Business owners and executives have to be highly conscientious about how they manage their most important resources. Your business’ employee benefits are a vital, value-adding resource, so you should consider how effectively you are maximizing the practical value and utility of the health insurance that you provide to personnel. Make it a point to explore ways to reduce costs and enhance the substantive advantages of your insurance plan. Review these key strategies to make the most of your plan.

Work With A Knowledgeable Broker

Establish a relationship with a health insurance brokerage that has extensive experience serving businesses in your area. The availability and cost of various plans can depend on the state where your company operates. If you are a Utah-based business, connect with a Utah health insurance broker that has a strong, working knowledge of the best group plans in your region. A brokerage with a strong reputation and positive relationships with multiple carriers will be able to help you find competitive quotes for coverage. 

The broker who you engage should work closely with you to understand your company’s individual needs and objectives. Discuss any previous problems that you have encountered with benefits administration or possible changes in ongoing costs that you are hoping to address proactively. Generate a list of questions that touch on your biggest concerns and goals. A resourceful broker can help you get the answers that you need to compare different plans discerning and identify which option is going to provide the best healthcare solutions for your team.

Consider A Wellness Program

Preventative care is fundamental to individuals’ management of their health, so it is advantageous for employers to seek out coverage enhancements geared towards strengthening preventative treatment, supporting employees’ general wellness, and empowering them to adopt health-conscious habits. An employee wellness program could connect your team members to free or discounted services such as nutritional counseling and stress management. Discounted access to fitness clubs and rebates for gym memberships tend to be one of the most popular features of these types of wellness programs. 

Offering these resources to your workforce can augment the provision of your benefits considerably. For the most part, people really appreciate when their employer takes targeted measures to support their well-being. In effect, showing your workforce that their health is a priority may reinforce positive relationships and bolster your company culture. 

It is also worth noting that a wellness plan could serve to reduce your future coverage costs by reducing the utilization of benefits. By equipping staff to stay on top of preventive care and maintain healthy habits, you may be helping them protect themselves from the onset of serious conditions that may be preventable. For example, employees who have healthy diets and get regular exercise may be less likely to develop a cardiovascular condition that requires treatment by a specialist and an ongoing regimen of medication. Likewise, physically active individuals who maintain a healthy body weight are less susceptible to orthopedic problems that could entail costly treatments including diagnostic imaging, physical therapy, and surgical intervention. 

Mitigating the number and value of claims among plan participants may make your renewal quotes more affordable. This makes your responsibility for premiums less expensive, and it also allows participants to save money on their contribution to premiums. 

Become A Smoke-Free Workplace

Smoking and vaping represent a major health risk regardless of an individual’s age, physical health, and previously diagnosed conditions. Moreover, secondhand smoke can jeopardize the health of people who work in close proximity to colleagues who are struggling with an addiction to nicotine.

Implement a formal smoke-free workplace policy. This type of policy can encourage people who smoke or vape to kick the habit. Resultantly, they will be significantly less likely to experience a major and possible life-threatening health concern. In addition, it helps to safeguard the well-being of everyone who works alongside them. 

Offer smoking cessation support services. Consider incentivizing employees to quit smoking or vaping.

Insuring fewer smokers can rein in the cost of your company’s health insurance coverage. In addition, it may reduce absenteeism as well as the number of claims against short-term or long-term disability insurance plans.

When you invest in your workforce’s well-being, take steps to ensure that you maximize the return on that investment. Ultimately, a strategic approach to managing benefits and supporting employees could offer both your company and your workforce numerous appreciable advantages. 

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