If you operate a small business – i.e., 50 employees or less – you are not required to offer insurance to your employees. However, there are numerous benefits to providing group health insurance, including tax breaks and saving money on your individual health insurance. The challenge you may currently face is finding group insurance that stays within your operating budget.
While it is possible to get cheap insurance, you may have to sacrifice good options or features to provide the benefit to your employees. Limited coverage, high deductibles, and loss of other features can defeat the purpose of getting coverage for your team. So, how do you balance great benefits with affordable rates? Read below to find out how to offer affordable group health insurance to your employees.
Find an Independent Health Insurance Broker
Consumers in your industry rely on your expertise to help them with their purchasing decisions. So, why wouldn’t you want to put your employees’ insurance needs in the hands of a licensed insurance broker? What can a broker do?
- Match your employees’ needs with the right company or plan
- Find ways to cut your insurance costs
- Monitor and adjust your plan as needed so that you are never paying too much
- Help you maximize your benefits without raising your rates
- Find the right plan while staying within your company budget
Brokers spend 100 percent of their time making sure you get the right benefits without paying too much for coverage. They know which insurer’s plans will work for you regardless of your industry, business model, or workforce.
Provide Preventative Wellness Benefits
One of the reasons your group insurance rates may be so high is the number of health insurance claims your employees file each year. Investing more in preventative wellness benefits may reduce your medical costs and keep your rates low. Preventive wellness benefits may also increase production at work, which is good for your bottom line. Some examples of wellness benefits include
- Blood pressure, diabetes, and cholesterol tests
- Cancer screenings, including mammograms and colonoscopies
- Counseling smoking, losing weight, healthy eating, depression, alcohol abuse
- Well-baby and well-child visits
- Flu shots
If your private insurance follows the new insurance guidelines, you may not have to pay a copayment, coinsurance, or deductible to receive recommended preventive health services, such as screenings, vaccinations, and counseling. Your insurance broker may be able to help you find an insurance company that provides these types of benefits for your employees.
Prioritize Your Employees’ Health Insurance Needs
You may not be able to offer the full spectrum of health benefits to your team. If so, you will need to prioritize the benefits that offer the most coverage where it matters most. For instance, you may need to focus on core health benefits (hospital, emergency, medication) while weeding out additional benefits, such as dental and vision.
When assessing your employees’ needs, you may want to begin by handing out a survey. This gives you an indication of the benefits they value the most. From there, you can consult your health insurance broker to determine which health plan features provide the greatest benefits at the lowest costs. You can always adjust your plan as your needs change.
Offer a Health Savings Account
Some small businesses offer a health saving account (HSA) as either primary or supplemental coverage. An HSA allows your team to contribute tax-exempt dollars to fund medical expenses. The funds never expire – meaning, your employees can take them if they decide to get another job.
Keep in mind that an HSA is a feature of a high-deductible health plan. In addition, the expenses must be pre-approved. In most cases, they can only be used for in-network care. Regardless, a higher deductible and in-network policy mean lower monthly premiums. You and your employees save money each month. An HSA may be your best choice if you have a young, healthy staff.
Contact Insurance Enterprise for Premier Health Insurance
If you have questions about group or individual health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.