As health insurance costs continue to rise by double digits, the increase in premiums is the highest for tiny businesses that offer group health insurance plans. According to the Commonwealth Fund, a Unusual York-based health advocacy group, the health insurance costs for petite businesses are roughly 18% higher than those of sizable business. This is leaving more and more businesses with a choice between two evils: pass on the rate hikes to their employees or do away with the serve altogether. These 5 major tips will go along arrangement toward helping you place money on your health insurance costs. Cutback on coverages This is one of the fastest ways to lop down the cost. You can also offer supplemental insurance to screen any gaps in coverage on the main health policy. Accidental and sickness policies for instance, are relatively affordable and can be combined with a higher deductible health opinion. Offer health savings memoir and high deductible plans By combining Health savings accounts (HSAs) and a high-deductible health insurance plans, you will potentially chop your puny business health insurance costs while giving your employees tax breaks.
HSAs are tax-sheltered accounts that can be conventional toward paying medical expenses, including the insurance deductible. High-deductible health insurance plans have mauch lower premiums than managed care health plans. By combining these two plans, you will set money while retaining primary coverage for your employees. Join a group health insurance plan When you retract in bulk, the product’s costs comes down. Shrimp group health insurance view shroud 2-50 employees and the larger the group, the lower the premiums will be. If you are running a petite firm with less than ten employees, you can partner with other businesses to enlarge your group health insurance thought and lower your rates. Create a health-conscious work ethic and environment
*Limit smoking at work and then work to gradually eliminate it through incentives and health programs.
*Offer healthy drinks at the vending machine.
*Offer incentives to employees to enroll in weight-loss programs.
*Provide workshops relating to safety both at work and at home.
*Institute a policy of zero-tolerance for any drug or alcohol abuse.
*Offer low-calorie food and drinks at company events to do away with the pizza and beer. Make the most of all the available tax incentives There are a number of tax benefits provided to dinky business owners who offer health insurance to their employees. For example, you may be able to deduct the chubby amount of your group health insurance premiums, which may in turn nick your payroll tax. By implementing these tips, you will go along blueprint toward providing your employees with a quality group health insurance belief at a reasonable, cost effective rate to you and your business.
