05/ 25/ 2006
There's no denying that the cost of health insurance is going up, and small business is bearing the brunt of the problem. Luckily, NFIB is working hard to make Small-Business Health Plans a reality for small-business owners like you. Until then, consider these options already available to help curb your health-insurance costs.
Health Savings Accounts
Health savings accounts have helped business owners save on health-care costs since 2004, when President Bush signed them into law. Any taxpayer with a high-deductible health plan can contribute up to $2,700 a year ($5,450 for families) to an HSA. Co-pays disappear with HSAs. Instead, you pay for medical expenses with your accumulated HSA funds, up to a certain amount. Your insurance carrier pays nothing until you reach your deductible, which means lower premiums. And the best part? Money left in your account at the end of the year is still yours. It rolls over from year to year and can earn interest just like a regular savings account. Save up to 42 percent on your current premiums with an NFIB Health Savings Account and a compatible insurance policy. Learn more at www.NFIB.com/healthsavings.
Mini-Medical Plans
Can't buy full coverage for your employees? The latest trend in health-care coverage just might be your answer. Mini-medical plans, or voluntary benefits, are a good alternative to fully insuring your employees. In addition to having lower costs than traditional health plans, they provide basic coverage for doctor's office visits, lab work, limited surgery and even prescription drugs. There are no major medical benefits, and catastrophic illness and injuries are excluded, but if you're going without benefits for your employees, this type of plan can help you fill some of the gaps. Learn more at www.NFIB.com/agla.
