Federal law requires that companies employing a minimum number of employees offer those workers health insurance. Health insurance is mandatory for full-time workers. These plans often require that your company and your workers spend a certain amount of money each for coverage, which reduces the money that workers pay out of pocket for doctors’ appointments and hospital visits. These costs can impact your bottom line and reduce the profits that you make too. Before you look for ways to eliminate the health insurance that you offer, you can find ways to save.
Offer Only What Workers Need
A common mistake that some companies make is that those employers opt for comprehensive health insurance plans that cover too many things. Those plans increase the amount that everyone pays. You can cut out vision or dental insurance, though you’ll want to talk with your employees about whether they really need those services. Sit down with your workers to go over what type of coverage they need. While you should not ask them about any specific diseases or conditions that they have, you can ask if they prefer certain types of plans.
Implement a Health Program
The healthier your workers are, the less you will pay for insurance. Healthy workers are less likely to suffer from common illnesses and are less likely to seek medical help in the coming year. You can implement a program designed to help workers stop smoking or lose weight and create a contest that awards them paid time off based on how long they go without smoking or how much weight they use. Many companies find it helpful to bring in exercise programs that allow employees to workout together in the middle of the day.
Get Pro Help
Captive insurance services offered by professionals can help you learn the best way to cut down on your costs too. These professionals can go over some of the top plans with you and help you decide which of those plans will meet the needs of your workers. You can find out more about the different types of insurance plans too and discover how captive insurance works. The more you know about insurance, the easier you can make your final decision. With professional help, a new health program and finding a plan that covers only what your employees need, you can save money on a health insurance plan.