If you’re running a company that cares about employees, you’ll need to manage their benefit packages, salaries, and most importantly, healthcare coverage. With many top performers looking for healthcare benefits at companies, it’s in your best interest to offer some type of healthcare assistance. However, you also don’t want to put your company at-risk due to overspending.
So, here are a few ways to manage your healthcare costs:
Find out if you can benefit from SHOP
The first thing to do if you’re running a small business is to consider the benefits found in options like SHOP, which stands for Small Business Health Options Program. So, if you’re a small company looking to offer health and dental care plans, you can consider the benefits of this program.
Whether you run an auto repair shop with an auto body estimating guide and want to make sure your team is taken care of or you have a crew of videographers for your budding production company that need coverage, there are options for companies who are still growing an employee healthcare budget.
Create a wellness initiative at your company
While this is something that will take time, planning, and investment, a wellness initiative can help you maintain a healthy environment at your company. Healthier employees mean less healthcare costs in the long run and a more productive work environment.
You can cultivate a wellness initiative by encouraging your team to practice yoga together or support those wishing to stop smoking. All in all, a wellness program may pay off in the long run.
Communicate with your team about their needs
With various options available, from employee co-pays to deductible options, it can be a good idea to communicate with your team about what they may need.
Instead of just offering a universal plan that might not actually be working for everyone, communicate with your team to find out what benefits would work best for them. While you should always provide healthcare benefits, make sure you’re also making the smartest business moves.
Understand the available healthcare plans
There are various plans available, from Health Maintenance Organization (HMO) to Preferred Provider Organization (PPO). There are also pros and cons you’ll have to weigh carefully. HMO plans will make it easier to find a specific provider so that you can help prevent disease and keep your team healthy.
On the other hand, PPO plans offer more versatility when it comes to medical care. However, policy holders still need to use a healthcare provider in their specific network. Do your research on which type of healthcare plans can help your company save money while still providing suitable benefits for your team of employees.
Speak with an insurance agent
At the end of the day, you have a company to run. A part of you cares about your employees and wants to provide benefits; the other part wants to get the most out of your money. As a business owner, you have to also worry about revenue and increasing profit.
Speak with a health insurance professional who can help you choose the best option for your team and company’s specific needs.
Some of the best talent out there is going to look for healthcare benefits. So, not only is offering healthcare coverage beneficial for tax purposes, it’s also great for attracting and hiring employees.
While it takes planning and extensive research, there are a variety of ways to provide optimal healthcare benefits while saving money. Work with a qualified insurance agent to learn about the options that can help you save on healthcare costs.