Although healthcare costs for small business employees are typically high, there are ways to save money on most medical finances.
Choose a High-Deductible
If your premium rates are expensive, consider a plan that has a lower premium and a higher deductible. By taking this route, you will probably pay $10,000 to $15,000 for each employee.
The insurance provider will give you a contract rate for the healthcare services. The cost of the services may be half of what you will pay if your business didn’t have healthcare insurance. Most companies will let you investment a certain amount of money into a saving account, which can be used with your deductible.
Join a Union
People who work with a local chambers of commerce get great health insurance coverage options for a group. Typically, this kind of plan is more affordable than traditional options that are available in most individual markets.
Contact an Insurance Broker
A broker can find the best plans according to specific business needs. Since professional brokers earn a commission when they work with agencies, consumers can get great advice for free. If you don’t understand the value of different health insurance plans, a broker can explain the details so that you can make the best possible decision for your employees.
Gather Data in Advance
If you plan to pay for certain plans using your own money, you should gather information about various rates in advance. The experts who developed the Healthcare Blue Book complied a comprehensive list of prices for different healthcare services based on region.
Negotiate Prices
Small business owners who have a high-deducible plan or no insurance usually cut their medical bills in half by arranging payments for potential procedures ahead of time. Most healthcare plans are a hassle for doctors; this is why many hospitals offer a discount to people who pay for procedures up-front.
By following these steps, you can save money on healthcare for your staff. If you need additional cash, the team at Business Credit & Capital can help. The staff at the company provides funding solutions to hotels, restaurants, and retail businesses.