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Don't Abandon Employee Health Insurance: 5 Cost-Saving Ways to Adjust Benefits

Are you among the 30% of employers considering an end to offering insurance coverage to employees? According to a new report, some companies believe it would cost less to pay the penalties created by reform than to provide coverage.

5 Cost-Saving Ideas to Adjust Your Benefits

1) Shop Your Coverage Every Year

Shopping the market for your health insurance is the best way to control rising premiums. Each year, insurance carriers change their offerings and plans to increase their competitiveness. Working with a licensed benefit consultant allows you to compare all of your options and get expert advice without spending your own time analyzing plans.

2) Health Savings Accounts (HSAs)

As part of the consumer-driven health care movement, HSAs are rising in popularity among both employers and employees. HSAs create savings in several ways:

• Premiums are lower because they are paired with high-deductible health plans.
• Any contributions made to HSAs are made on a pre-tax basis – this includes both employer and employee contributions.
• With their own savings accounts, employees are incented to become more responsible health care consumers, helping keep premium costs down.

3) Self-Funding and Partial Self-Funding

A self-funded health insurance plan means that instead of paying a fixed premium to your health insurance carrier, the company pays for employee health claims out of pocket. With self-funding, companies can take advantage of lower premiums and increased cash flow. For small companies, partial self-funding can be a less risky version and still create big savings.

Click here to read more about the pros and cons of self-funding.

4) Wellness Plans

For too long, we've focused on treating diseases after the fact, with expensive treatments and medications. This is one of the reasons for the current high health care costs. Shifting to a preventive focus with wellness can create thousands in savings for your company.

Click here to learn about GBL's partner worksite wellness company, The Other Health Plan.

5) Dual- and Triple-Option Plans

Do you have some employees who want a rich benefit plan at any cost? On the other hand - what about your employees who want the lowest premium possible and don't mind paying out-of-pocket? Chances are, you employ both. A dual- or triple-option plan can help you reduce costs and fit the diverse needs of your employees.

Group Benefits, Ltd. can help you with all of these cost-saving ideas. Schedule a benefit consultation with one of our experts by calling (800) 640-7382.