Easier said than done, right? Fortunately there are things you can do, many of which are easy to implement and lead to real savings. Here are 4 proven methods of reducing your health insurance spending.
1. Encourage your employees to get healthy
Employee wellness programs are a hot commodity these days, and for good reason. Healthy employees visit the doctor less. They are more effective workers as well, leading to yet another layer of cost-saving.
One of the best aspects of wellness programs as a cost cutting measure is how flexible they are. Don't have a large budget? Don't worry about it, even something as simple as providing your employees with more nutritious snack options at work can lead to a healthier workplace. You don't have to go all out to see the cost-cutting benefits of an employee wellness program. If you do have the budget then that's even better. You can go as far as giving complimentary gym memberships and exercise classes for employees.
2. Implement health savings accounts
Health savings accounts (HSA) are very popular these days, especially with smaller businesses. HSAs are savings accounts that can be used to pay for certain medical expenses. The best part is that they're completely tax-free. The only catch with an HSA is that they require a high-deductible health plan so employees will have to pay more out of pocket when they visit the doctor.
Either you or your employees can be the one to contribute to the HSA. You could also consider matching their contributions up to a certain amount. If you already have a high-deductible health plan and qualify for an HSA there are very few downsides to giving it a try. The payment process is simple and the funds are never lost. They roll over each year and employees will even keep what's in their account if they leave the company.
3. Try a nurse hotline program
Sometimes, employees end up visiting the doctor when they really don't need to. Sometimes all they really need is some simple information or a reassuring voice. Nurse hotline programs give your employees access to qualified medical advice 24/7, and it costs much less than an unnecessary visit to the doctor. The best part is that many insurance providers offer this service to their members free of charge. If your plan already has this feature make sure your employees know about it.
4. Shop around for providers
Health insurance is a competitive market, and there are plenty of providers out there. Simply spending a bit more time shopping around and researching plan options is an easy and free way for you to reduce your costs.
At Summerlin-Roberts we understand the importance of cutting costs without slashing benefits. We leverage our expertise in cost containment to provide the best possible benefits at the lowest possible price, resulting in happier employees and cleaner budgets. Please, contact us today to learn more about how you can save money on your health insurance.