Cutting benefits, or even reducing health coverages can often result in a loss of top performers of a company and difficulties in hiring new talent. Employers and brokers should work collectively to educate employees on how to efficiently use their health insurance plans. Here are 5 ways to help you reduce costs:
1. Shop pharmaciesEvery pharmacy has a different dispensing fee. For that reason, it is important to find a local pharmacy with the lowest dispensing fee. Mail order pharmacies are a good alternative.
2. Use generic medicationGeneric medications have similar ingredients as name brand medications but are much more affordable.
3. Refill multiple months at a timeIf you have a chronic medication, it is cheaper to fill up 90 days at a time, given that you will only need to pay the dispensing fee once.
4. House/office call blood testBlood tests can be quite pricey at a clinic or hospital, whereas house call blood tests can save you quite a bit. A nurse comes to your house or office, takes a sample and sends it to the lab for a much more affordable price.
5. Health spending accounts (flex plan)Different employees have different needs. A health spending account gives employees a predetermined amount to spend on a health or dental expense of their choice.
Cutting costs little by little allows you to save big over time, and most importantly, keep your health insurance costs low.
Does your company need help in reducing your health insurance costs or setting up a health spending account? Contact one of our advisors to conduct a complimentary analysis of your entire plan and present to you all possible solutions.
