Lower the Cost for Your Small Business Health Insurance Programs With These 3 Tips
A health insurance program for employees is a great way for a small business to attract quality talent and keep it, but the cost of insurance can be prohibitive to a company that is just getting on its feet or has a small budget to work with.
The great news is that there are ways a small company can lower the cost of employer-provided health insurance programs, allowing it to continue offering this value-added benefit to employees and preventing them from jumping ship for another company.
Here are three great ways a small business can lower the cost of it’s health insurance program:
- Develop and implement wellness programs that focus on keeping employees healthy. The programs can be anything from cancer screenings to smoking cessation programs or even flu shots, and the healthier your employees are, the less costly your health insurance coverage will be. An added benefit of wellness programs is that they improve an employee’s overall level of job happiness and satisfaction.
- Explore the option of health savings accounts for employees. These are tax-exempt accounts that employees contribute to and out of which are paid deductibles and other costs associated with medical care that supplement your existing health insurance program. Contributions and withdrawals are tax-exempt, so employees also get the ability to claim them as a deduction on their income tax returns.
- Don’t just go with the first insurance company that solicits your business. Shop around for the best rates for the company and for your employees.
While keeping employees healthy is important to any company, you also want to be able to provide the ability for them to have adequate medical coverage. The Schumacher Insurance Group can help with small business insurance plans, so contact them today to find out more!