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A Healthy Approach to Trimming Insurance Costs

Posted by: Today's Tip Contributor on February 1, 2010

In the face of never-ending increases to health care insurance premiums, small business owners may want to consider these alternative options to minimize costs:

1. Adjust plan options. For example, moving from a PPO to a high-deductible plan, in conjunction with a Health Savings Account program, is becoming more commonplace among small businesses. This option allows employees to set aside tax-deferred income for health care needs.

2. Consider a monthly allowance. With a high-deductible plan, employees have more choices—and more control—about how their benefits are allocated. Some may choose to spend those funds on a vision plan, while others might favor dental coverage.

3. Review administration costs. The cost of administering benefits can be just as expensive as the premiums themselves. Making good use of management technology is a critical best practice.

By putting employees in the driver’s seat when it comes to managing health care, employers will have a more satisfied and productive staff overall—an added benefit to any reduction in cost increases.

Burton M. Goldfield
President and CEO
San Leandro, Calif.

Reader Comments

Dennis Dobecki

February 1, 2010 4:26 PM

Allowing employees to have more control over how their health care dollars are spent is a wise decision. However, employees need to be given the proper tools to make informed decisions about the cost of their treatment. Patient advocates such as INSNET, LLC offer risk free medical bill review and negotiation services. Employers can benefit by informing their employees of these services and help ease the concern employees have over higher out of pocket expenses. INSNET was formed by the founders of Insurance Negotiating Service, which since 1985 has negotiated medical claims for insurance companies, and saved their clients millions. Now individuals have access to the same cost savings tools which their insurance company has utilized for decades. To learn more visit

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