Health Insurance Factors to Lessen Costs
As your small business looks to deal with escalating health care insurance costs, here are some ways to lessen the expenses:
- Be up front with employees. Business owners need to paint a clear picture of what they can offer employees. Include points like, what percentage of expenses the company and employees cover, along with how costs are increasing and impacting the company's finances. Speaking in a clear voice and letting employees see how health care insurance decisions impact both them and their co-workers helps them understand the bigger picture.
- Get employees involved in the plan. Let employees research and choose which health-care options the company provides. Consider putting together a health insurance committee in your office and have employees voice their opinions on which plans they would feel most comfortable with.
- Promote better health – While it sounds like a no-brainer, there are still many companies that fail to promote wellness in the workplace. Whether it is discounts to the local gym, providing healthier eats in the company’s vending machine or cafeteria, or having company-sponsored exercise activities, companies can save a ton of money over time on their health insurance needs if their employees come to work in better shape.
According to a 2010 study from Robert Half “Work Place Redefined,” employees’ valued health care coverage at the top of their list of priorities, followed by vacation, dental coverage, 401k programs and bonus.
Is it any wonder as an employer that you offer a good health care insurance program if you want the best employees?