NEW YORK, Jan. 28, 2019 /PRNewswire/ -- HRA administration company, Clarity Benefit Solutions, gives strategies for lowering health care costs.
It's an unfortunate fact that healthcare costs are on the rise. Employers who want to keep their employees happy—and healthy—should be looking at ways they can lower these costs. Doing so is a win-win for employers and employees alike. Here are some strategies employers can utilize to lower healthcare costs.
Do some homework. Solicit bids from several healthcare providers before deciding on a benefits package. Negotiating health plan options allows employers to have a multitude of options to consider. Make sure to perform this task yearly to ensure that employees can make the most of their benefits.
Target employee needs. This goes hand-in-hand with negotiating benefits packages. Many workplaces have a multigeneration workforce whose healthcare needs can vary greatly. Employers should survey employees to identify wheat they are looking for, so they can customize plans.
Raise plan deductibles. This may seem counterintuitive but increasing plan deductibles may lower monthly healthcare costs in the long run. Take the time to crunch the numbers.
Offer additional options. Employees enrolled in a High-Deductible Health Plan (HDHP) are eligible to enroll in a Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA)—provided employers offer these options. Both are methods for employees to pay for qualified medical expenses tax-free.
Promote wellness programs. Healthy employees will pay less visits to the doctor, and not miss as much work! Wellness initiatives have been gaining in popularity across the country. Paid gym memberships, wearables, career development, mindfulness training, and paid time off to volunteer are just some ways that employers can show employees they have a real interest in their well-being. It is important for management to buy into wellness programs with leading by example.
Extend additional support. Keep employees abreast of healthcare trends, changes, and emerging wellness initiatives throughout the year. This will have a positive effect on healthcare costs for everyone. Maintain a positive working environment full of positive reinforcement and special recognition when a job is well done.
About Clarity Benefit Solutions: Clarity Benefit Solutions HRA company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
SOURCE Clarity Benefit Solutions