Strategies To Control Rising Health Insurance Costs
How to manage your construction staff health insurance costs
With multiple changes to the health insurance market construction labor employers may continue to see a rise in health insurance costs. When looking to control rising health insurance costs it’s important to have a plan that not only has immediate cost reduction, but a long term strategy that will pay off with larger-scale savings. Here are some tips for managing health insurance costs for your construction staff.
- Promote employee health and wellness. Most employers are now realizing the cost value of addressing employees health. Promoting health and wellness can help offset insurance costs in a big (and long term) way. Fewer things can help employees embrace healthier decisions than a financial incentive. If you provide enticements for healthier living and preventative care your employees are more likely to live healthier.
- Provide resources. Believe it or not it can pay off to spend a little extra on your companies most expensive healthcare consumers. Providing resources to those with multiple chronic illnesses or other health problems that require more health care resources can reduce the overall cost of health benefits.
- Try a consumer-driven platform. When employees have to be actively involved in their health care choices it encourages them to become more careful consumers. Health insurance consumerism may reduce the cost of health insurance for employers, and also encourages employees to become more engaged with their decisions. Generally this results in a reduction of overall health costs for both the employer and the employee.
- Make changes to your health insurance program. Changing your plan design or vendor assessment is a good place to start when addressing health insurance, since changing plans or vendors, or simply making alterations to existing plans often can result in significant changes. However, don’t end with this step. These changes are using short lived, and need to be coupled with some more long-term changes.
- Use a construction staffing agency. By using temporary laborers through a company that provides health benefits, you will avoid health insurance costs altogether.
Starting with these strategies as a guide, you can find ways to work them in to your company’s individual plans. Choose a combination that works for you and your staff and implement slowly and steadily.
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