Section55

Proponents of health insurance exchanges testified on Capitol Hill earlier this week, saying that these entities could be a key for helping small businesses weather the recession. Health care costs have forced many small businesses around the country to cut back on employees. Insurance exchanges, as proposed in legislation approved by the Senate Finance Committee, would level the playing field and allow small businesses to purchase health insurance plans at rates competitive to those that big companies pay.

Supporters say that the proposed insurance exchanges would help small businesses by spreading risk among a greater number of companies, thereby lowering premiums. The exchanges would also allow small businesses to compare the services, quality, and price of numerous plans offered.

Under the bill approved by the Senate Finance Committee, companies with up to 100 employees would be able to enter into an insurance exchange. Sen. Olympia Snowe, a key supporter of the legislation, wants to do away with measures contained in the bill that would fine companies with over 50 employees who do not offer health care plans to their workers.

There is some debate as to whether insurance exchanges will be local, regional, or national. Many small business proponents are pressing for a national plan, arguing that some states do not have enough competing insurers to create an efficient exchange.

Aside from the issue of health insurance, to fulfill your business success, we must know that our old business principles may not work well today; therefore, we should try to find a new business idea which can apply to today’s business environment. iBizBiz.Com contains varieties of helpful articles to make your business successful in different circumstances especially this economic recession. Anyway that won’t be enough to make sure that your business is on the right track, so every business should develop a business plan regardless of the size of your company. A business plan is very helpful for external use (getting money from venture capitalists, banks, angels, or other financial source) and internal use (to keep your operations on the track and remind you in case you are behind the plan and more).

With talk of health care reform in the air, there are steps you can take to reduce your health insurance costs long before the government passes a bill.

• Raise your deductible. The size of your deductible can make a huge difference in your monthly health insurance premiums. If you are young and healthy, consider increasing your deductible as high as $5,000. Yes, $5,000 is a lot to pay out of pocket, but if you rarely need medical care you can more than make up for it with lower payments.
• Get an emergency medical endorsement. If you are going to high deductible route, many health policies will allow you to add emergency medical coverage for which your deductible won’t apply. So if you break your leg and need to be hospitalized you won’t be out of pocket that $5,000.
• Compare all the costs between plans. Just because a health plan might be offering lower rates, make sure you understand what the tradeoffs are. Will you have higher co-pays? Are some essential services not covered? Think about how you are likely to use the plan’s services and whether they meet your needs.
• Participate in your employer’s health plan. If your employer offers a health plan, take it. In most cases you will be paying significantly less than if you try to obtain insurance on your own.
• Buy prescriptions through mail order pharmacies. Unlike brick and mortar pharmacies, mail-order pharmacies allow you to buy a 90-day supply of your prescription medication for the same co-pay you would pay for a 30-day supply. This can save you a lot of money over the course of a year.

Regardless of how you choose to save money on health insurance, there is one route you should not take: don’t forgo coverage.