Small Business Health Insurance Costs Through High-Deductible Insurance And Savings Plans–Benefits For Uninsured Companies

As there are some small businesses still waiting to see what health insurance changes will arise in 2014, and specifically how these changes will impact their company, some business owners are opting to acquire health insurance that may be more affordable for their company at the present time, as some employer group health insurance policies that may be more comprehensive could be too expensive and potentially cover conditions that none of their employees may have. Essentially, some small businesses, particularly those with a small number of employees, often find that even the most generic policy is simply too much health care coverage for the needs of their workforce, and rather than spend a higher amount on this particular type of employer group insurance plan they have turned to options like high deductible health insurance policies with health savings accounts.

Understandably, this option has not been used by every business, as there are some companies who hope health insurance exchanges that will open in the near future will allow them to buy more affordable, comprehensive health insurance coverage for their workers but at the current time some employers are able to offer this high deductible health insurance option paired with a health savings plan as it could help their workers when it comes to meeting excessive health insurance costs that may arise but also allow them to avoid paying a high amount in monthly premiums.

Companies need to be sure that this option will be helpful for their overall business as it could greatly hinder the financial stability of certain workers who may need more comprehensive coverage or who may frequent the doctor often throughout the year. Many workers enjoy the benefits of an employer health insurance plans because these policies cannot discriminate against preexisting conditions, but when it comes to high deductible health insurance plans, this could lead these employees to make doctor visits throughout the year but have to use of funding they have saved in their health savings account to meet these costs.

Ideally, when these savings plans and high deductible insurance policies are best utilized it is in an environment where workers may only need coverage if a major medical emergency were to arise, as this would help them keep the overall costs low if surgery or medical treatment is required that leads to a major medical bill. Also, these plans are helpful in cases where employees may only need financial assistance to meet small costs, like doctor visits that may occur only a few times during the year or when a minor illness arises.

While these health insurance savings accounts and high deductible plans can work well together, as employees could potentially save up a great deal of money that would allow them to meet routine doctor visit costs or even pay their deductible and expenses if a major medical event were to occur, businesses need to make sure that these plans are going to be universally beneficial to their workforce, as there are some employer group health insurance plans that may offer more comprehensive coverage but also the affordability that a business is seeking.