Small business health insurance

Posted: Mon Apr 26, 2010 12:19 pm Post Subject:

Many employers are looking at HSA's and cost sharing with the employees. This gives the employee a vested interest in keeping medical expenses down and their health savings acct growing.

Posted: Wed Apr 28, 2010 10:57 am Post Subject:

I guess the 'cost factor' depends a lot on the type of plan you're offering to your employees.

Many employers are looking at HSA's and cost sharing with the employees.

Posted: Thu Apr 29, 2010 10:25 am Post Subject:

Yes, you may cut the coverage limit of your employees to help restrict your business health insurance costs to some extent. Alternatively, you may ask them to share more of such costs. But, this could also have an adverse effect on your employees.

Posted: Fri Apr 30, 2010 05:58 am Post Subject:

You may also exclude certain types of coverage e.g. vision insurance and dental insurance in order to lower your business health costs. Make sure that you share your views with your employees and get their opinions. They might choose to go for vision or dental coverage or an HSA.

Posted: Sat May 01, 2010 04:51 am Post Subject:

The worth of tax amount that's exempted out of these accounts could be spent towards medical expenses. It offers the dual benefit of providing tax-breaks to your employees as well as reducing business health coverage costs.

Posted: Sat May 01, 2010 05:41 am Post Subject:

If you own a small business, it might even help reduce your business health costs by a considerable margin if you start shopping for the right coverage. You may consult other small business owners as well as shop online.

Posted: Mon May 03, 2010 11:19 pm Post Subject:

You can also search for a "Multiple Employer Trust" (MET) in your business field. In a MET, your employees join a larger pool of employees in a common industry group, and obtain the advantage of lower costs of insurance and other group benefits through the "Law of Large Numbers."

As the size of a group increases, the risks associated with providing benefits to the individual members of the group generally decrease and become more predictable. As a result, premiums can be reduced.

Talk to other business owners in your industry to see if any are aware of a MET. If not, gather them all together and create one. Groups of 100-200-500 get much more favorable rates compared to groups of 2-10-20-50.

Posted: Wed Mar 09, 2011 07:37 am Post Subject:

I agree with Juanita....one of the best ways is to know the correct coverages..this may vary from employee to employee...therefore you might just discuss it with them and make the coverage accordingly..