Learning how to reduce health benefit costs is paramount for business owners or managers. The company is contributing to these plans, and employees want to pay as little as possible for their insurance coverage. However, there is only so much that can be done. Use these tips to reduce your health benefits costs and keep your team happy, healthy, motivated, and comfortable.
Try Self-Funding Health Plans
Self-funded plans are cheaper. They just are. This model makes it easy for the business to pay for claims as they arise, allowing you to save money instead of giving it to an insurance company. Now, every business is different, but self-funding also allows you to offer exceptions to employees when you know they need them, especially as they relate to yearly or lifetime maximums and prior authorizations. And, while the administration of these plans may be a bit more difficult, many business owners or managers feel more comfortable knowing that they have complete control of the program.
Offer Telehealth Services
Telehealth services are extremely popular in the wake of the COVID-19 pandemic. Plus, most healthcare professionals than ever are certified in telehealth, so they know how to work with patients remotely (in most cases.) When your benefits plan offers telehealth, everything is just cheaper. Plus, employees can address health concerns quickly, drive down costs, and prevent long-lasting illnesses or conditions that often crop up when it’s hard to go the doctor’s office and most people simply choose not to.
Preventative Care
Preventative care and wellness programs help your employees make good choices and get on a plan that allows them to be healthier. Even the tiniest wellness program can help your staff remain healthy and, quite simply, use their health benefits less because they’re working on their overall wellness.
Of course, wellness programs don’t solve all your problems. But, wellness programs also make it easy for your employees to know themselves and go to the doctor when they don’t feel well instead of waiting and making the problem worse.
Rebates and Incentives
Offering rebates and financial Incentives is a good way to get your staff to participate in a benefits program. Plus, offering these incentives makes it easier for your staff to participate in wellness programs, use telehealth, and generally spend less through the health benefits plan.
If you’re reducing spending with a few incentives, you’re saving quite a lot of money throughout the year. Plus, when employees are getting premium discounts or money back at the end of the year, you’re pushing healthy behaviors that are good for everyone—and the bottom line.
Change Pharmacy Benefits Managers
Change pharmacy benefits managers so that you can save money. A quality pharmacy benefits manager sources drugs to make them less expensive, offers discount programs, financial assistance, and helps keep your pharmacy spend down. You need a lot of intervention in this area instead of “all the prescriptions were filled” which doesn’t address your cost concerns.
Reach out to Martinelli Benefits Advisors for More Information on Benefits Plan Design
Reach out to our benefits experts at Martinelli Benefits Advisors for more information on building an employee benefits plan, reducing costs and improving offerings. Your business can attract more talent, keep employees healthy, and provide a morale boost that everyone needs.