Controlling Healthcare Costs in 2021
It’s not new news - health care costs have been rising steadily for years and that won’t change any time soon. With the COVID-19 situation and lockdowns forcing business owners to look for more ways to minimize costs, even the regular increases in yearly healthcare costs can become too much to handle.
So here are a few ways to help you as a small business employer get started on cutting health care costs without compromising employee wellness:
1. Know where your money’s going
To control costs, it’s often best to look at where money is being spent. How are your employees using their health plans? In terms of health care, where is your company spending the most money? You can use this data to make better decisions regarding health benefits.
2. Make use of tech
Telemedicine is one of the most popular health care technologies of the past decade. It can save employees (and businesses) time and money by virtually connecting patients with doctors. You should consider virtual healthcare solutions that can save both time and money for your employees by preventing expensive doctor visits.
3. Look for alternative plan options
Health plans aren’t set in stone—what worked for years may not be the best option for current circumstances. Alternative plan options, such as self-funded plans, are just some of the options you can use to shift costs.
4. Improve health literacy
Greater employee health literacy means lower overall health expenses for both you and your staff. When your employees understand their health benefits, they are more likely to seek preventive care, which lowers their chances of developing chronic, costly conditions. Conversely, lower health literacy can lead to poor monetary decisions, such as visiting the emergency room for a cold (or getting a huge medical bill for no reason apart from maybe a ride in the ambulance).
To learn more about how to keep your health benefits costs down by choosing the right amount and type of coverage for your small business, contact NY Small Health.