While few of us would argue that we have a serious health insurance crisis in our country, many feel that this crisis is even more poignant in Washington State. A complicated mix of cost drivers have contributed to these sky-rocketing premiums that some feel include the rising cost of prescription medications, rapidly increasing hospital charges, improved medical technology, chronic disease management, as well as many other factors.

I talk with small business owners every day who are ready to cancel their group medical programs altogether and have truly “had it” with exorbitant premiums. Other business owners are considering breaking their employees up into separate individual plans; however, they worry that certain employees may not pass the rigorous process of individual health underwriting (a system that requires the completion of a standard health questionnaire that determines acceptance or denial on the basis of health status) and could end up without any health insurance coverage.

Before you consider throwing in the towel on your company's group medical insurance plan, here are some ideas worth considering that could very well save your plan:

If you do not have a health insurance agent, consider developing a relationship with one. Independent agents typically do not charge consulting fees and their comprehensive services are typically at no cost to you. Agents wade through the sea of health insurance dilemmas on a daily basis and can help you make sense of apples-to-oranges policies you may be considering.

Ask your agent about Section 125 “Pre-Tax” plans such as Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Accounts (HRAs). Some of these programs dovetail nicely with a traditional medical plan and help employees pay for unreimbursed medical expenses on a tax-free basis.

Conduct an employee benefit survey (your agent can assist you with this) to assess true utilization of your benefits. If you find that there is little perceived value or low utilization of a plan (this can sometimes be common with dental or vision when you factor benefit vs. premium costs), this can be a great place to save on premium.

Don't be afraid of higher deductible plans, as long as the benefit infrastructure and out-of-pocket maximums are solid. High deductible plans are not necessarily “catastrophic.”

Consider a more “catastrophic” plan only if absolutely necessary. Consult an agent before purchasing this type of policy to fully understand any red flags that could pose a serious financial risk to you in the event of a serious illness or injury. Always review your contract.

Do not despair! There are a myriad of creative options still available to help you maintain a benefit plan your employees will appreciate at a price you can afford.