The Wise Employer and Happy Employees
Small Business Health Insurance is a great way to keep your employees healthy in order to achieve your business goals. However, it may take a huge chunk out of the company and employee earnings since each will have to pay part of the premiums. It won't be a good idea to strip off the coverage completely nor ask the workers to shoulder all the expenses. However, there are favorable ways, for both parties, to reduce the amount to pay for the policy.
Group Insurance allows a business to purchase a policy in bulk, which is much cheaper than individual plans. The cost will be more likely lesser since it is distributed among the covered members and the employer. Mason and Associates Insurance Services provides assistance for small business health insurance by offering group plans at a competitive price structure. This option guarantees health coverage needed to keep your employee's health in check.
On the other hand, if your business is somewhat very small which is composed of less than thirty (30) workers then there is a simple twist that you can apply. It will be a wise plan to link to an existing group policy from another company. The chance that they would allow associating with a group for insurance purposes will be higher since the more people there are, the lesser the premium cost will be. Though you have to take note of some circumstances, such as the number of people covered as group plans allow two (2) up to Fifty (50) members and make sure that both businesses are located within a single state.
A company that engages in weekend sports benefits the employee in terms of keeping them active that contributes to their health in a positive way in case that on-site fitness facilities are not available. Though associating with fitness gyms will also be a good idea, it is not that difficult to negotiate for a discount by bringing in paying members to use their equipment. Although some employees won't be able to participate or use these benefits, they can still join in wellness programs such as disease management or simply reducing the number of employees who smoke. It helps to incorporate some sort of fun like incentives when planning a wellness program to make sure that it becomes effective.
Health savings account is a very useful tool for employees since the accumulated savings can be used to pay for certain medical expenses. Furthermore, it is a tax exempted account, which gives the worker tax breaks. Putting this option into consideration will reduce the cost of health insurance for your small business.
Asking your employees to contribute more to the premium or cutting coverage is perhaps a logical step to reduce insurance costs for the business. But, this strategy could result to unhappy workers, which can greatly affect the quality of work that can lead to low production. Show your appreciation to the employees by looking for better steps that can benefit you and them. Introducing any of the tactics mentioned above will be more effective and can bring harmony to the employer and employee relationship as well as making the workplace an enjoyable place to be in.
