Employers and High Insurance Premiums: What Business Owners Can Do
For many employers, healthcare costs have become astronomical. Running a business can be hard enough without having to worry about taking care of your employees’ hospital bills. Medical expenses can be unpredictable, and few business people—especially small business people—have training in the insurance industry.
So what are business owners to do about healthcare premiums? Why should they keep costs down, and how can they do so?
Remember: Lowering Your Premiums Saves You Money
Obvious advice, but it’s good to keep your eyes on the prize. If you get frustrated in your attempts to keep premiums affordable, remember this: lowering your premiums saves you lots of money. The less money you have to spend on your employee’s healthcare, the more money you’ve got to spend in other ways. If you make a dent in costs, keep a running total of how much you save over time. And keep on fighting for your cash.
Lowering Your Premiums Keeps Your Employees Happy
Putting the effort into lowering costs—by debating with insurers, doing research into alternatives and cost-saving measures—might seem like a huge timesuck, but just remember to think long-term. Employees with good affordable insurance will be more loyal, more grateful, and harder working. Happy employees are less likely to quit, so a good plan could save you a bundle on hiring and training new employees.
Hard Work Pays Off
According to an article at cbsnews.com, there is hope for business owners who want to lower healthcare premiums and save money. One tip is to take a look at bronze-level plans, which can be far cheaper than silver and gold plans. Remember, though, that you want to keep your employees happy; cut-rate insurance will not endear you to a long-time employee who relies on you for medical expenses. Still, it’s probably worth looking into; many people miss good options by simply neglecting to be alert for them.
Keep Your Workplace Safe
Check out the stats on dangerous jobs. You might be surprised. For instance, did you know that, according to research, driving delivery might be most dangerous job out there for Americans, far ahead of famously risky gigs like roofing and police work? You can be sure that your insurer knows all the stats. Your company might be able to cut some deep costs by getting rid of some small but dangerous aspect of your business.
Head Off the Beaten Path
Cnbc.com published an article last year that detailed a variety of alternative methods of delivering health insurance to employees. Among those ideas were switching from group to individual plans (admittedly a tough sell for many employees) and moving to direct primary care. Every situation is different, and these might not work for you, but they’re worth checking out.
Get Your Workforce in Shape
Healthy people cost less. You could save money by making sure your employees have options to keep themselves fit. Company health initiatives and fitness groups bring fun to good living. And if your company has a cafe, food kiosks, or vending machines, make sure they’re stocked with nutritious, tasty food that will make your employees want to eat healthy.
Employers and High Insurance Premiums
Ashley Krohn is a sports enthusiast, iced coffee fanatic, and animal lover. She enjoys writing about topics relating to health, finance, and marketing. Find more of her work at http://www.1800lawguys.com/. Find her on Twitter @Tweetinash.