How Small Businesses Can Save Money on Healthcare

The biggest challenge for small businesses that want to offer health insurance to their employees is the cost. It becomes even more difficult if the business has a higher fluctuation rate. Small businesses have to balance profits with business costs. Of course, the health of any organisation’s staff is very important. However, small businesses do not have to go bankrupt as a result of healthcare costs. Below are ways small businesses can save money on healthcare.

 

If You Have A Company Healthcare Plan:

Review Contracts with Providers

Investing in a company health insurance plan is usually a very wise ideas for any business for a variety of reasons. For example, on average business lose 6.3 working days per employee each year which can, of course, result in huge costs to the business. When you add the costs of all for these absences up, it is likely to amount to around the same, perhaps even more, than a company-wide health insurance policy would.

If you already have a contract with a provider, consider carefully reviewing the full terms and conditions as well as the coverage you get. This may show many ways businesses can save on various contract terms. Comparing the value of the existing plans with the other options available can reveal the company’s need to change its plans.

Employers can also save money through the use of one consistent contractor rather than many, and they can conclude contracts that are focused on performance goals to keep suppliers on track.

Negotiate Better

Most small businesses believe that their new annual premium is set in stone. The fact, however, is that smaller firms of larger size often have more leverage than they would expect. In a 50-to-100 personnel range firm, for instance, many employees fail to realize they can negotiate their health insurance premiums.

Insurance companies will usually give reasons for raising small business payments such as the personnel is ageing. However, a good broker can also indicate reasons that the insurer will consider reducing the rate. Asking questions such as “Have any claimants left the company? Is the company’s health improving?” usually gives some leverage.

 

If You Don’t Have A Company Healthcare Plan:

 

Consider Wellness Strategies

If you don’t have the funds to implement a company health insurance policy, then consider other methods of ensuring your employees are fit, healthy and feel cared for. One such method is the introduction of company-based wellness programmes.

By offering wellness strategies for your employees you are giving them the helping hand that they might need to take better care of themselves. Not only does this help their health and wellbeing in the long run, but it will also help the reputation of your business as you will be seen as an employer who cares about their staff’s wellbeing.

 

Provide Health Education and Support

You can also implement classes or educational resources on the various ways that your employees can look after themselves.

For example, it would be wise to educate employees about the various types of private health insurance they can invest in for themselves and their families, such as standard health insurance, family health insurance or even dental insurance. This way employees and their employees will be covered in the event that they get sick or need specialist care.

You can also help to educate your employees on physical and mental wellness, as stated above, and on their general health. For example, you may consider implementing healthy eating alternatives in canteens, ensuring you educate them on hot to maintain a healthy work life balance, promoting walking to cycling to work or offering discounted gym memberships as an employment perk.

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