As a business owner, you always need to be thinking about your finances. While we like to think of all of the other important elements of running a business, money matters more than we often admit. A whopping 80% of businesses fail in the first 18 months, and the main reason for this is cash flow problems.
If you’re a business owner, you probably chose this lifestyle to get some freedom in your life and to be in control of your decisions. One of those decisions is how you pay for your healthcare. Namely, it’s how you pay for health insurance.
Too many business owners today overlook health insurance as an unnecessary expense. Ensuring you have the right health insurance coverage is the first step, but that doesn’t mean it has to be expensive. As the landscape around health insurance continues to change, there’s so much more you can do to save on healthcare finances. In this guide, we’ll explore 5 ways business owners can save on healthcare finances.
1. Health Insurance Saves You Money
The first way business owners can save on their healthcare finances is by actually having health insurance. This might sound counterintuitive, but it’s the truth. The cost of not having health insurance in the United States is steep. While the individual mandate requiring coverage is no longer in effect, you could always run into an expensive emergency.
Nobody is immune from healthcare costs. You can’t predict the future. You could get in a car accident, fall sick, or worse. All of these things are expensive without health insurance. If you don’t have health insurance, you could pay anywhere from $500 – $3000 just for a simple trip to the emergency room.
Don’t delay. Your business and your health are at stake. Compare health insurance plans for the future by looking online. You can find what you’re looking for in just a few clicks, and the peace of mind is more than worth it.
2. Provide Insurance to Your Employees
While it might be expensive to provide insurance for your employees, especially if you have fewer than 50 full-time employees, it’s worth this extra step. Not only are employees looking for businesses that have great health insurance options, but they’re also more loyal to businesses that meet their healthcare needs.
You can save on your employee health insurance by looking into a group coverage alliance. This way, even if you only have a handful of employees, you can share the coverage pool with other businesses to keep costs lower.
3. Utilize Tax Credits
Did you know there are tax benefits to offering health insurance to your employees? It’s true. If you’re a self-employed business owner with no other employees, these insurance premiums are 100% tax deductible. You can also deduct dental and any other supplemental premiums for yourself and your dependents.
If you’re a small business with fewer than 25 low-wage employees and you’re paying at least 50% of employee insurance premiums, you can get up to 50% in tax credits from the government. As you can see, it pays to utilize your insurance.
4. Create Wellness Rewards
Another way to save on healthcare finances is with wellness rewards. In this age of technology, we could all afford to pay a bit more attention to our health. Providing wellness discounts and rewards for employees who live healthier lifestyles can save you big on insurance premiums.
Health program ideas include offering a gym membership allowance, company-wide weight loss programs, or using fitness trackers at work. These small things add up to big savings when used on a big scale.
5. Welcome the Future of Telemedicine
Finally, telemedicine is a way to make healthcare more affordable to everyone. It’s especially great for businesses who want to make it easier for employees to reach a healthcare provider without the high costs. Offering telemedicine benefits its a huge perk that is starting to become more well-known.
Telemedicine is a way to reach a healthcare provider through a computer or smartphone. You could talk to a doctor in minutes, and they can even prescribe certain medications virtually. Telemedicine services offer the same level of care at a fraction of the cost.
It’s hard to anticipate just what healthcare you’ll need and your employees will need, so it’s always smart to be prepared. Healthcare in the United States is notoriously confusing, but that doesn’t mean it has to be expensive.
Follow these ideas above to save big on your healthcare finances. It’s time to think smarter not harder about how your money goes towards healthcare in your business.
By Wendy Dessler
who is a super-connector and helps businesses find their audience online through partnerships, outreach and networking.
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