Today, more than 2.7 million US small businesses do not offer traditional Medicare coverage. The main reasons they do not? Cost. Yet most established small businesses want to offer health benefits to recruit and retain quality employees. Which is why many small businesses are looking for non-traditional approaches to health benefits. 
In this article, we describe five non-traditional approaches to health benefits and why they can be effective alternatives to offer traditional health insurance coverage.
5 Health Benefit Nontraditional approaches
When the group health insurance is not a viable option because of the cost, conditions of participation or administrative resources, there are five non-traditional approaches to consider. These non-traditional approaches are:
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Insurance Individual Health Reimbursement (a "Pure" Defined Contribution Model)
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Unofficially Increase Salaries to help employees with health insurance
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Nontraditional Coverage Group Health insurance (eg Store or Co-Op)
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wellness initiatives
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Boost More benefits and Perks
summarize each approach.
1. Individual Health Insurance Reimbursement (a "Pure" Defined Contribution Model)
The first approach benefits non-traditional small business health adopt is model defined contribution , where the company gives employees a set allowance ( "contribution") for their health insurance premium.
With this approach, the employer sets up a formal repayment plan tax benefits. Employees purchase individual coverage and are reimbursed by the Health repayment plan for qualified premiums.
This approach can be effective because it feels much like a traditional health benefit program and has the same tax benefits as traditional health insurance. However, unlike traditional health benefits, employees are in the driver's seat with the selection of their own insurance -. A benefit for employees who want more control over their health care
Unofficially 2. Increase Salaries to help employees with health insurance
the second non-traditional approach is to increase employee wages to help with health insurance. In other words, give everyone a salary boost or annual premium to help cover the cost of health insurance.
Providing this type of taxable allowance is easy to install and manage, but because it is a more informal arrangement some small businesses face problems . For example, employees will actually spend money on health insurance? Is your business losing the best job candidates desired employers with formal health services in place? These are important questions to consider this approach
Read more.? Health Insurance vs. Stipend A repayment plan - What is the best
3. Cover Nontraditional Health Insurance Group (eg Store or Co-Op)
A third health benefit approach to consider is a spin on the traditional group health insurance. group health insurance options Nontraditional SHOP understand the market or co-op health insurance.
These types of plans provide new ways to deliver traditional coverage of health insurance and can give your small business has increased the purchasing power. For example, a cooperative exists to increase the purchasing power and spread risk among a larger group. Each cooperative is structured differently, so the cooperative can offer better insurance rates than a group policy or a plan based SHOP regional insurance underwriting laws and the cooperative itself.
4. Initiatives Wellness
The fourth non-traditional approach to health benefits is to invest in initiatives well- be. Small businesses should not invest considerable time and resources to create a wellness program; there are a lot of ideas wellness low cost for small businesses to adopt.
initiatives wellness many do not feel like the official health benefits to employees, but they can be effective in building a healthy and productive workforce .
5. Boost More Benefits and Perks
As for wellness initiatives, the last non-traditional approach to health benefits is to stimulate other benefits and advantages employees.
to make this approach effective, know what benefits and advantages of your value key employees and direct your resources to those benefits. Yes, this approach means that you do not offer health benefits, but you offer other advantages and benefits to create a desirable workforce and healthy.
Conclusion
regarding the compensation of employees, small businesses want to provide competitive health benefits to recruit and retain the best employees. However, the traditional insurance coverage are not always in the cards.
As such, small businesses evaluate alternative health benefits such as help employees with individual health insurance , new group health insurance options, wellness initiatives, and stimulate other benefits.
What advantages for alternative health you are seeing small businesses adopt? What questions do you have about these alternative approaches? Join the discussion with a comment or question.
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