Health care costs for small businesses continue to skyrocket across the board. And while big companies and small businesses continue the fight to keep costs low, it’s commonly small businesses that get it the worst. Health care costs continue to rise, sometimes with double-digit increases every year.
Of course there are still available options. Recently, more light has been shed on additional options to help small businesses save money and still offer health care.
Several options are out there that can help small companies minimize expenses. One of very popular option is encouraging employees to get individual health insurance. Instead of the employer subsidizing a large percentage of it, the to price of health care is left to the employee. And on average, individual premiums are less expensive than those of group plans.
And employers are able to help the employee out by giving a reimbursement to cover a portion of the costs, or by helping the employee take care of their Section 125 deduction. Either way, the employer can lower costs a a significant amount by using this method and frequently it can be a less expensive route than the one currently used.
Another option that is utilized more and more is to offer Section 105 plans to employees. Section 105 plans authorize the employer to acquire a higher-deductible, (but lower cost), insurance coverage for their employees. The high-deductible is offset through an employer-controlled, tax-advantage fund that pays claims to the employees for medical coverage below the deductible. The result is savings for the employer and the employee.
But not every company will benefit from a Section 105. Just like all plans, it’s important to talk with a financial professional to figure out what type of health care savings could be achieved in your small business.
Section 105’s and encouraging employees to buy individual insurance are two ways to potentially save your small business money. Making the hard decisions in each aspect of your business, and going over all your health care options to reduce prices as much as you can may just be one of the things that can keep you in the surviving 20% of small businesses.
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