Over the past two years, employees have been leaving their jobs in record numbers. In fact, this phenomenon, termed The Great Resignation, resulted in 20 million people leaving their jobs in the second half of 2021 alone. Due to mass resignations, employers are searching for solutions to successfully recruit and retain employees.
There are, of course, a variety of factors that contribute to an employee’s decision to leave or stay with a company. Today, we’ll be discussing just one of these factors: How health benefits can contribute to employee recruitment and retention.
If employees receive the healthcare they need, employers experience the results of higher employee productivity, improved retention, and successful employee recruitment. Further, employers avoid penalties for not providing benefits complying with ACA requirements.
Let’s start with breaking down what MEC is and what these plans cover.
Minimum essential coverage (MEC) is a plan that meets the Affordable Care Act (ACA) requirements for health coverage. Some of these programs include:
*All applicable large employers (ALEs) with 50 or more full-time or full-time equivalent employees are required by law to provide ACA-compliant health coverage to their employees. ALEs who do not provide ACA-compliant coverage are subject to fines and penalties from the Internal Revenue Service.
Read on for more information about MEC.
The bottom line is that employees are more likely to take a job or stay with a company if the employer offers some form of health insurance. In fact, 56% of American adults with employer-sponsored health benefits stated that health coverage is a key factor in their decision to stay at a current job.
By providing MEC, employers show employees that they are valued and taken care of. Additionally, employers that provide insurance often enjoy the benefits of improved employee satisfaction, retention, and productivity.
There are three different plan options available. Employers should be familiar with the differences between levels of coverage so they can best decide which MEC plan works for their employees. The levels of coverage include:
Standard MEC plans are ACA compliant and include coverage for wellness, preventative services, prescription discounts, and telehealth services.
Enhanced MEC plans take coverage one step further than standard plans. These plans are aimed at attracting and retaining top talent by also including primary and urgent care visits with low copays and discounted specialist and laboratory services.
The highest-level MEC plans include the enhanced MEC plan benefits along with added coverage such as prescription coverage and low copays.
MEC was designed to provide patients with 10 essential benefits. These essential benefits under MEC include:
Read on for a full breakdown of each of these benefits, in our guide to essential health benefits under MEC.
Now that we’ve covered what MEC is and what it covers, let’s discuss how these benefits can help employers retain their employees.
Employers shouldn’t have to break the bank to provide their employees with benefits. At SBMA, we provide comprehensive and complimentary services, offering the most competitive limited medical benefit plans in the industry.
Our goal is to match employers who want to offer benefits at a price they can afford and a plan that fits their employees. At SBMA, we offer:
This plan includes basic MEC for ACA compliance.
This plan includes minimum essential coverage plus added benefits and coverages for ACA compliance.
This plan entails minimum essential coverage for ACA compliance with benefits focused on attracting and retaining talent.
Minimum value plans (MVPs) give affordable coverage for workers.
Read on to learn more about SBMA benefit plans.
Then, contact us to learn why we’re different or use our MEC benefits calculator to see how much you can save with SBMA.
Understanding the Affordable Care Act Individual Mandate
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