Here’s news to help you run your business better, including transparency for health care costs; the profitability of Michigan’s newest cash crop; why some businesses opt to go cashless; and more.

1. More employers demand cost shopping tools for medical expense — Health care cost transparency is helping employees shop around for medical care as high-deductible plans become the norm. For example, on average, West Michigan employees covered by Priority Health and who use the insurer’s cost estimator save an average of $680. Read more about 2020 premium increases and how employers are demanding data on how well their health benefits work here. Also, don’t forget that open enrollment for 2020 on the Michigan health insurance exchange ends December 15. The Michigan Department of Insurance and Financial Services can answer health insurance questions at 877-999-6442.

2. Michigan’s next big cash crop? — Nearly 600 farmers harvested legal hemp across the state this year. One acre with 1,200 plants can yield $20,000 for farmers who received the first industrial hemp licenses this year. Watch how hemp is different from marijuana and how it’s used to produce CBD products.

3. Give cash the cold shoulder — Eliminating cash payments can benefit your business by boosting checkout efficiency, making accounting easier and reducing the risk of theft. Get more details on making the decision to go cashless.

4. Consumer sentiment remains favorable — The University of Michigan Survey of Consumers shows that favorable trends in job and income prospects continued to keep consumer sentiment favorable in October. Get more survey results on the strength of personal finance and job growth expectations here.
5. How journaling can make you a more effective leader — Keeping a journal is an effective way to reflect on your daily experiences and make stronger, more nuanced decisions. Learn how to get started.

Thank you to our Friday Five sources: MiBiz, MLive, Entrepreneur, the University of Michigan and Fast Company.

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