One of the major concerns business owners usually have when it comes to offering health care benefits is cost. Healthcare costs almost always go up each year, making it difficult to start or continue offering benefits. Thankfully, there are some steps you can take to help manage costs.
Work With an Experienced Representative.
You’re not a health insurance specialist, so you should make sure you work with one. It’s important to find an agent or broker you can trust who has years of experience and access to multiple programs. A good agent will utilize plan design and competition in the marketplace – among other things – to build a plan that meets your needs and your budget
Access To Wellness Programs.
Technology and wellness programs are becoming important tools in managing healthcare. Online wellness management systems help to engage employees and encourage them to make healthy choices using fun, easy, and trackable activity platforms. Research has shown that wellness programs can help you save money – basically for every $1 you spend on a wellness program you save $3 in healthcare.
Use Technology Tools
Easy access to doctors through telemedicine services such as video chats, phone consultations, and mobile apps is becoming an increasingly important option. These services can increase access to care and reduce wait times.
Utilize Flexible Contribution Programs
Flexible spending arrangements like Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), or Health Reimbursement Arrangements (HRA) can help manage costs. These plans allow you as the employer (HRA or FSA) and your employee (FSA or HSA) to contribute to an account that can be used to pay for approved medical expenses often on a pre-tax basis. These tools, along with plan design, help manage health care premiums and as the employer, you maintain control over the program.
Keep Track of Legislation
You shouldn’t have to constantly monitor changes in healthcare legislation – changes to regulations happen all the time! Your agent should be able to keep track of updates to laws surrounding healthcare and keep you up to date, ensuring you are compliant and can act quickly if updates to your plan are needed.
Advocate And Educate
In the event of a claim, your agent should advocate on your behalf and for your employee. You should also have access to online tools and expertise to educate your employees, helping them make better choices which can lead to lower costs for both of you.
Gannon Associates Insurance has a team of specialists to help you design health packages that fit your unique needs and budget. Our team also works with you to process yearly changes and enrollments as well as staying on top of legislative changes. Give us a call at 844-GANNONS to get the conversation started today!