As healthcare costs continue to rise in Bermuda, they’re also increasing globally. Healthcare costs for United States businesses are expected to climb by 9 percent in 2010, says a PricewaterhouseCoopers Health Research Institute report. This is slightly lower than the 9.2-percent increase in 2009 and still lower than the double-digit increases seen in prior years.

However, increasing healthcare costs generally means higher premiums. To influence costs, many employers plan to push the cost of healthcare back to their employees, either by increasing employees’ premiums or by increasing medical cost-sharing by altering insurance coverage plans. Others plan to institute or expand wellness programmes.

Here are some tips for business owners who want to save money on group health insurance premiums and improve the health and claims history of their employee population.

1. Develop a wellness committee at your business. This committee can work with your health insurance carrier to develop a wellness programme that fits your company’s initiatives. BF&M offers assistance with developing customized programmes; and it’s free of charge.
2. Investigate health savings plans with your health insurance carrier.
3. Work with your health insurance representative to develop a benefit structure that meets your employees’ needs. Be sure to consider types of preventive health benefits and any possible deductibles.
4. Offer an incentive for preventive health activities. For example, try offering a half-day off from work for smokers who recently kicked the habit, or hold a raffle for employees who get an annual physical exam, mammogram or prostate cancer screening.
5. Work with your health insurance carrier to determine which overseas hospitals should be utilized. Costs vary between overseas providers. Evaluate the quality of care versus the cost.
6. Ask your health insurer for an annual claims analysis. This way, you’ll know where your premium dollars are going.

Are you interested in developing a wellness programme at your business? BF&M can help. To learn more, please call 1-441-295-5566.