3 Tips for Better Healthcare Financing
Healthcare financing is a major topic of discussion these days, and with good reason. Not only can it be a confusing topic, but rising healthcare costs are of great concern to both the general public and businesses that want to offer healthcare benefits to their employees. That being said, there are some steps companies can take to cut down on costs while still offering this valuable service to employees.
Cutting Back on Employee Smoking
While it may seem awkward to address this issue, it’s a known fact that smokers become sick more often and take more breaks than employees who don’t smoke. Offering incentives to quit smoking and implementing a program to eliminate smoking during working hours can cut down on the number of smokers employed and reduce overall healthcare costs.
Be Smart About Spousal Coverage
Another great way to cut down on healthcare financing costs is to use it to your advantage if an employee’s spouse can obtain benefits from his or her own place of employment. One way to do this is to simply create a rule that states if an employee’s spouse is eligible for comparable coverage at their place of employment, then they are not eligible to be covered under your company’s policy. This will cut down on potential claims and the savings will add up over time.
Cut Down on Non-Essential ER Visits
Education is a critical factor in this area, due to the fact that ER visits are several times more expensive than visits to other types of healthcare facilities. Educating employees about alternative measures they can take before going to the ER for things that are not actual emergencies can go a long way in cutting down on spending. Make employees aware of resources such as nurse and physician hotlines, urgent care facilities, clinics, and other alternatives at their disposal so they can get the care they need without going to the ER for minor issues that don’t require it.
While healthcare financing isn’t always an easy or straightforward issue to tackle, there are practical steps a company can take to cut down on costs as opposed to eliminating healthcare benefits for employees altogether. Keeping up with changes and truly understanding your options can go a long way in making smart decisions that not only benefit the employer, but those who work for them. Other considerations for cutting costs include wellness programs, smarter benefit design, shopping around for the best prices, and discount drugs programs. By utilizing the options at your disposal, you can be well on your way to saving valuable dollars in this expensive area.