3 Ways to Keep Group Health Insurance Costs Down
Providing your employees with group health insurance will allow you to provide a very appealing benefit to your employees. However, as an employer, group health insurance can be expensive to provide, which is why it is essential to know how to keep your group health insurance costs under control while providing a valuable and beneficial benefit to your employees.
1. Offer Preventative Wellness Plans
Next, you are going to want to offer preventative wellness plans to your employees. Preventative wellness plans allow your employees to access things such as flu shots, cancer screenings, and mental health phone lines at no or very low cost.
Offering preventative healthcare services and yearly check-ups for no or low costs to your employees can help keep your employees in good health so that they don't have to use their healthcare plans. In addition, keeping your employees in good health by covering preventative health measures for them can bring down your overall healthcare costs.
2. Add More Employees
You can enjoy lower health insurance rates when you have more employees. The more employees you have, the less risky than an insurance company sees your business. If you can't just expand your payroll, you should consider joining together with other businesses in the same industry as you to create a health insurance group.
As a health insurance group, your employees will be pooled together, giving you better leverage to negotiate lower premiums with health insurance companies and reducing the risk for the health insurance company to provide your entire group with a health insurance plan.
Just make sure that the businesses you join with are in the same state as your business and work in the same or a related industry.
3. Balance the Age of Your Staff
When it comes to hiring staff for your business, you will want to balance your staff's age. It helps to have some young adults on your staff who are less likely to use their health care services. This can help to bring down your health care rates for all your employees. Of course, that doesn't mean you should hire young employees, but you shouldn't shy away from adding a few young members to your staff to help balance out your healthcare premiums.
If you join a healthcare group, try to participate with businesses that employ people of various ages; this can help to lower your collective risk as a group.
Being able to offer healthcare insurance to your employees can help you stand out. To keep your healthcare costs down as a business, offer free or low-cost preventative wellness plans to keep your employees in good health, join a healthcare group and balance the age of your staff.