At first glance, choosing a healthcare plan for your business looks increasingly complicated and expensive, however, it doesn’t have to be. Here to lend us some insight and guidance about this important topic is Katie Mahoney, Vice President of Health Policy for the U.S. Chamber of Commerce. With over 20 years of healthcare experience, Katie shares with us some key healthcare planning factors from the latest Small Business Index and what it could mean for the future of your business.
Katie discusses not only about what factors small businesses should be considering when picking a healthcare plan, but also what they should be prioritizing during this process. According to the Small Business Index, business owners are very focused on cost, whether that is premiums or out of pocket expenses that are associated with co-insurance, co-pays, and deductibles. Additionally, Katie says that when it comes to deciding on a healthcare plan, businesses should really focus on the employees that they are trying to recruit and or retain.
Ask yourself or your employees themselves, “What is important to those employees?”. Is it out of pocket costs or premiums? Or is it flexibility or variety of network options? Whatever benefits and options are important to the employees that is what business owners should also be paying attention to in order to attract and retain the right kind of talent that they are looking for. Therefore evaluating the culture of your business and the type of employees that you’re trying to recruit should be a priority when choosing a healthcare plan in order to make the process clearer and simpler for your business.
To hear more from Katie on healthcare planning and prioritization check out the full interview above.
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This has been a JBF Business Media production.