issues lighter in mind. In all those perspectives, employees go easy for each other by encouraging behaviors with positive health, enrollment in well-being programs, and having the great focus on one’s health.
Flexibility and Personalization
Health-sharing models enable small businesses to offer workforce-specific health care, considering the different needs that characterize a specific workforce. Whereas traditional insurance is often unyielding in its structure, this kind of program allows much more flexibility, so, for instance, companies would choose options that would ideally fit very closely with other goals and values.
Employers may choose plans that either advance preventive care, chronic disease management, or specialized care. This way, an employer provides personal care while still getting to design his healthcare-sharing program to meet his organizational culture.
Increased Focus on Preventive Care
Preventive care is a part of health-sharing models. Since the models often encourage early interventions and regular check-ups, they enable employees to catch diseases before they become majorly expensive issues. In so doing, the models are preventive in their approach and are helping employees as well as curbing health care costs that small businesses incur.
Healthy employees and lowered long-term medical costs might be the result of health screenings, vaccinations, and other wellness activities. Less chronic conditions will also be observed upon investing in preventive care and sharing models, in this case, within the context of health.
Improved Health Literacy and Awareness
Health sharing models are amongst the transforming concepts whereby most of them participate in offering education amongst other aspects to empower their members regarding their healthcare and inform themselves on better options related to their healthcare. In this, models offer power for employees’ own control regarding their welfare and health literacy.
The employees will be healthy and utilize available resources effectively if they are aware of their healthcare options. Increased awareness would lead to better health outcomes, thus improving the overall wellness and satisfaction of employees.
Attraction and Retention of Talent
A small business operating in a competitive job market must differentiate itself to attract and retain top talent. Innovative health care solutions may include health-sharing models. A greater number of applicants prefer employers who care for their employee’s wellness and can offer affordable flexible healthcare options.
Smaller companies that embrace health-sharing models are able to exhibit concern for the well-being of employees. This aspect makes for a positive company image that is likely to attract prospects to the company. Moreover, valued and supported workers are less likely to seek greener pastures as they will not leave; this means reduced turnover that in turn reduces recruitment as well as training costs.
Conclusion
Health-sharing models present a chance for small businesses to change and show concern for employee wellness. Because such models offer a low-cost, community-based model of health care, they not only engage people but also increase their level of satisfaction and cultivate a healthy culture at the place of work. As such a number of small businesses increase their share in the scheme of health sharing, and more organizational approaches to employees’ health and wellbeing will gradually shift, translating into healthier happier workplaces. Small businesses are not investing in health-sharing models just for the improvement of their bottom line, but they also genuinely show concern about the health and well-being of their employees to ensure a brighter future in the world of work.
Contact HSA for America to learn more about how Health Share Plans and HSAs can benefit your business and help you create a healthier, happier workforce.
