Saturday, 30 August 2008

Cheap Health Insurance - Employer Perspective

With the lowest unemployment rates in many parts of the USA, small business owners must do more than ever before to attract quality working force to work for them. While salary usually matters the most, more and more employees demand certain benefits from the employer.
This is particularly important where health care insurance is concerned. With more people than ever advocating a switch to a socialized health care platform, there is an increased need for companies to provide low cost, qualityhealth insurance in order to attract new employees. In this situation, the small business owner who fails to provide quality health insurance coverage will struggle to obtain and maintain employees he is satisfied with.
In order to obtain the cheap and effective health insurance, you'll want to find some kind of group health insurance, that your employees can sign up for. Probably these rates won't be as good as they would be if you would bring a larger group of people to the table, they will be what you have to deal with.

Well, you can even play around with your hiring salary rates, trying to lower them to make up for the costs of providing the cheap health insurance. This of course, depends upon whether you were offering competitive salaries in the first place. There are also some easy solutions you can take to lower the cost of cheap health insurance. A no smoking policy and random drug testing for example, may be slight deterrents to employees, but they will certainly affect your insurance rates.
The other way you can improve your chances for cheap medical insurance is to sign your workers to a larger company. This will effect in making your employees contracted workers. Of course this will take some explaining to your employees, but it can be a great solution to put them in a much larger client pool and therefor reducing the costs of health insurance. It will also affect your taxes and taxes of your employees, so make sure they understand what they are signing up for and alleviate any concerns they might have.
An insurance broker can help you figure out what insurance plan would be right for your company if all of this seems a bit overwhelming to you. What you lose in having to pay a broker you will make up for in the assurance that you have chosen the plan and the company that will be best for your small business needs. In addition to this, do not hesitate to bring your existing employees in on the discussion. Find out what they, as a group, consider the most important aspects of a health insurance policy. This can help you determine what programs you need to offer and what benefits are doing you no good whatsoever.
Health insurance and related benefits are really a must for the small-business owner. It is getting to the point where those companies that don't offer at least a rudimentary plan will have trouble attracting even the worst workers and definitely don't want to fall into this category!

Cheap health insurance can really be cheap!