16 Oct 5 Trends That May Impact Group Medical Plans in McAllen
Employee perks, incentives, and group medical plans in McAllen plans are changing. As a business owner, you may have noticed companies spending more time reviewing policies before open enrollment begins this year. As inflated prices, and talks about recessions rise, employees are just as concerned.
For employees, group medical plans in McAllen can mean the difference between purchasing a car, affording food, and staying with a company.
We want to share a few trends you and your HR practitioners should consider before choosing a new policy.
Increasing Healthcare Costs
Healthcare priorities are valued differently, especially now that we have more remote workers.
Since the pandemic, there are concerns healthcare costs may rise. Knowing that it is still an emerging trend, employers should pay special attention to the increase in medical spending.
Employers can prepare in advance by:
- Assessing if there is added budget for these expenses.
- Ask SWEB, for policies that offer medical, dental, and vision policies.
- Ask SWEB about possible savings to help reduce taxes.
Mental Health is a Priority
Companies are regarding mental health more than ever, and providing health plans that include options for group medical plans in McAllen is an option.
Through SWEB you can access service with United Benefits Advisory (UBA) to:
- Receive data from employee benchmarks on what is financially prioritized for workers in your region.
- Access UBA Health Plan Surveys to gain feedback on their preferences. They provide more trends annually on where HR practitioners and employers should invest.
- HR practitioners can get clearer numbers on everything from employee retention, group benefit plans, policies with varying PTO, and policy research annually.
- A majority of employees find that their mental health has been significantly affected during the pandemic.
Building More Savings & Retirement
Financial concerns are among one the few benefits trends employees value. As an employer, the last thing you want is high employee turnover rate. Not only are businesses competing against competitors, but also remote work opportunities.
Financial programs play an important role and incentivize employees to:
- Repay debt
- Invest for retirement
- Build savings for emergencies
Financial security certainly contributed to employees livelihoods and employer loyalty since the pandemic.
Expanding Paid Leave Policies
Although some businesses may have already expanded the paid leave policies, such a benefit is undoubtedly increased for unlimited paid time off (PTO) and family or medical leave. Because of the pandemic, employees feel obligated to go to work and may even feel ill, causing project disruption. Increasing PTO can help reduce the risk of exposure and developing illnesses, and boost the continuity of work flow.
Embracing New Technology
Employers should also take note of going digital once and all. As more work is collaborated on a remote scale, technology can advance production. In some cases, businesses are moving their HR personnel online, and SWEB can provide the framework to hassle-free data. These self-service tools will allow employees to help perform functions such as:
● Reviewing benefits
● Adding dependents
● Checking company solutions
● Retirement account
● Online training
Contact SWEB for Group Medical Plans in McAllen and Incentives
Unsure if your coverage is sufficient? Send a message to SWEB today! SWEB helps companies throughout Texas, whether you are starting or a Fortune 500 company.