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Elective Surgery

Cutting health costs doesn't mean cutting benefits.

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This story appears in the January 2002 issue of Entrepreneur. Subscribe »

Looking for ways to reduce insurance costs? Don't just cut benefits. Marcus Newman, an employee benefits consultant with GCG Financial in Bannockburn, Illinois, offers these tips for controlling costs while still giving great benefits:

Increase your deductible and self-insure the difference. If, for example, you have a plan with a $500 deductible, increase it to $1,000 to reap a reduction in premiums, then reimburse employees after the $500 mark. Analyze your claims pattern to make sure this approach will work for you.

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