It may be no surprise that the cost of employee health insurance is slowly rising due to increasing inflation rates. Since health plans are a crucial part of your company’s strategy, you cannot remove them and have to find a way to make ends meet. Reducing benefits could help you save costs, but your employees may not be happy with that decision.
Fortunately, there are some strategies you can use to effectively reduce expenses on health plans without having to deal with your employee benefits broker. Read on to learn a few methods to control costs without sacrificing benefits.
Properly Evaluate your Plan Choice
You might think selecting the cheapest health benefits package is the best solution, but that decision might have consequences. Your employees look forward to decent benefits, and if you cannot satisfy their needs, your company might suffer from a loss of talent and manpower. Instead of shopping for cheap plans, look for offers with the best value.
You need to understand what your employees need and want. Don’t go for a one-size-fits-all package since not all of your workers share the same care requirements. There are plenty of flexible options on the market, each containing features such as high-deductible plans with an HSA or a low-deductible one with an FSA.
You should also look at the total cost of care instead of opting for in-line discounts when selecting a health plan to reduce spending. You may also utilize integrated health plans for dental, employee, and pharmacy assistance.
Offer a Health Savings Account (HSA)
If you want a long-term solution for your benefits troubles, try offering your employees HSA or a health savings account. An HSA allows employees to set some money aside for their healthcare expenses and may even become a way for employees to invest through tax-free mutual funds. Health insurance plans with health savings accounts have significantly lower premiums for employees and employers.
Promote a Healthy Lifestyle
Healthy employees are more likely to enroll in low-cost plans since they do not have much to worry about except for some unexpected emergencies. This factor is one of the primary reasons why your company should include keeping every worker healthy a priority. Healthy living can begin in the workplace, and there are many ways to improve it.
You can start by starting wellness programs such as exercise, fitness, and healthy eating routines. You can also offer clinical and mental health services in the office and relaxation rooms where your employees can rest after a long day’s work. Also, ensure the work environment is clean and hazard-free to prevent injuries and diseases.
If you are still uncertain whether you can pull these tips off, you can always ask for professional advice. Get in touch with Donovan Pyle from Health Compass through their website https://healthcompassconsulting.com/ and schedule a free consultation.