One of the nightmares employers have is concerning healthcare options of their employees. Insurance today is becoming a thorn in the flesh owing to the ever increasing premiums. However, there are several alternatives employers could consider to cut on the cost of healthcare without putting the health of workers at stake. Though medical cost sharing for groups is popular, other options such as wellness programs, pharmacy plans and value based designs work fine.
It is important to note that establishing a healthcare plan for workers will benefit everyone since a healthy workforce is directly proportional to high productivity. In business, the major rule is minimizing operation cost while maximizing profit— employers might rule out healthcare options with this in mind not knowing that operations may halt in an event several employees are kept out of work for medical reasons. To effectively cut on healthcare, business owners should consider the following;
Watching for Uncalled-for Medical Treatments
Treatments that are not necessary can accrue huge medical bills that could otherwise help solve other financial issues in the company. A study in America has revealed that more than $200 billion is paid out in healthcare facilities for processes that were superfluous annually. Employers can look for ways to make sure that employees do not use their health care plan in procedures that do not add up to anything. It is important to consult or hire an expert in the medical field to always keep the employees’ health on check and advise appropriately whenever there is a complicated medical issue.
Going for Wellness programs
Preventive measures are the cheapest means of ensuring the medical expenditure remains at the minimum level. Employers can come up with physical fitness routines within the workplace to ensure that workers were kept in shape; this would boost their immunity and prevent them from opportunistic diseases. Additionally, employers could encourage paid leaves for employees to seek regular medical check-ups. Often, workers avoid visiting the hospital for check-ups for fear of losing work time that could affect their monthly pay. Therefore, if bosses could build a culture of medical review, many would keep their health in check.
Considering High-Deductible Plans
These plans are effective in reducing the cost of healthcare since it makes the employees to carefully review their medical costs while going for quality care. Although this alternative has lower premiums compared to conventional insurance, employees have to meet the deductible minimum to get their medical expenses covered. However, employers can encourage them to integrate this high-deductible plan with Health Savings Accounts (HSAs)—this way they will receive medical cover till they reach the deductible level.
To sum up, medical cost sharing for groups can help, especially if it is organized among employees of a given company. Employers could make it an obligation for employees to register into the company’s healthcare cost-sharing program that would help cover for medical bills in case an employee gets sick. The premium amounts towards this program could automatically be paid from employees’ salary deduction as agreed.
