The Challenge Small Business Owners are Facing
When business owners may not know how to navigate the world of insurance, this can be especially challenging. Small businesses are often at a disadvantage because they cannot offer the same level of benefits as larger organizations. However, there are steps that small business owners can take to help their employees combat the high cost of healthcare.
The rising cost of healthcare premiums often leaves employers to seek alternative options such as minimum essential coverage plans, health savings accounts, and self-insurance. Some of these options allow individuals to choose only the coverage options that match their health priorities, without spending money on services they don’t desire.
Options for Owners
The rising cost of prescription drugs also leaves employees worrying about their daily health. Forcing them to choose between purchasing their medications and other essential needs. Prescription drug costs have been increasing at a faster rate than overall healthcare costs, so what can small business owners do to help employees? They can start by considering ways to help their employees save on prescription drugs, such as offering discounts or utilizing a prescription drug program.
Often times health plans will offer a prescription drug discount, so it’s important to educate employees on this part of the plan so they don’t miss out on the savings. Consider your employees will be more productive and happy at work when their daily health needs are being met and their mental health is being taken care of.
Mental health is also a growing concern, with many employees experiencing anxiety, depression, and stress, this can lead to decreased productivity and increased absenteeism. Small business owners can help by offering mental health resources such as an Employee Assistance Program (EAP) or partnering with a mental health provider. These resources can help employees to cope with stress, anxiety, and depression, which can ultimately benefit both the employee and the employer.
The rate of yearly check-ups for those without health coverage is less than 50% in the United States (*Insider 2020)
While most American deaths result in preventative conditions and chronic illnesses, preventative healthcare is on the rise. Many employers offer wellness programs to encourage employees to take care of their health. These programs may include gym memberships, weight loss programs, and smoking cessation programs. Small business owners can also offer incentives such as reduced premiums or bonuses to employees who participate in these programs.
A more popular option is to offer health plans that include telemedicine services to employees. Telemedicine allows employees to receive medical care remotely, often at a lower cost than in-person visits. Many plans also offer 24/7 telemedicine appointments to help individuals where they are. Lastly, employers can partner with telemedicine providers to offer this service to their employees as an added bonus to their existing health plans.
To combat the high cost of healthcare, small business owners can consider the several options mentioned thus far. One option mentioned earlier is to provide health savings accounts (HSAs) to employees. HSAs allow employees to save pre-tax dollars to pay for medical expenses. Such expenses can include, medical equipment, prescriptions, therapy, medical treatments, camps, and more.
In conclusion, the high cost of healthcare is a significant concern for small business owners, but there are steps that they can take to help their employees combat this issue. Small business owners can consider offering minimum essential health plans, health savings accounts, telemedicine services, and preventative care programs. They can also consider partnering with a mental health provider to offer resources for employees struggling with mental health issues.
Meridio benefit plans work with Employers to offer their employees some of these options, preventative and wellness medical plans, dental and vision, and prescription discount programs, and at a fraction of the cost of Marketplace plans. By taking proactive steps to address the high cost of healthcare, small business owners can work with Meridio to demonstrate their commitment to their employee's health and well-being and build a positive work culture. To learn more about Meridio’s benefit options visit: https://go.getmeridio.com/meridio-healthcare-benefits-1