As business leaders, tis the season for reviewing the increase to our healthcare insurance premium. For 2019, these costs were increased by 4-5%. As one of the most expensive benefits for employers to provide, any increase can be a burden.
For Small Businesses
For smaller businesses, healthcare is not legally required. So, one may be tempted to eliminate the benefit when it comes to reviewing your business’s bottom line. As a small business, you have to weigh pros and cons of the benefit. However, this is a standard benefit and may be expected by your current and future employees. It stands within reason that this is an important benefit for hiring/maintaining your staff. While it is the ultimately up to you and/or your profit margins, if you want to continue to provide the benefit, this is where cost-reduction specialists, like Silverback, can help. Cost-reduction does not always mean slashing products and services, it can be more delicate and precise. At Silverback, we aim to meet your needs of service and products as they stand and advocate on your behalf to find better prices.
For Larger Businesses
For businesses with 50 or more full-time employees, it is a legal requirement for you to provide health insurance as a benefit. This leaves you to only consider how to reduce the cost. However, before you consider switching to a less costly plan, consider consulting with a cost-reduction specialist, like Silverback. Silverback aims to maintain the level of your service needs, while finding you the best price. One thing to consider is SHRM reported that you will maintain more employees if they like their health care plan. So, if you offer a generous plan, changing the plan can be detrimental to your talent. On top of this, the fourth top dissatisfier driver for health insurance is too confusing. If you make changes, make sure it is worth it for you and your employees. Many times this is as easy as getting an extra set of eyes on the policy, which is something Silverback does with no cost until you see savings.
There are multiple ways to save with health insurance. However, should Silverback find that you are getting the best “bang for your buck”, we can off-set the cost of health insurance but looking for savings in office supplies, waste, telecom, etc. In addition, you do not pay anything until savings are found.
If you want to start a conversation on finding savings with your insurance premiums or other expense areas, please reach out to us at Silverback.