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Saving on Health Insurance for Small Businesses

Providing health insurance to your employees is a significant portion of the overhead involved in running a small business. It’s so significant, in fact, that the majority of Americans who are currently uninsured remain that way because their employers simply can’t afford to offer health care benefits. Premiums just seem to keep increasing, and and both employer and employee are complaining about rising costs of maintaining health care coverage. Luckily, there are several ways in which even a small business can save on providing health benefits to their workers.

The Benefits
Although maintaining an insurance plan for your workers can take a bite out of your revenue, offering decent benefits will also help you attract and retain higher caliber employees. Workers who are happy with the benefits which are provided by their employer are also more likely to stay with your business in the long-term and continue contributing to its growth and expansion. If the numbers still look intimidating to you, consider teaming up with other small businesses in order to form a large enough entity to qualify for less expensive, group-based plans.

Cutting Costs
There are several ways in which small businesses can trim some of their insurance costs. One is by offering wellness incentives to keep overhead low. Wellness programs can help companies save tremendously in health care costs, and studies show that the workers rate more highly in satisfaction when these types of programs are offered to them.

Adjusting Coverage
Many companies offer health coverage alone, and exclude vision and dental. This can be a great compromise, because you’re still protecting your valued employees yet the costs to your business are greatly reduced. Additionally, check with employees to see what their preference is. Perhaps they would rather have access to other services, such as an HSA, and keep the vision and dental coverage.

Offering HSA
A health savings account (HSA) is an extremely popular workaround when used with traditional health insurance, especially when there’s a high deductible. These tax-exempt individual savings accounts are used to pay for health care expenses. Employees get a tax break for establishing the account in the first place, and contributions can be made before taxes. Employees are also able to transfer their accounts if they leave the company, and the contributions never expire.


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