How to Cut Costs on Employee Health Insurance

April 25, 2022 at 4:00 AM

Companies want to give their employees great health insurance to ensure they feel excited about their benefits.

However, high-quality health insurance comes at a steep price, and not every business can afford to give their employees this kind of care.

Luckily, there are ways to offer excellent insurance options without going over your budget.

One main component of being a good business owner is finding the balance between saving money and investing in your employees. Offering a substantial benefits package is a huge draw and often one of the reasons you’ll attract top talent to your company. Whether you need to offer health insurance for your employees in Englewood, NJ or somewhere else in the US, here are a few handy hacks for cutting costs on employee health insurance.

Take time to review your plan choices

Selecting a good health insurance plan for your company takes time, which can feel tedious and taxing at times. However, rushing through this process won’t serve you. Take your time to review all of your options and ask plenty of questions so you fully understand what your plan covers and what the cost will be. This will help you develop a holistic view of what your employees will use for healthcare and how much they may pay each month.

Work in reverse - think of your employee’s needs

It’s a good idea to think about your overall employee population and general healthcare needs. For example, suppose you have a population that tends to utilize a lot of alternative care options, like acupuncture and chiropractic work. In that case, you may want to ensure your plan includes alternative treatments. Or, if you have several employees that deal with a stressful work environment, they may benefit from ongoing stress support, like talk therapy or gym benefits. Think about what your employees will benefit from most before selecting a health insurance plan, so you pay for what they want and need without overpaying for things they won’t use.

Check for low-cost services

After the pandemic hit, many people had to utilize low-cost services like telemedicine to cover various health concerns. Offering low-cost services like this and other stress management or mental health support services will ensure your employees have ongoing help to keep their mental and physical wellbeing in check. It also means your employees will save money in the long-term by continuing affordable ongoing care.

Encourage healthy habits

While selecting health insurance is important, you should also encourage healthy habits at the workplace. For example, some companies remind their teams to get up and walk around throughout the day, which improves blood flow and decreases the risk of heart disease. Other companies remind their employees to practice healthy habits at their desks, like hydrating throughout the day and taking breaks to stretch. These habits make it more likely for employees to stay healthy in other aspects of their lives and lessen the likelihood of more expensive health expenses.

While selecting health insurance can be trying, it’s a process your employees will benefit from for a while. Make sure to take your time, consider your employee’s needs and foster a healthy working environment.

If you need help, we here at Asthon Benefits would love to support you. Our highly-experienced team is here to answer any questions you may have about employee health insurance and can even help you find the right plan for your business. Contact us today to learn more!

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