Health insurance spendings account for a large part of business activity costs, and their share is especially large with small businesses and home-based enterprises. And with the continuous trends in rates increase it’s getting harder and harder for small enterprises to carry this burden, causing many small businesses to drop health coverage benefits altogether.
A recent study conducted by the Commonwealth Fund in New York has concluded that small businesses tend to pay 18% more for health insurance than their larger counterparts all across the country. That’s because large enterprises have a better negotiating power due to larger numbers of workers to be insured. Having that in mind, being despaired about the thing won’t help your small business much. About 60% of 46 million people in the US who have no health insurance coverage are employed by small enterprises and these numbers keep on growing. Such tendencies are no good news for small businesses, because qualified and better workers tend to pay much attention to health benefits at the enterprise and not having them lowers your chance of attracting workers who will help develop your business better.
In order to cope with the Catch 22 situation here, you have to learn how to minimize your healthcare costs and provide your employees with the benefits they deserve. Here are some tips on how to get exactly what you need:
1. Keep the workers healthy. Instead of fighting the consequences and paying for costly medical coverage, you can invest into your workers’ health and promote different wellness programs at your business. Introduce regular screenings, check-ups and promote a healthy lifestyle by offering your employees free gym sessions or other benefits. It’s much easier to prevent a disease rather than treat it. more…
Washington likes acronyms when it comes to lawmaking and this new law is no exception. This is the Genetic Information Nondiscrimination Act (GINA) and this November sees it finally come into force. Because it affects both employers and the insurance industry, this has been a hard-fought change and was only signed into law last year. Now it should prevent you from obvious discrimination. Sadly, it does not rule out discrimination by backdoor means. If an employer overhears you talking at the water cooler or routinely surveys local news including the obituaries, it is legal to use this information. But, overall, you should find some improvement. It covers two different situations with the same type of result. Firstly, it prohibits employers from asking you to go through a genetic test or making genetic information the basis of deciding whether to hire, promote or fire you. Secondly, it prohibits insurers from testing or demanding genetic information about you or your family in deciding whether to offer you coverage, in setting the premium rate and level of the deductible, or continue the cover. more…
There is something deeply annoying when people in a particular trade or industry start using jargon and letters to talk to us. What is wrong with the English language? Why must they hide the meaning? Why do they believe we will be impressed? The insurance industry is one of the worst offenders. By the time the experts have finished describing the different health plans and the lawyers have wrapped everything in obscurity, we seem left with a take-it-or-leave it choice. They seem to be saying, “close your eyes, trust everyone has your interests to heart, and pick something out of the alphabet soup.” Well here is a quick tour through two of the most common plans to help you decide. more…
Washington likes acronyms when it comes to lawmaking and this new law is no exception. This is the Genetic Information Nondiscrimination Act and this November sees it finally come into force. Because it affects both employers and the insurance industry, this has been a hard-fought change and was only signed into law last year. Now it should prevent you from obvious discrimination. Sadly, it does not rule out discrimination by backdoor means. If an employer overhears you talking at the water cooler or routinely surveys local news including the obituaries, it is legal to use this information. But, overall, you should find some improvement. It covers two different situations with the same type of result. Firstly, it prohibits employers from asking you to go through a genetic test or making genetic information the basis of deciding whether to hire, promote or fire you. Secondly, it prohibits insurers from testing or demanding genetic information about you or your family in deciding whether to offer you coverage, in setting the premium rate and level of the deductible, or continue the cover. more…
