The easiest way to reduce company health care costs is by fostering a company culture that encourages living a healthy lifestyle.
When open enrollment for health insurance comes around, employees select their plans based on their specific medical needs.
For example, someone who deals with chronic illness may be seeing their doctor and other specialists often, meaning they’d prefer a low deductible, higher premium cost plan.
Meanwhile, a generally healthy employee may be more likely to choose the opposite, a lower premium plan with a higher deductible, possibly supplemented by a Health Savings Account (HSA).
Between 2021 to 2022, the average cost increase of health care plans was 5.2%.
As health care costs continue to rise year after year, employers are looking for ways to save.
Here are a few ideas for cutting down employee health care costs without passing on higher premium costs to employees:
1.Offer customizable benefits: The is no such thing as a one size fits all plan.
Employees have varying medical needs, so it’s important that employers offer a range of plans plus additional benefits such as dental, vision, FSA/HSA benefits, telemedicine, and pharmacy plans.
2. Invest in a workplace wellness program: This is the best way to take a proactive approach to cut down on healthcare costs later.
According to one Harvard study, every dollar invested in a workplace wellness program can yield up to $6 in savings for employers.
Educating employees on healthy living and incentivizing them to participate in a workplace wellness program can ensure they take better care of themselves daily so they can minimize their chances of needing costly medical care later.
Learn more about our Workplace Wellness Programs at www.dradeolamead.com/vitaliteam
3. Consider direct primary care (DPC): A corporate DPC membership program covers most of your employee’s routine care needs and can be a more cost-effective option for those dealing with chronic illnesses.
With a flat monthly fee, employees have access to basic care without added co-pays or costs.
DPC is supplemental to a health insurance plan as it wouldn’t cover emergency care, certain types of lab work, or medications. But it can help employees establish a better connection with their primary care physician encouraging them to get check-ups more often, which is crucial for prevention and early detection of disease.
Schedule a discovery call today to learn more about how we can help you save on health care costs while promoting overall organizational health and the individual wellbeing of each member of your team while boosting productivity and profitability!