5 Tips for Helping Employees Cut their Benefit Costs

Have you communicated recently to employees about their opportunities to cut benefit costs?

1. Practice prevention: Be healthy- take advantage of wellness programs, maintain a healthy weight and exercise regularly.
2. Seriously look at the health insurance options: Look at a high deductible plan. Before you make the decision, keep track of your medical expenses. Know what you have spent; your copays and deductibles as well as what the insurance covered. You don't want to switch and find out you have more out-of-pocket costs.
3. Cut the cost of prescription drugs: Prescription costs can eat up a large portion of your budget. Try ordering your prescriptions through the mail, using a traditional or online pharmacy. You can also ask your doctor to recommend a less-expensive generic drug. Take advance of the $4 and $10 copays offered by Walmart, Target and other pharmacies. You may also be able to deduct certain medical expenses at tax time; but you need to keep the receipts.
4. Check your medical bills: Check out your medical charges, make sure that you are being charged for appropriate services. It may save your money as well as the company. Check to see if your employer gives you an incentive for finding errors. Some employers will split the savings with you.
5. Get to know your health insurance policy: It may cover more than you think. Insurance companies often provide benefits designed to help you stay safe and healthy. Take advantage on it- you may receive discounts on vitamins, alternative medicines, and health club memberships, vision benefits. Also be aware of the additional costs if you go to the ER and are not admitted.