True Cost of Health Insurance

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By making informed health insurance decisions, you can trim your monthly costs. Here are three suggestions:

Evaluate your health insurance options

The easiest way to reduce monthly premiums is to adjust your plan's deductible. The term, 'deductible,' refers to the amount a patient is required to pay out-of-pocket for healthcare before any health insurance coverage kicks in. High-deductible plans will protect you and your employees from serious financial trouble in case of injury or illness, while protecting your bottom line at the same time. Employees may have concerns about a high deductible health plan but you can help them cover the costs in other ways. Perhaps a salary increase to help offset the deductible cost makes sense for you and your employees. Many employees do not use all or even most of the benefits provided through a comprehensive, employer-sponsored health plan, so your employees may actually benefit financially if you offer a high deductible plan coupled with a small salary increase.

Consider the individual and family health insurance market

As an employer, if you've found that you just can't afford the group health insurance plans available in your area, consider working with your employees to help them find individual and family coverage in the private market. Many employers provide their employees with an "allowance" to find health insurance on their own. If the current trend continues, it may become increasingly common for employers, both large and small, to get out of the health benefits business entirely. You may be surprised to find that employees might prefer to have more control in making their own health insurance decisions. Don't throw them out in the cold, however; get online and research a few options for them through a health insurance broker with access to quotes from a variety of insurance carriers.

Reconsider coverage for dependents

Covering your employee's dependents can be an expensive proposition. Even if you want to continue providing more comprehensive group coverage for your employees, you may need to reconsider the coverage you provide for their dependents. You can adjust the amount you contribute for dependent coverage, or assist them in finding an outside solution through an individual and family plan. Again, resources are available in the individual health insurance market. Online or offline brokers can provide a variety of quotes from different carriers and you can help fund these costs through an allowance or a salary increase. Some workers may prefer to be in the driver's seat, receiving compensation in lieu of family health benefits could be a win-win for you and your employees.

If this health insurance storm has you sending out a distress call, take heart. Help is close at hand. If you're considering any of these options, make sure to work with a licensed, reputable health insurance agent, whether online or off. Your safe harbor may be right around the corner.