Episode Notes

A recent survey titled "Small Business Problems and Priorities" from the National Federation of Independent Businesses has revealed that healthcare insurance costs is a top concern for small business owners. Here are 3 tips for employers who are looking to control healthcare costs for their business and employees:

1. Offer Health Savings Accounts (HSAs): HSA are a great option that allows employees to save pre-tax money and spend it on eligible healthcare expenses. HSA's grow tax free and offer long term benefits, making them a great tool to employees and employers.
2. Offer Health Reimbursement Accounts (HRAs): Another cost-controlling strategy for your business is setting up HRAs for your employees. HRAs allow employers to contribute tax-free funds for employees to purchase their own health insurance. This allows them to have the freedom of choice and greater control over their healthcare spending. In addition, you get a tax deduction for the money that you contribute to their HRAs.
3. Consider Captive Insurance Programs: When you join a captive program, you are joining along with hundreds, maybe even thousands, of other companies. You're all sharing the cost and liabilities together so costs tend to be more controlled. You're able to combine your experience and your costs with other companies of your industry, size or risk.

Find out more at https://small-biz-ahead.pinecast.co