Recruiting and retaining a great dental team continues to be a pressing issue for most practices. Dental offices are looking for ways to show current and future employees that they are a great a place to work and offer a competitive benefits package. However, a challenge is to be able to offer the best benefit options without breaking the bank. Here are five trends that FDA Services (FDAS) is seeing in dental practice employee benefits.
1. Benefit Allowances
Instead of paying a certain percentage of a medical insurance plan, many offices are now offering a set allowance amount. This amount can be used toward health and vision insurance premiums and other voluntary insurance products. This empowers the employee to pick the best combination of plans to fit their individual needs.
2. Dual Option Benefit Plans
Many practices are now offering a low-cost HMO plan to team members and a richer PPO option. Employees can then “buy up” from the HMO to the PPO. This transfers the cost versus benefit decision back to the employee; they can decide if it’s worth the additional premium. It also allows employees who are price conscious to still participate in the office plan.
3. Group Term Life Insurance
Employees want to make sure their loved ones are taken care of in case something happens to them. A group term life policy is an affordable way, typically less than $10 per employee per month, to provide a little piece of mind. Plus, premiums for group term plans of $50K or less are tax deductible to the practice — a no-brainer benefit.
4. Voluntary Benefits
Another no-brainer is to offer voluntary benefit options to employees. These can include accident plans, cancer plans, short-term disability, etc. The employer can offer these plans at 100% cost to the employee. FDAS has partnered with Colonial Life insurance to offer seven voluntary products to all FDA-member employers with no minimum participation.
5. Fitness Trackers
Fitbits and Apple Watches are great ways to be proactive about keeping healthy. Many employers offer reimbursement for fitness trackers after meeting usage goals. The Florida Dental Association even held a walking contest among staff. There are a few health insurance carriers that incentivize insureds to be more active by contributing to a health savings account each day the health goal is met.
For the valued business owner, FDAS wants to make the top group health plans in the state available at affordable prices. With a wide variety of plans and options to choose from, we can help you find the right plan to make your employee benefit package great. Request a quote today! For more information, contact FDAS at [email protected] or call or text at 850.681.2996.