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Elective Surgery

Cutting health costs doesn't mean cutting benefits.

By Jacquelyn Lynn •

Opinions expressed by Entrepreneur contributors are their own.

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

Increase your deductible andself-insure the difference. If, for example, you have aplan with a $500 deductible, increase it to $1,000 to reap areduction in premiums, then reimburse employees after the $500mark. Analyze your claims pattern to make sure this approach willwork for you.

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