Three Health Insurance Cost-Reduction Tips For Small Businesses
A recent Wall Street Journal article reports that, “Preliminary results of the annual health-insurance survey by Mercer, a benefits consultant, show that health-insurance costs for all employers will rise about 5.7% in 2009 - the lowest annual rise in the past decade. But small employers - those with 10 to 499 employees - expect their health costs jump 10% next year.”
So what are some practical things you as a small business in Montana can do to help reduce your health and medical insurance costs? Here are three tips that you might find useful…
Tip 1. Create employee wellness programs.
Healthy employees don’t need to go to the doctor as often. Promoting fun and creative weight loss, exercise, dietary and other wellness programs not only helps promote good health; it can also enhance employee productiveness. What employer would not want more happy, healthy and productive employees? A good wellness program could transform your entire work environment and save you a lot of money over the long term.
Tip 2. Implement health care savings accounts.
Health care savings accounts (or HSAs) are typically used by employees to cover their out-of-pocket health care expenses that would not otherwise not be covered by a health insurance plan. For example, employees can use HSAs to cover expenses like deductibles, vision expenses (even you do not offer vision coverage), and the like. HSAs are becoming more and more popular among many businesses (small and large). They are a great way to save you money while providing some tax breaks for your employees.
Tip 3: Shop around.
The Internet makes it easier than ever to research and compare various competing providers before choosing one for your company.
As a small business, finding a good Blue Cross of Montana health insurance provider in Montana is critically important. Some providers may very in price more than you might expect. So don’t just go with the first one you come across. Research and compare. Then, pick the provider that best fits your specific needs.