Could your company improve its benefit offerings this open enrollment? If you’re not already offering TRICARE health insurance, adding this benefit may be a simple way to help a significant number of employees. This is good for your workers, but it’s also good for your company, as keeping employees happy is an absolutely essential element of attracting top talent in today’s tight labor market.
Strong health care options are essential.
The cost of health care has become a major source of financial strain. According to the National Conference of State Legislatures, the average annual premium for family coverage is $19,616 in 2018, an increase of 5 percent. Individual coverage is $6,896 on average, an increase of 3 percent.
This isn’t just a problem for the average worker. It’s also a problem for their employers. CNBC reports that, based on a study from the National Business Group on Heath, large employers spent an average of $14,156 on health insurance benefits for each employee during 2018.
At the same time, offering attractive health care benefits is more important than ever, not only because of ACA requirements, but also because of the country’s high employment rate. The unemployment rate fell to only 3.7 percent in September. This means that many people have their pick of employment options, and companies have to work extra hard to attract and retain talented workers. Offering quality health care benefits is one way to do this.
TRICARE is a great option to add.
Health care is a very personal matter, and the best fit for one person might not be the best fit for another. Providing a variety of offerings is the best way to ensure that everyone finds a good match. For many military retirees and their dependents, this means TRICARE.
TRICARE is the health care system of the United States military. It includes several plans to serve both active and retired military. TRICARE Supplement is an optional plan that can be combined with the core TRICARE plans, including TRICARE Prime and TRICARE Select. TRICARE-eligible beneficiaries who are not on active duty and who are not eligible for Medicare may be eligible for TRICARE Supplement.
Many Americans are worried about out-of-pocket medical costs. In addition to the predictable premiums, co-pays can add up. Even worse, these costs often take families by surprise when an expected illness or injury occurs.
TRICARE Supplement helps cover these additional expenses, keeping costs both low and predictable. When combined with TRICARE Select, for example, TRICARE Supplement offers 100 percent coverage, so enrollees only pay their Supplement plan deductible and premium fees . This means families don’t have to worry about surprise medical bills they can’t afford. Once they budget their expenses, they can enjoy peace of mind knowing that everything is covered.
Offer TRICARE on a voluntary basis.
TRICARE Supplement can be offered as a voluntary supplement at no cost to the employer. The coverage can be paid for using payroll deductions.
Employees will love having such convenient access to a useful benefit. At the same time, employers gain their employees’ satisfaction, appreciation and loyalty, while incurring no additional costs. It’s a win-win situation that should not be overlooked.
This open enrollment period, impress employees with your company’s benefit options. Offer TRICARE Supplement along with your other plans.
We were LIVE!
Watch the Facebook LIVE replay below to learn how to combat rising healthcare renewals. HR decision-makers will walk away with practical ideas to help employers & employees control costs. Bring these ideas to your boss and shine like a rock star!