Providing good health insurance options for your employees is not only important in taking care of the people that work for you, but also an important factor that potential employees will take into consideration when taking a job for your California company. However, business health insurance can be expensive as well. The following are tips for reducing small business health insurance costs:
- Keep your employees healthy – The healthier your employees are, the less health insurance they’ll need. Some companies here in California and beyond have instituted wellness programs that include disease management in addition to offering services such as cancer screenings, flu shots and smoking cessation sessions. Not only does this keep employees healthy, it keeps them happy as well.
- Establish health savings accounts – Health savings accounts are becoming more and more popular amongst smaller businesses. Not only can they be used to pay for certain medical expenses and help reduce your health insurance costs; they are also tax-exempt and could provide your employees with tax breaks. The only drawback is a high-deductible health insurance plan is required. A representative from The Benefits Store can discuss this option with you in greater depth and help you determine if this is the right option for your employees.
- Reducing coverage – One way to go about reducing small business health insurance costs is by reducing the coverage and asking employees to contribute more. While this does save money, you’ll also make your employees less happy this way.
- Compare providers – Don’t forget that health insurance is a business. You don’t have to settle for the first small business health insurance plan you run across. Shop around and compare the rates and terms of the different insurers that are out there before you choose one. It could end up saving you a lot of money.
These are a few ways that you can reduce your small business health insurance costs. Contact us at The Benefits Store for additional health insurance information and advice. Our brokers are available to assist you at no cost.
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