Ten Tips for Business Owners

How can I keep my Healthcare Cost Down?

1. Raise your Co-pay You can save 2-10% on your yearly cost. Most carriers want you to increase your Co-pay and some are no longer offering $10 Co-pays. The average Co-pay is $30-$40 per office visit.

2. Raise your Deductible Most clients choose a $1,000-$2,500 Deductible. This will save you from 5%-20%.

3. Use Generic Prescriptions The top fifty drugs account for 80% of prescription costs. The other 10,000 drugs account for 20% of prescription cost.

4. Take Ownership of Healthcare Cost Tell employees to shop for healthcare as if if they were buying. The cost between providers can add up to large increases at the end of the year.

5. Look at offering a HSA Plan (Health Saving Account) This will let employees open an IRA Account and keep up to $2600- $5600 “Tax Free” which keeps renewal increases to a minimum.

How can I Keep My Workers Compensation Cost Down?

1. Make sure all employee’s report claims (large or small) right away. Claims tend to get out of hand when the employee’s go home and think about their injury. A sore hand turns into a back problem.

2. Hire the right person for the right job. 50% of all claims are at the beginning or end of an employees tenure. People tend to get hurt when they are hired and don’t like their job or if they think they might be laid off or terminated.

3. Reward the employees for safe work habits. If you spend a little on rewards, employees see that the company is concerned with safety and will take ownership of safe work habits which will save with premium increases.

4. Document all details of the injury. People forget small things that could add up to large losses so do not wait.

5. Make sure all employees are classified properly. Having all employees in one class code or the wrong class code could cost you big bucks.