3 Ways to Save on Group Health Insurance
Updated on December 09, 2019
With rising health care costs, you may be wondering how your small business may be able to save on group health insurance while still providing quality coverage options for your employees.
Since there are a variety of small business health insurance plan types available, it’s always good to explore all of the options, in order to find the plans that fit your health care needs and budget at the same time. Considering options like HSAs, encouraging health and wellness of your employees, and shopping on a platform with multiple options are all ways that might help you save a buck without sacrificing the quality of your group health insurance plan. Continue reading to learn 3 great ways to save on group health insurance plans.
1. Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-favored, interest-earning savings account designed to be used with a high-deductible health insurance plan (HDHP) in order to pay for designated medical expenses. Since monthly premiums for HSA-compatible, high-deductible health plans tend to be lower than premiums for lower-deductible plans, selecting an HSA plan may help small businesses and their employees save pre-tax money.
Advantages of HSAs for small business owners and employees include:
- Employees’ contributions to an HSA can be deducted from their pay on a pre-tax basis, providing a way to pay for out-of-pocket costs with pre-tax dollars.
- Unused money in an HSA can roll over year to year, meaning that they can grow over time.
- HSAs are connected to a specific person, not their job. This allows employees to own their HSA account and transfer their saved funds if they change jobs.
- While all plans are different, an HSA may be able to pay for particular types of medical and health care expenses, such as dental visits, that medical insurance does not cover.
Note that not all high-deductible health plans are eligible to be used with an HSA, so be sure to choose an HSA plan that fits your small business health insurance needs.
2. Promote employee wellness
Workplace wellness programs can help your employees stay healthy. These initiatives are designed to promote healthier lifestyle choices among your workforce. Whether they are officially tracked and implemented or more informally encouraged, wellness programs can be based on a variety of goals, such as promoting fitness, tobacco cessation, weight loss, or stress management.
You don’t need a large budget to start a workplace wellness program for your small business. Employees may be motivated to participate through incentives for meeting goals, or through friendly competitions and team activities that might contribute to a more positive company culture over time.
Another potential benefit of workplace wellness programs is that they may contribute to greater employee engagement and retention. For instance, employees may show greater loyalty to employers that demonstrate that they care about the long-term health and well-being of their workers by offering popular employee benefits such as wellness initiatives and group health insurance.
3. Shop for group plans with eHealth
With eHealth, you can easily compare different plans and prices for group health insurance coverage. As the largest online private health marketplace, we offer a variety of tools and resources that allow you to conveniently consider all of your small business health insurance options in one place. Since health insurance prices are fixed by law, we will have the best prices on any product we sell.
Benefits of using eHealth to shop for group health insurance include:
- Free group health insurance quotes – With the best selection of small business health insurance plans online, our no obligation quotes let you quickly review the key features of each plan.
- Licensed health insurance brokers – Known for world-class customer service, our licensed agents can help answer your questions and provide personalized guidance and unbiased advice.
- Long-term support and advocacy – We serve as your point of communication with the insurance company, even after you purchase a small business health insurance plan. We’ll be there for you when you have questions about claims, billing, or coverage.
Overall, eHealth can help you save money on group health insurance by empowering you to find affordable health coverage that meets the needs and preferences of you and your employees.
Visit eHealth.com today to find the right group health plan for your business.
This article is for general information, may not be updated after publication, and should not be relied on as medical advice. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice. Check with a medical professional for medical advice.