How to Reduce Your Small Business Health Insurance Premiums

<p>Coping with business health insurance is a daily headache for many small business owners. Sadly, such costs are crippling some businesses to their breaking points and they are folding daily. Take the option of not having health insurance. In fact, it is believed that 60 percent of those uninsured in the United States are working for a small business. What, if anything, can be done to reduce the health insurance premiums for small businesses? Will this be enough to save small businesses and ensure that health insurance is provided to all? <p> One of the most basic steps is to keep your workforce fit and there are a number of ways an employer can contribute to this. They can have what is commonly known as a wellness policy, where the company offers services such as cancer screening, flu shots and access to fitness facilities. These plans have many benefits. Obviously, the staff feels more cared for. They are more likely to show loyalty and come in when feeling slightly under the weather. Studies at larger companies have shown that just under $4 was saved when matched to every dollar that was actually spent on the wellness programs. Your accountant will love it too as he can use it to your advantage when bringing down your tax bill. <p> Secondly, shopping around can make a huge difference. You may have a business health insurance policy with one company but this may not be the most cost-effective company to provide this service for you. It is definitely worth the research time to shop around and see what deals are out there, as there really are many companies that offer business health insurance. You may find that you can swap like for like in terms of benefits but save money by receiving cheaper premiums. <p> This leads neatly to the next idea. This tends not to be terribly popular with staff but at the end of the day, if you really are putting the future of the business in jeopardy, they may have to reluctantly concede that you have a point. The point is to consider reducing benefits slightly to make the cost easier to bear, and there are a number of ways to do this. Firstly, have a look at the policy in close detail and see what benefits really are essential. There could be more things that are less likely to happen or perhaps have never been claimed by any of your employees. In this case, asking the insurance company to provide a new quote that doesn't include these benefits or certainly reduces them may be a step forward. Keeping your employees in the loop will help. Explain to them why you have to do these things as this can alleviate the amount of bad feelings that could potentially be caused. You could also offer them a choice between lowering the benefits slightly to make sure that the company is not going into financial crisis or letting them choose to pay the difference so that their health insurance policy remains the same. By empowering them with choice, you will normally receive a better reception than making decisions and presenting them with a completed deal which they have had no say in. <p> Look around for other small businesses in the area and link up with them to form a shared health insurance policy to save you money. Schemes that have less than 10 people have higher premiums that those that have 20. If you can get several other small businesses in the area to join forces with you and get one large scheme running, all of you will save money without having to reduce the level of coverage you offer to your employees. The only tricky thing may be getting agreement on the level of coverage that you wish to subscribe to, but it is certainly worth considering as it has saved thousands for small businesses who have done it. Finally, look into health savings accounts. These are tax-exempt accounts but do have conditions and rules so you need to make sure you have done some research. However, again those who have qualified and successfully set up such a savings account have definitely been able to show savings that are more than worth having. The best tip is to never accept the status quo. If you are having trouble affording business health insurance, look around, get help and take advice to get you where you need to be.For consumers looking for insurance online and where to get the best <a href="http://www.2insure4less.com/">auto insurance quotes</a> possible, look no further than 2insure4less.com. Whether it is auto insurance, home insurance, health insurance, life insurance, cancer insurance, disability insurance, <a href="http://www.2insure4less.com/business-insurance.aspx">business insurance quote</a> or burial insurance, 2insure4less has helped countless consumers find insurance online. <p> <p></p>