Rising health insurance costs are a major concern for small businesses. In fact, employer healthcare costs are expected to increase by 8.5% in 2024.
This can make it difficult to offer affordable coverage to employees, but there are steps that small businesses can take to prepare for rising costs. Here are a few tips to consider:
4 Ways Small Businesses Can Prepare For Rising Health Insurance Costs
- Focus on employee retention: In today’s tight labor market, it’s more important than ever to retain employees. Offering mental health support, generous time-off policies, and other benefits like wellness programs are great ways to attract and keep top talent.
- Understand the impact of inflation: Inflation is driving up the cost of everything, including healthcare. It’s important to understand how this is impacting your business and your employees so you can make informed decisions about your small business health insurance plan.
- Encourage preventive care: Preventive care can help keep employees healthy and reduce the need for expensive medical treatment down the road. Promote preventive care by offering employees on-site screenings, fitness program rebates, and access to telehealth services. This approach not only promotes a healthier workforce but also can lead to more manageable healthcare costs for your business.
- Stay up to date with current regulations: There are a number of government regulations that could impact health insurance coverage. By staying up to date on these changes, you could keep an eye out for more cost-effective plans for your small business.
Navigating the complexities of healthcare coverage can be challenging, especially for small businesses. But by offering affordable health insurance and other valuable benefits, you can position your company as an employer of choice.
Additionally, it’s crucial to consider these factors as we approach open enrollment season. This is when health insurance brokers can provide invaluable assistance.
Partnering with a Pennsylvania health insurance broker can be a great way to save money on small group health insurance. A broker can help you compare different plans, get small group health insurance quotes, and find the most cost-effective solution for your business.
While rising drug costs and health insurance premiums present a significant challenge, strategies and resources are available to help small businesses continue offering affordable healthcare coverage.
Here are two additional tips for small businesses:
- Partner with a health insurance broker: A broker can help you compare different plans and find the most cost-effective solution for your business.
- Shop around each year: Health insurance rates can vary from year to year, so it’s important to shop around for the best deal. You can also be prepared by understanding some of the top questions you might encounter during this time.
Rising health insurance costs can be a challenge for small businesses, but by following these tips, you can better plan for what’s up ahead and continue providing coverage for your employees.
If you need assistance comparing plans for your small business, our brokers can help! Contact Health & Benefits Partners today to start looking into small group health insurance quotes. We’re here to help you navigate the complexities of small business health insurance and find a solution that works for your company.