Health Insurance Tips for Small Businesses
As a small business owner, you may feel discouraged to invest in the right health insurance plans for your employees. Compliance and regulations may seem out of your league, however, group health insurance does not need to be complicated.
While the Affordable Care Act (ACA) doesn’t require business owners with fewer than 50 employees to provide their employees with health insurance, a competitive benefit package can be crucial to employee attraction and retention.
With that being said, health insurance does not have to be an all-or-nothing approach. Our expert team members share their best health insurance tips for small businesses below.
Shop Around
Generally, the smaller a company is, the harder it is to offset healthcare expenses. It is always wise to explore what plans are available to potentially save you money while maintaining robust coverage.. Before settling on a plan, it is important to compare factors like
- Copay
- Coinsurance
- Deductibles
- Prescription Medications
- Lifetime Maximums
Our primary focus at BMPG is working with our clients to fully understand their business, goals and culture to ensure that their priorities are at the forefront of everything. Our trustworthy experts will help guide you through deciding the right insurance plan for you.
Reduce Costs
There are ways to reduce health insurance costs while still providing adequate benefits to your employees. For example, you can offer to pay for a portion of your employee’s healthcare plan instead of the entire cost.
Alternatively, you can consider raising wages for employees who pay their own health insurance to alleviate their expenses. With insurance costs expected to continue rising, it’s important to encourage employees to practice healthy habits in and out of the office. Wellness programs can significantly reduce potential healthcare costs, and for every dollar a company spends on preventative wellness, medical costs will fall by $3.27.
Educate Employees
In reality, only 24% of employees in the workforce utilize the health and wellness programs offered by their companies. Failing to properly educate employees about plan options can severely impact worker participation and ultimately retention.
Employees who are educated on the topic can make better decisions for themselves, their families, and their futures. Our team of professionals are always available to answer any questions and assist with in-forced policies so you can focus on what is important to your business.
If you are considering providing health insurance for your small business but don’t know where to start, don’t worry. The experts at Benchmark can become familiar with your organization and build a plan based on your company’s specific demand. Contact us for health insurance options structured to your team’s goals.