Lower Your Company’s Health Insurance Costs… Immediately!

/in , /by

Do you cover some or all of your employees’ health insurance premiums? Depending on the number of employees at your workplace, health insurance could be a very large outgoing expense each month. As business owners, it’s only smart for us to look at our accounts payable each month and decide what needs to go, or what can be cut back on.

However, cutting back on health insurance and benefits for your employees is NOT a good approach! Offering benefits comes with its own list of great benefits.  Do you want to continue offering benefit rich plans but decrease your company’s overall health insurance costs each month?

It IS possible – here are a few ways:

  • A lot of health insurance costs are related to chronic conditions like obesity or cardiovascular disease. These most often are conditions that are preventable and reversible. Many health insurance companies are willing to reduce premiums for companies or organizations that take proactive steps to promote a healthier workforce/workplace. Does your company have an employee wellness program (EWP) or employee assistance program (EAP) in place?
  • Explore the marketplace for more competitive bids. You don’t have to lose special perks or settle for higher deductibles to save money on health insurance. It is always smart to get an outsider’s opinion from a professional with access to multiple providers and plans.
  • Don’t be afraid to bundle! Insurance companies love loyalty – especially if you’re a large group. Bundling multiple lines of coverage with the same insurance carrier (health, dental, life, and disability) can significantly reduce your premium costs each month. If you are currently utilizing multiple providers, consider condensing all benefits under one provider’s umbrella instead.
  • Partner with a Professional Employer Organization (PEO). Partnering with a PEO offers small to mid-sized employers access to “big company benefits.” PEOs have stronger purchasing power when it comes to health insurance due to the overall population size of their employee base. They pool employees from numerous client companies on to a single company policy (the PEO’s policy) through the co-employment relationship. They also offer access to ancillary benefits you may not have been able to offer in the past!

Is it time for your company to save on health insurance? At Employer Solutions Plus, we represent the “best of” in employer solutions – whether it’s a company health insurance plan, or a full-suite PEO solution.  We represent multiple providers in each product category which allows us the flexibility to customize a cost effective solution to meet the individual needs of our clients.

Contact our team for more ways to save on your company’s health insurance premiums.

 

What are EAPs?

/in /by

If you’re in the process of putting together an employee benefits package, or updating your existing package, you may have stumbled upon the term “EAPs.” EAPs (Employee Assistance Programs) are offered by many employers, but what are they?

EAPs help employees obtain assistance for personal issues that may be directly impacting their performance at work and their overall sense of health and well-being.

EAPs typically provide the following:

  • Coverage for employees and their household members
  • Short-term counseling
  • Various forms of support for:
  • Substance abuse
  • Depression
  • Major life events
  • Work issues
  • Relationship issues
  • Financial concerns
  • Healthcare concerns

EAPs are traditionally offered to employees free of charge and are prepaid by the employer. Companies that are engaged in a PEO relationship often reap the benefits of an already established Employee Assistance Program, whereas employers that do not work with a PEO often rely upon other vendors or contracted professionals to manage their EAP.

Are you interested in introducing an Employee Assistance Program in 2013? Benefits go far beyond the direct impact of employee wellness. Happy and healthy employees result in lower medical costs, higher productivity and reduced turnover in the workplace!

To learn more about EAPs, contact Employer Solutions Plus. We’ll provide you with a complimentary evaluation to determine your Company’s best benefits options for the New Year.