If your small business’ revenues can’t justify the incremental increase in your health insurance costs, then you should start looking into alternative employee health plans. You may have heard that small businesses are at a disadvantage when it comes to employee health coverage. Contrary to the beliefs, small businesses do have ways to reduce expenses and offer their employees with more health care options. The following advice will help you and your small business design an insurance plan that is specific to your needs, to reduce medical use, educate your employees to better understand the health system, and keeping up with your employees’ current needs as they age or become more diverse.
1) Offer choices: Lower medical expenses by opting for dual option plans that give employees control of the coverage they need. It is also less expensive for employees.
2) Set a budget for employee compensation. Some employees don’t need an annual health insurance plan because their husband/wife provide coverage. These employees can use their money towards alternate benefits or accepted cash.
3) Allow employees to manage their health care spending and transfer to a tax free Medical Savings Account.
4) Defined-Contribution Health Plan: employees can control health care expenses because costs are predictable. Employees can individualize health care plans.
5) Creativity: providing health care to ineligible hourly employees by funding two sets of employees at separate contribution grades
6) Inform employees about health care and how to spend health care expenses wisely, when to go to the emergency room or seek urgent care or when to visit a medical center or to call a nurse line
7) Implement fun activities periodically to reduce stress which leads to illness
8) Provide additional benefits: Voluntary group rates for disability, life, dental and other benefits
9) Aging employees and Baby Boomers: offer long term care
10) Using internet based technology: time and cost saving online employee health care enrollment programs
For additional advice regarding your New York or New Jersey business’ medical insurance plan and employee benefits and how to further reduce costs, contact Metropolitan Risk Advisory.
1) Offer choices: Lower medical expenses by opting for dual option plans that give employees control of the coverage they need. It is also less expensive for employees.
2) Set a budget for employee compensation. Some employees don’t need an annual health insurance plan because their husband/wife provide coverage. These employees can use their money towards alternate benefits or accepted cash.
3) Allow employees to manage their health care spending and transfer to a tax free Medical Savings Account.
4) Defined-Contribution Health Plan: employees can control health care expenses because costs are predictable. Employees can individualize health care plans.
5) Creativity: providing health care to ineligible hourly employees by funding two sets of employees at separate contribution grades
6) Inform employees about health care and how to spend health care expenses wisely, when to go to the emergency room or seek urgent care or when to visit a medical center or to call a nurse line
7) Implement fun activities periodically to reduce stress which leads to illness
8) Provide additional benefits: Voluntary group rates for disability, life, dental and other benefits
9) Aging employees and Baby Boomers: offer long term care
10) Using internet based technology: time and cost saving online employee health care enrollment programs
For additional advice regarding your New York or New Jersey business’ medical insurance plan and employee benefits and how to further reduce costs, contact Metropolitan Risk Advisory.
