6 Money Saving Health Insurance Tips for Small Businesses

1
6 Money Saving Health Insurance Tips for Small
Businesses
2

• Its absolutely possible to keep health insurance
  costs to a minimum for you, as the owner of a
  business, and your employees, while still
  ensuring that everyone gets the coverage they
  deserve. Here are 6 money saving health insurance
  tips for small businesses
• Go shopping!
• With the price of health insurance changing every
  year, it pays to shop around when it comes to
  purchasing coverage for a new period.

3

• Offer your employees an HAS-compatible plan
• Only able to be used with specific HAS-compatible
  insurance plans with high annual deductibles and
  lower monthly premiums, a health savings account
  is a long-term account held by an employee to
  cover the costs of their health care expenses.
  With these plans, you can save money on premium
  contributions and still provide your employees
  with adequate health coverage.

4

• Offer your employees several options
• Every employer will have employees who rarely
  visit a doctor or get sick, and whom could
  undoubtedly benefit from a lower premium, higher
  deductible plan. For those who have ongoing
  health needs, they could save some money by
  opting for a higher premium, lower deductible
  plan. With a selection of plans to choose from,
  your employees can get the coverage that works
  best for them.

5

• Make sure your employees truly understand health
  insurance
• Not knowing how health insurance works can lead
  to employees making expensive errors when
  choosing and using an insurance plan, so educate
  them and make sure they understand how health
  insurance actually works. You can achieve this by
  setting up in-office training, having plans that
  are easy to understand in the first place,
  sending out monthly or bi-monthly emails with
  content about health insurance or arranging for
  an insurance specialist to talk to employees
  about their options.

6

• Get up to speed with FSAs
• Flexible spending accounts, set up by employers,
  enable employees to set money aside to pay for
  health care they can deposit money pre-tax from
  their paycheck and decide what healthcare bills
  they want to pay from their account during the
  year.
• Search for virtual solutions
• Nowadays, a lot of health plans include virtual
  care solutions, such as telemedicine, that are
  cheaper or even offered at no additional cost for
  you, and they give employees the ability to speak
  to a health professional over the phone instead
  of attending a healthcare facility in person.

7

• Whatever health insurance options you give to
  your employees, be sure that you understand them
  yourself, before you offer them to anyone else,
  and for the latest advice and guidance on
  healthcare coverage, seek help from a healthcare
  insurance specialist.
• Apollo Payroll is one of the premier small
  business payroll companies in Miami Beach and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  payroll service in Miami and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Coral Gables Miami.