As companies compete for a limited number of skilled workers, keeping employees happy is more important than ever. Offering the right benefits, including TRICARE Supplement, is one way to attract and retain workers.
The Low Unemployment Rate
The unemployment rate in June was 4.0 percent. This is slightly higher than it was in May, when the rate dipped down to 3.8 percent, but it’s still very low.
In fact, many experts are talking about a labor shortage. According to CNBC, the number of job openings – a record 6.7 million – is greater than the number of eligible workers ready to fill them. As a result, companies are having a hard time finding people to hire.
This is great news for skilled workers, who may have their pick of job offers, but it’s a problem for employers who are struggling to find and keep employees.
Employers are having to up their game to make positions attractive to employees. One way to do this is to offer a great benefits package that includes TRICARE Supplement.
Benefits Rank High Among Worker Priorities
According to Glassdoor, 57 percent of people say that benefits and other perks are one of their considerations when receiving a job offer.
But not all benefits are weighed equally. Another study, this one from Monster, found that health care is by far the most important benefit to prospective employees. The health care plan accounts for 32 percent of the value prospective employees place on the total benefits package.
Considering the high cost of health care in the United States, this finding isn’t much of a shock. Employees want a plan that provides access to the care and prescriptions their family needs, without surprise medical bills. For retired service members and their families, this means having TRICARE Supplement.
About TRICARE Supplement
TRICARE is the health care program of the United States military. There are multiple plan options that cater to active and retired military service members and their families.
TRICARE Supplement is an optional insurance plan that can be combined with other TRICARE plans. It is available to TRICARE-eligible beneficiaries who are not on active duty and who are not eligible for Medicare.
TRICARE Supplement covers the out-of-pocket costs associated with the core TRICARE plans. How this works precisely depends on which core TRICARE plan the beneficiary uses. When combined with TRICARE Select, for example, the coverage is 100 percent – beneficiaries pay nothing other than the deductibles and enrollment fees. This might make more sense as ‘other than deductibles and premium fees’ there aren’t enrollment fees just yet for Select.
How TRICARE Supplement Contributes to Happy Employees
Keeping employees happy is important for any company worried about attracting and retaining talent. TRICARE Supplement can help by relieving some of the most common employee worries.
Employees are most stressed about their finances. According to a report from PWC, 53 percent off employees are worried about their personal finances, and 47 percent of these employees say it either causes them to miss work occasionally or hurts their productivity at work.
Medical bills are a major source of financial stress for many Americans, especially when the bill is unexpected. Not only does TRICARE Supplement help employees keep out-of-pockets down, but it also makes the costs more predictable. This means that employees can stick to their budget, giving them one less thing to worry about.
But employees aren’t just worried about medical bills. They’re also worried about the fact that they need medical care in the first place.
The same PWC survey found that many employees – about 14 percent – are worried about health concerns. Employees want to make sure that they and their families get the health care they need.
TRICARE Supplement accomplishes this. Eligible employees cannot be denied due to health conditions, and pre-existing conditions are covered after the first six months.
TRICARE Supplement is a great option for eligible employees, but it’s also great for employers trying to attract and retain talent. And because providing TRICARE Supplement as a voluntary benefit doesn’t cost employers anything, there’s no reason not to offer it.