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Strategies for Maximizing Savings
Employers can employ several strategies to maximize savings on health insurance plans:
- Wellness Programs: Implementing wellness programs can reduce healthcare costs by promoting healthier lifestyles among employees, potentially leading to lower insurance premiums.
- Self-funding Options: For larger businesses, self-funding can be a cost-effective alternative, allowing employers to pay for claims directly rather than through fixed insurance premiums2.
- Health Savings Accounts (HSAs): Pairing high-deductible health plans with HSAs can provide tax advantages and encourage employees to make cost-conscious healthcare decisions.