Tips for controlling total wellness costs

Health care costs continually rise with no end in sight at the increase in costs to employees and employers. It is one of the major costs of doing business today. Premiums are soaring and many employers are asking their employees to shoulder the financial burden or do away with their benefits entirely. If this sounds familiar then here are some tips for controlling total wellness costs for your business.

Tip #1: Keep your employees healthy
Many large and small companies have instituted comprehensive wellness programs that include such things as fitness and health management, disease management like diabetes or heart disease, as well as offering flu shots, yearly health screenings, and education classes. Many companies have found that every dollar they have invested in these wellness programs has saved them money in return. It is much better to prevent problems from happening than to pay for ones that may or may not happen. And as companies have realized that this is saving them money, employees are also seeing the benefits of wellness programs. Most employees have welcomed the idea of being healthier, physically fit, and educating themselves on becoming healthier.

Tip #2: Reduce your coverage
Cutting back on your original coverage or asking employees to contribute to the plan would also be a logical step in reducing small business health insurance costs. However in understanding that it can cut costs for you, your employees are not likely to go head over heels in paying for more health care benefits than they already have to. Cutting costs would be the first choice in this scenario; dental and vision insurance are usually the fits things to go but it entirely depends on the greatest needs of your employees. Talk with them before you decide what part of the coverage you decide to cut.

Tip #3: Give your employees other options
There are definitely other options for employees if health care costs are putting you out of business. Health savings accounts are a popular option for many business owners. They are tax exempt accounts which are generally used to pay for certain medical expenses. They can drastically decrease your costs while giving your employees a big tax break. You deductibles will be high but it is usually worth it to employers and employees. Employees can contribute as much or as little as they want to their health savings account which can then be used toward any medical expense they have. Health savings plans are most beneficial to employees who don't make regular doctor visits but some are not necessarily limited to that. It's worth checking into.

Tip #4: Joining a group
There are several small group health insurance plans that can cover employees who can't afford health insurance with a company. The larger the group the lower the premiums will be. If your business has few employees you can partner with small health insurance groups to offer better health insurance plans. Make sure however that you partner with a group that is in your state.

Tip #5: Shop around
Although it might be a pain to shop and look around at different insurance providers it is well worth your time and money. Look online and ask other business owners what they use, how much they pay, and what they like or dislike about it. If you're strapped for time you might want to hire an insurance agent. They will charge a fee but it can save a lot of money.

So there are five tips for controlling wellness costs. It's not easy anymore to find a great health insurance plan without paying more than you like, but with a little creativity and patience you might find what you're looking for.

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Categories: Health Care Costs, Wellness Program,

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