As a business owner, you know you need to keep a close eye on the cost of your health plan, now that health insurance is the second largest expense for most companies. Maybe you’re considering a revamp of your current health plan, or maybe you’re concerned about rising costs. You may have heard of high deductible health plans (HDHPs) and health reimbursement arrangements (HRAs). Now you’re wondering which one is right for your business.
With health plan costs skyrocketing, companies are turning to high deductible health plans to help. Since health plans are the second largest item on most P&Ls, following only salaries, it’s important to realize how a high deductible health plan practically guarantees you savings.