Here’s How To Manage Healthcare Costs As A Business

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For any business, healthcare costs are a very important consideration when planning budgets and operating costs. According to a March 2018 survey by eHealth, 30 percent of small business owners reported delaying the hiring of new employees due to the cost of providing employer-sponsored health insurance and 61 percent noted the cost of providing the insurance affects their ability to offer bonuses and raises to their workers.

Understanding your options will allow you to find the best solution available at the lowest cost so that you can take care of your employees while giving your business the best chance to thrive.

Lower Premiums by Adjusting Out-of-Pocket Maximums and Deductibles

Due to the rising costs of health care, an increasing number of employers are offering high-deductible plans linked with health savings accounts. More are also concentrating on increasing the out-of-pocket maximums while reducing out-of-network coinsurance.

Dropping Spousal Coverage for Those Who Are Already Covered

While most employers provide spousal coverage, oftentimes the spouse has coverage available through their own employer. By implementing a rule that states if an employee’s spouse has comparable coverage that they can’t be added to your policy, you’ll save premium dollars and eliminate the risk of a greater number of potential claims.

Look Into Possible Tax Credits

As tax laws are frequently changing, it’s important to find out if your business meets requirements for tax credits related to healthcare costs by consulting a tax professional. It could mean big savings that make those costs a lot more manageable.

Find a Healthcare Broker

A good healthcare broker can actively find ways to support you, your business and employees, helping you to obtain the best value option for your situation. Their job is to help business owners learn how to sort through health insurance plans to locate one that suits the company’s needs and budgets. They’re familiar with all the options available and may have a suggestion you haven’t considered. To find the best broker, be sure to ask for referrals from companies that are similar to yours in scope and size, as well as to check licenses and registrations.

Expand or Create Wellness and Incentive Programs

Offering wellness and incentive programs are a great way to ensure a healthier workforce which can result in not only fewer sick days, but fewer doctor’s visits and other medical care so that your premiums are likely to be lower. According to Partnership for Prevention, the indirect costs of poor health such as absenteeism can be two to three times the direct medical costs, while having a wellness program is associated with a 26% reduction in health costs.

Options for Businesses within the Medical Industry

Professionals within the medical industry typically have some of the highest insurance costs. A big part of that is due to patients who file medical malpractice suits, hiring medical malpractice lawyers in their specific locale. On the other end of the spectrum are healthcare attorneys. By hiring a healthcare attorney, it can help reduce these high costs as these experts can handle things like contracts and company policies and ensure that regulations such as the False Claims Act are followed.

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