Looking to Save in 2015? 3 Surefire Ways to Intelligently Reduce Small Business Health Insurance Costs

Today, small businesses are being asked to do more with less—and as a result, small business health insurance costs can make or break your company’s bottom-line. From increased rates and inflated premiums to newly imposed penalties and fees, it’s common for a small business to experience financial pressure because of uncertain annual group health insurance costs.

But luckily, there are ways to mitigate the pressure of small business health insurance costs in 2015 without asking your employees to shoulder more of the financial burden or cutting some or all of your health benefit offerings. Even for small business owners—like your occasional mom and pop operation—there are many ways to reduce group health insurance costs.

Here are 3 surefire ways your small business can keep your workforce healthy, supported, and productive by reducing its health insurance costs in 2015:

  1. Take a Proactive Approach To Your Employees’ Health


When you invest in your employees' health, you invest in your company’s success. More and more businesses today are doing this by instituting comprehensive employee wellness programs, specifically designed to educate participants on disease prevention and healthy living tips. These wellness programs also offer great opportunities for health risk aversion through wellness screenings.

This proactive approach not only increases retention and productivity amongst a workforce, but it also helps reduce small business health insurance costs.

  1. Consider a Health Savings Account

Health savings accounts, or HSAs, have become an increasingly popular way for small businesses to reduce health insurance costs. An HSA, which is traditionally offered as part of a high-deductible health insurance plan, allows an employee to accrue tax-exempt funds to pay for certain medical expenses or other approved health care costs.

It is because these health plans involve a high deductible that a company is able to save money. For further proof that HSAs can save money for your small business, simply ask the more than 15.5 million people who now have HSAs with their high-deductible health plans.

  1. Take Advantage of Group Health Insurance

There’s strength in numbers—especially when it comes to reducing small business health insurance costs. Small group health insurance plans are ideal for mom and pop operations because they typically cover between two and 50 employees. These plans generally come with lower premiums because of the buying power of the group, otherwise known as health-insurance purchasing cooperatives.

Members of these groups could also experience better insurance rates depending on which state the group is located in and what insurance-underwriting laws exist. As well, group health insurance plans purchased through a cooperative typically mean your company is well supported when it comes to the details—from enrollment and administrative management to instituting employee rewards for staying healthy.

As a proven health insurance provider, NARFA has the buying power of a large group, plus complete competency and experience with full-scale benefits administration and employee benefits programs and management. We are capable of offering our members and their employees a host of different health insurance programs and products designed to add protection, value, and efficiency into their daily business lives. A minimum of two policies and 75% participation of those eligible are all we require to start reducing your small business health insurance costs.

Let us do the work for you, help you truly reduce your health insurance costs for 2015, and ensure you have the time to focus on what’s most important—your company’s output and your company’s growth. Contact us today for a FREE quote!

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