FSA Administrators, Clarity Benefit Solutions, Shares Seven Ways to Save Money on Healthcare Costs
NEW YORK, March 22, 2018 /PRNewswire-iReach/ -- FSA Administrators, Clarity Benefit Solutions, shares seven ways to save money on healthcare costs.
With healthcare costs continuing to rise, it is crucial that employers look for ways to cut back. Here are five innovative ways to save money on healthcare costs.
Negotiate benefit packages. The first step in saving money on healthcare costs is to negotiate pricing with health care providers. Solicit bids from several vendors so you have a range of options to consider. Perform this task annually to obtain the best coverage at the lowest costs.
Increase plan deductibles. When examining the bids from health care providers, take a close look at the deductibles. Crunch the numbers to see how changing the deductible could lower monthly costs.
Identify employee needs. Today's employees are at different ages and stages of life. Their needs will vary. Assess and identify what they are looking for when it comes to healthcare and provide customized plans to suit their needs.
Break down terminology. HDHP. HSA. FSA. HRA. While employers make it their business to know healthcare lingo, chances are the endless acronyms surrounding benefit plans mystify most employees. Educate employees on what these terms mean as well as the pros and cons of each one. Employees that are armed with knowledge will make better choices, thus reducing healthcare costs.
Extend ongoing support. Providing support to employees throughout the year by keeping them abreast of developments that can impact healthcare costs can save employers money in the long run.
Market wellness programs. Workplace wellness initiatives are gaining popularity in the workplace. Employees who spend time at the gym, track their health and fitness activities, and/or seek care for mental illnesses or issues will be more likely to spend less at the doctor's office. Organize a walk during lunch break or a pre- or post-work yoga session.
Display employee appreciation. Offering employees positive reinforcement and special incentives will result in happier, healthier employees who may not seek medical attention as often?a win-win for all!
About Clarity Benefit Solutions: Clarity Benefit Solutions FSA company provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 7324288282, [email protected]
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SOURCE Clarity Benefit Solutions
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