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How to Minimise Company Healthcare Costs?

Health insurance costs in small businesses are on average 18% higher than in larger businesses. These rates have proven to be too high for many small businesses. According to another study, the average premium for a family of four was ‎£620 per month.

Satisfied, healthy employees tend to contribute to the growth of your company. If you’re struggling to get health insurance, here are some tips to help you reduce health insurance costs for small businesses.

Ensure Your Workers Are Healthy

Staff healthcare or wellness programmes are popular with workers. The pharmaceutical company Pfizer Inc. found that 85% of its employees in the offices in New York participated in at least one wellness programme and, according to the HHS report, 80% used on-site facilities such as fitness centers or physiotherapy.

If you have health staff, then you will likely be able to reduce the amount of cover that you need for your business. So, it is in your best interest to ensure that you are doing your part to ensure your employees are taking the best care of themselves.

For example, why not invest in easy and cost-effectively strategies to help educate employees about health and wellness. This can be as simple as prompting healthy living with a good diet and exercise, helping them find a good work-life balance or possibly even educating them on the various types of private health insurance they can invest in for themselves and their families, so that they will have you fast access to eligible health treatment when they need it.

You can also help to educate your employees on physical and mental wellness, with the introduction of company-based wellness programmes. These programmes will help your employees to take better care of themselves outside of work, which will transaxle into better productivity at work and reduced healthcare costs for the business.

Reduce Coverage and Cost

As mentioned above, by supporting a healthier lifestyle for your employees or encouraging them to take out their own individuals private health insurance plans, you may be able to reduce your company coverage and therefore reduce your costs.

You could also consider asking your employees to contribute more to the plan as this is a logical step to reduce health insurance costs in small businesses and will likely be cheaper for your employees than taking out their own personal insurance plans.

The disadvantage of this strategy is that it is likely to be unpopular with workers. Employees who have always had access to a healthcare plan with your business may be very upset or angry about having this taken away, reduced or asked to pay a contribution to receive it, so, be sure to handle this topic with care when addressing your employees.

Join A Group

Limited group health insurance plans cover two to 50 workers, although the self-employed who offer similar benefits have “group insurance plans.” The larger your group, the lower your premiums.
According to a recent health insurance survey, 80%  of the small groups surveyed had 10 or fewer employees in their health insurance plans, and the average monthly premium for an individual was £250. Companies with 26 to 50 employees paid £220 a month for single premiums. If your company has fewer than 10 employees, you can still work with other companies or individuals and expand your group plan.

Health insurance costs in small businesses are on average 18% higher than in larger businesses. These rates have proven to be too high for many small businesses. According to another study, the average premium for a family of four was ‎£620 per month.

Satisfied, healthy employees tend to contribute to the growth of your company. If you’re struggling to get health insurance, here are some tips to help you reduce health insurance costs for small businesses.

Ensure Your Workers Are Healthy

Staff healthcare or wellness programmes are popular with workers. The pharmaceutical company Pfizer Inc. found that 85% of its employees in the offices in New York participated in at least one wellness programme and, according to the HHS report, 80% used on-site facilities such as fitness centers or physiotherapy.

If you have health staff, then you will likely be able to reduce the amount of cover that you need for your business. So, it is in your best interest to ensure that you are doing your part to ensure your employees are taking the best care of themselves.

For example, why not invest in easy and cost-effectively strategies to help educate employees about health and wellness. This can be as simple as prompting healthy living with a good diet and exercise, helping them find a good work-life balance or possibly even educating them on the various types of private health insurance they can invest in for themselves and their families, so that they will have you fast access to eligible health treatment when they need it.

You can also help to educate your employees on physical and mental wellness, with the introduction of company-based wellness programmes. These programmes will help your employees to take better care of themselves outside of work, which will transaxle into better productivity at work and reduced healthcare costs for the business.

Reduce Coverage and Cost

As mentioned above, by supporting a healthier lifestyle for your employees or encouraging them to take out their own individuals private health insurance plans, you may be able to reduce your company coverage and therefore reduce your costs.

You could also consider asking your employees to contribute more to the plan as this is a logical step to reduce health insurance costs in small businesses and will likely be cheaper for your employees than taking out their own personal insurance plans.

The disadvantage of this strategy is that it is likely to be unpopular with workers. Employees who have always had access to a healthcare plan with your business may be very upset or angry about having this taken away, reduced or asked to pay a contribution to receive it, so, be sure to handle this topic with care when addressing your employees.

Join A Group

Limited group health insurance plans cover two to 50 workers, although the self-employed who offer similar benefits have “group insurance plans.” The larger your group, the lower your premiums.
According to a recent health insurance survey, 80%  of the small groups surveyed had 10 or fewer employees in their health insurance plans, and the average monthly premium for an individual was £250. Companies with 26 to 50 employees paid £220 a month for single premiums. If your company has fewer than 10 employees, you can still work with other companies or individuals and expand your group plan.

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