Cutting Your Small Business Health Insurance Costs
Small business owners understand the value of being able to offer benefits to their employees.
Employer-based health care attracts, and retains, quality employees.
The primary concern, however, is the cost.
Here are some things you can do to lessen the financial burden.
Promote health awareness.
Find ways to encourage your employees to live healthier lifestyles.
Replace the soda in the refrigerator with water, and put more nutritious snacks in the vending machine.
Leave literature around with information regarding calorie intake.
See if a local gym will offer your employees discounts.
Some insurance providers offer incentives, and you should too.
Employees in healthier work places visit the doctor less often, and are more productive.
Use preventative disease management.
The goal of this is to help manage chronic conditions.
For example, someone with asthma may undergo screenings and tests to basically keep an eye on the problem.
This helps prevent doctor visits and emergencies, which can put a strain on a business owner's pockets.
Check with your provider to see if they offer this type of service, or if they recommend a third party who does.
Shop around.
Different companies offer different plans at different prices.
In most cases you can save money, and still find a plan suitable to meet your needs.
DO NOT skimp on coverage just to save money, it is truly a waste if you don't have the coverage you need when you need it.
Using an online company like EhealthInsurance or Netquote allows you to shop around in minutes.
You can compare rates and plans from top insurance providers side by side instantly.
The service is free, and since EhealthInsurance is an insurance broker, they have your business's best interests at heart.
You can also cut costs by paying higher deductibles and co-pays.
You want to try to find some balance here.
The cost of health care will rise again more than likely for another three or four years before a reform bill hits, and the costs of premiums and co-pays may end up being just too much for some employees.
It's best to involve your employees in the decision making process, so that everyone has agreed upon what they will pay.
If small business health insurance is still going to be too much, you may need to look into some alternatives.
Do some research on HSAs, FSAs, and MRAs.
They will give you more control of your contribution, and usually involve tax-advantaged dollars.
The downside, however, is that every employee may not qualify for an alternative.
But still, since the goal is health care, something is better than nothing.
Employer-based health care attracts, and retains, quality employees.
The primary concern, however, is the cost.
Here are some things you can do to lessen the financial burden.
Promote health awareness.
Find ways to encourage your employees to live healthier lifestyles.
Replace the soda in the refrigerator with water, and put more nutritious snacks in the vending machine.
Leave literature around with information regarding calorie intake.
See if a local gym will offer your employees discounts.
Some insurance providers offer incentives, and you should too.
Employees in healthier work places visit the doctor less often, and are more productive.
Use preventative disease management.
The goal of this is to help manage chronic conditions.
For example, someone with asthma may undergo screenings and tests to basically keep an eye on the problem.
This helps prevent doctor visits and emergencies, which can put a strain on a business owner's pockets.
Check with your provider to see if they offer this type of service, or if they recommend a third party who does.
Shop around.
Different companies offer different plans at different prices.
In most cases you can save money, and still find a plan suitable to meet your needs.
DO NOT skimp on coverage just to save money, it is truly a waste if you don't have the coverage you need when you need it.
Using an online company like EhealthInsurance or Netquote allows you to shop around in minutes.
You can compare rates and plans from top insurance providers side by side instantly.
The service is free, and since EhealthInsurance is an insurance broker, they have your business's best interests at heart.
You can also cut costs by paying higher deductibles and co-pays.
You want to try to find some balance here.
The cost of health care will rise again more than likely for another three or four years before a reform bill hits, and the costs of premiums and co-pays may end up being just too much for some employees.
It's best to involve your employees in the decision making process, so that everyone has agreed upon what they will pay.
If small business health insurance is still going to be too much, you may need to look into some alternatives.
Do some research on HSAs, FSAs, and MRAs.
They will give you more control of your contribution, and usually involve tax-advantaged dollars.
The downside, however, is that every employee may not qualify for an alternative.
But still, since the goal is health care, something is better than nothing.
