How to Save on Health Insurance
Massachusetts businesses have access to powerful savings programs that can dramatically reduce the cost of employee health benefits. Here's how to take advantage of them.
Find My SavingsFour Ways to Reduce Your Healthcare Costs
We identify and apply every available savings program to your business health plan. Here are the most impactful options for Massachusetts employers.
ConnectWell Wellness Program
The ConnectWell program is offered through the Massachusetts Health Connector for Business and rewards employers who implement wellness initiatives. Eligible businesses may save up to 15% on their health insurance premiums.
How it works:
- 1Enroll your business in the ConnectWell program through the Health Connector
- 2Implement qualifying wellness activities (e.g., health screenings, fitness programs)
- 3Potential savings of up to 15% on your group health plan premiums
- 4Renew your wellness commitment annually to maintain the discount
Small Business Health Care Tax Credit
The federal Small Business Health Care Tax Credit allows eligible small businesses to claim a tax credit of up to 50% of the premiums they pay for employee health insurance. This is one of the most significant savings opportunities available.
How it works:
- 1Must have fewer than 25 full-time equivalent employees
- 2Average employee wages must be below $56,000/year
- 3Must pay at least 50% of employee-only premium costs
- 4Must purchase coverage through the SHOP Marketplace
Health Connector for Business
The Massachusetts Health Connector for Business provides small businesses with access to a competitive marketplace of health and dental plans. By shopping multiple carriers in one place, businesses consistently find lower rates than going directly to insurers.
How it works:
- 1Access plans from Blue Cross Blue Shield of Massachusetts, Harvard Pilgrim Health Care, Tufts Health Plan, Aetna, Cigna, and more
- 2Compare plans side-by-side across carriers
- 3Benefit from group purchasing power
- 4Streamlined enrollment and administration
Health Savings Accounts (HSAs)
When paired with a High-Deductible Health Plan (HDHP), a Health Savings Account allows employees to save pre-tax dollars for medical expenses. Contributions, growth, and qualified withdrawals are all tax-free.
How it works:
- 1Employer and employee contributions are tax-deductible
- 2Funds grow tax-free in an investment account
- 3Withdrawals for qualified medical expenses are tax-free
- 4Unused funds roll over year to year — no 'use it or lose it'
We Do the Savings Work for You
Navigating savings programs, tax credits, and wellness incentives can be time-consuming and complex. That's why we do it for you — at no cost to your business.
When you work with MedHealth, we analyze your business profile and identify every savings opportunity available. We then build a benefits package that maximizes value for both your business and your employees.
Ready to Start Saving?
Contact us today for a free savings analysis. We'll show you exactly how much your business could save.
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