The end of the year is a great time for small business owners and their employees to take stock of their finances, determine ways to reduce expenses, and research the benefits packages that will prove to be the best fit for them in the coming year.
“At the end of a calendar year, employers have an opportunity to review the profits and expenses of the last 12 months, along with changes in their organization, to determine areas where costs may be reduced and budgets may be better allocated.” stated Kelly Dobens, managing Partner at Small Business Benefit Solutions, LLC. “This is usually a great time of year to make decisions affecting health, dental, vision, and supplemental insurance.” said Dobens.
The following tips will help employers and their staff determine the right health and dental insurance plans for their unique situations, while assisting them in finding the most cost-effective solutions to meet their needs. In addition to owners and employees, there are also many options for self-employed individuals to find low-cost health insurance coverage.
Year-End Insurance Planning:
Survey your employees to determine their needs and satisfaction level with the current plans.
Determine cost of employer and employee contributions over the past 12 months.
Based on the above, schedule a meeting with a health insurance broker to determine:
If and where changes can be made to the existing plan
Cost comparisons of other plans and insurance providers
Whether an HSA (Health Savings Account) would be a cost-effective option to provide employees with additional coverage and lower out-of-pocket expenses.