How Small Business Owners Can Save on Healthcare Costs

Mon, Feb 27, 2012


If you’re familiar with the Healthy Family Act, then you’re probably aware that companies with 15 or more employers are legally obligated to give their employees one hour of sick leave for every 30 hours that they worked. This roughly equals out to seven days per year of paid sick time.

But what happens if you own a company with a smaller staff? At a time when healthcare is becoming more and more of a concern for employers and employees alike, here are some tips that can help you save on healthcare, both in sickness and in health.

Be Proactive About Healthcare

One of the wisest things that you can do is take all of the preventative measures you can to prevent your employees from getting sick in the first place. Have antibacterial soap and gels available. Make sure to have your air filters changed on a regular basis. Be sure to also place a filter on the water taps and if you do have snacks in the work place, make an effort to offer healthy ones: granola bars, yogurt and fruit are some great alternatives to candy and chips. Make it a point as well to have information available on what to do when you feel like you’re coming down with a cold or flu and consider hosting health screenings on a bi-annual basis where employers can get their blood pressure and weight checked. You might want to speak with a local gym about incorporating a discount for your office as well.

Consider Flex Spending Debit Cards

A Flex Spending Account (FSA) Debit Card is basically a debit card of convenience when it comes to getting the healthcare that you need. With the card in tow, you don’t have to file reimbursement claims for things that you got with it that were health-related. This can cover everything from medications and the co-pays required for doctor’s visits to even over-the-counter health-related items. Where do these monies come from? They are pulled out from your monthly earnings, but with an FSA, those funds are not affected by payroll taxes. There is a con in the sense that it’s a lot like the old-fashioned cell phone plans that didn’t let your unused minutes roll over. In other words, yes, if you don’t use those monies by the end of each year, you are not able to apply them to a later date or have the monies reimbursed. Yes, if you don’t use them, you will lose them.

Get into a Cooperative

The truth of the matter is that the more people you have in your healthcare plan, the lower your premiums will be. So if you have a very small staff, consider linking up with a couple of other smaller businesses in the area. Studies show that insurance plans with over 50 employees pay around thirty-percent less than those with less. Also make sure that your cooperative shops around before settling on one particular insurance company. So that you can get the best deal possible, you might want to consider hiring an insurance agent to do the comparison shopping for you. They do charge, but it saves time and their experience in the field can help to put your mind at ease.

Whatever it is that you decide, make sure to do some thorough research before making a decision. If you were going to get some new eye contacts and someone told you that they loved the Acuvue brand, you would probably check out Acuvue Oasys reviews first, right? You may start by looking at Acuvue.com reviews. The point is that you wouldn’t just make an investment into your eyes without making sure it was the best one possible. When it comes to the health and prosperity of you and your employees, you definitely should have the same point of view.

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