Zenefits (opens in new tab), a Cigna + Oscar partner, curates content for managing the modern workforce, empowering businesses to put employees first. We're bringing you some of their articles about the latest news, information, trends, and community.*
Not sure how to provide your staff with the medical coverage they want? Here’s how to pick the best healthcare benefits bundle for your company.
A bundled plan can offer combined benefits at discounted prices
Months before open enrollment (opens in new tab) makes its annual debut, employers are deciding what benefits packages to renew, reduce, expand, or overhaul to offer employees their pick of health plans. The nagging question for employers, especially small and medium-sized businesses, is how to provide employees with the medical coverage they want while controlling spiraling benefits and healthcare (opens in new tab) costs? One way is to offer a comprehensive or all-inclusive plan — typically a medical-dental-vision combination — at a discounted price.
As United States employers prepare for open enrollment (opens in new tab), providing an array of benefits that employees want and are willing to buy or cost-share becomes a chief concern. According to Mercer, a benefits and healthcare firm, medical coverage costs businesses on average about $12,229 (opens in new tab) per employee. When combined with wages and salaries, benefits help make up an organization’s biggest expense — employees’ total compensation.
This high price tag can be a pain point for small businesses, but they don’t have to let their size or budget keep them on the sidelines; combining medical coverage with ancillary benefits like dental and vision is a cost-saving option in healthcare coverage. Insurers are bundling health plans and packaging and selling them at discounted rates. Bundling is a marketing concept; insurers found inspiration from cable companies who offer TV, Internet, and phone packages for less than what they say consumers would normally pay for each service.
Read the rest of the article for more reasons to consider your own return-to-work employee survey on Zenefits.com (opens in new tab).
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*Note: Oscar has no control over, and assumes no responsibility for, the reliability, quality, or accuracy, of this content.
Cigna + Oscar coverage is insured by Cigna Health and Life Insurance Company. CA: benefits administered by Oscar Health Administrators. Other states: benefits administered by Oscar Management Corporation. Pharmacy benefits provided by Express Scripts, Inc. Cigna + Oscar health insurance contains exclusions and limitations. For complete details on product availability and coverage, please refer to your plan documents or contact a representative.
