Learn how you can conquer health insurance premiums and focus on growth in 2017.
According to the fall 2016 Bank of America Small Business Owner Report, the cost of health care tops the list of economic concerns among owners. This finding, which mirrors that of many recent reports, illustrates how the complicated world of benefits takes business owners further away from focusing on revenue and growth.
First, let’s look at data on health insurance premiums in 2016.
At a Glance: Employer-Sponsored Health Insurance (2016)
Average Annual Premiums
$6,435 for single coverage
$18,142 for family coverage
Average Annual Employee Contributions
$1,129 for single coverage
$5,277 for family coverage
Source: Kaiser Family Foundation/Health Research & Education Trust 2016 Employer Health Benefits Survey
Here’s How to Reduce Your Health Care Costs
While health care costs increase, so does the availability of tools for accommodating those expenses. If you oversee benefits for a small business, then you’ll want to try out these tips to manage costs effectively.
- Register for webinars to stay on top of changes to federal and state laws, insurance plan tiers, carrier restrictions, and the countless other components that go into offering your employees great benefits. Also, many carriers and brokers regularly produce newsletters and blog posts with more timely information. If you don’t have a lot of spare time, then subscriptions could be your key to researching benefits.
- Seek expert insurance brokers who will partner with you in making informed decisions about your business’ health care costs. For questions on everything from open enrollment deadlines to ACA compliance, your broker should provide personalized coaching to take the guesswork out of benefits.
- Integrate your HR platforms digitally. If you spend a significant amount of time updating paperwork when an employee makes a change, then you’re all too familiar with how time-consuming this process can be. Integrating your HR platforms will save you time, money, and probably a few headaches.
Changing the way your company approaches health insurance can appear daunting amid increasing premiums, but it’s a crucial component for long-term growth. Investing in technology now will give your business the freedom to grow at its own pace in the future.