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Five ways to reduce your insurance costs

Almost a third of all health insurance premiums rose by 30 percent or more. At this rate exceeds the average cost for health insurance per employee € 000. Sixty-three percent of executives believe that health care costs by 20 percent or more per year increase for the next three years. The message is clear: If you have not already received serious reduction in the cost of insurance, the time has come. It can happen. The first thing you should do is to learn how the system works – or not. Most small businesses spend less than four hours per year to reflect on their health plans of the company. Learn what your options are. Your insurance agent can help you shop for cheaper plans. But not enough. Compare guaranteed the benefits plan, insurance records and service.

Consider Blue Cross and Blue Shield plans and HMOs (Health Maintenance Organizations), even if your agent is not supported. The Blues in some areas, offer clear advantages for small businesses. The experts consider the best buys in the HMO health care. Find out if your company qualifies for the new health insurance plans now cost in five states. In addition, pilot projects funded by the Foundation in several parts of the country showing that it is possible to reduce the cost of health insurance from 30 to 40 percent. In short, the health insurance is not as easy as it was. And the pace of change accelerates, and offers new hope for a ceasefire in the battle for business with the rising cost of health care. The next two years, both opportunities for change than at any time during the last 20 years. They can be part of this change by working at least a portion of the 5 following ideas for your business.

1) Increased cost sharing by employees is

This advice to the top of the list each consultant. Small companies tend to much more than the invoice to pay for their workers health care overall than the big companies do. But studies show that the insulation workers’ health costs encourages unnecessary use of health services. Fifty-two percent of the companies that made the survey of the nation’s health companies pay 100 percent of health insurance premiums for their employees. But 45 percent said they want to implement or increase employee contributions to premiums. An equal number said they plan to increase employee deductibles. Insurance Companies are first attached to 0 deductibles large medical plans in the early 1950s. But 40 percent of employers were still in franchises to 0 or less. Raising a deductible of 0-0, the cost of premiums for individual coverage areas to about 11 percent. reduce 0 deductible, the cost by about a quarter. Save A, 000 deductible would be about one-third.

2) may pay employee health care premiums with tax-free U.S. dollars

up a Flexible Spending Account is called, which allows your employees to pay their share of health insurance premiums and non-reimbursement of medical costs tax profit dollars. A Flexible Spending Account employees could save 20 cents to 35 cents on the dollar because the provincial and federal taxes and social contributions are not taxed.

In addition, the company saves by reducing the wage base on which the employee pays social security contributions and other taxes. to hire an outside firm to handle payroll paperwork. You can pay the service and still give a net savings. The monthly management fee would be between and per employee.

3) Transfer of personnel at high risk for the State High Risk Pool

insurance premiums increase every time someone in a small group plan was very ill – cancer or heart disease, for example. As an employer you have the possibility of relocation of employees with serious health problems in a pool of high-risk condition, then negotiate a lower premium for the healthy members of your group.

4 is) on Open Enrollment Blue Cross & Blue Shield plan

Blue Cross and Blue Shield plans operate as de facto high-risk groups in a number of “countries by offer “open enrollment” periods, may be for sale in which a group insurance. Among the 74 Blue Cross and Blue Shield organizations nationwide, 21 Open Enrollment. to put All Blues earlier single premium payment amount. But that began to change in the 1960s, when have commercial insurers began to divert low-risk businesses by providing cheaper health insurance.

5) Replace your traditional health plan with a />
HMO Unlike traditional health insurance HMOs cover all medical needs, including routine care for a monthly fee which is generally cheaper than traditional health insurance. also proved to be two types of HMOs, staff and group models that are effective in controlling the cost of any other form of provision of healthcare. Models personnel employ doctors and put them directly on wages.

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