7 Small Business Health Insurance Options
Small business health insurance is a necessity. Every entrepreneur asks why do small businesses have to offer health insurance. It is not a hard requirement but health benefits will factor in whether talent in your area will choose to work for you.
How Can a Small Business Provide Health Insurance?
Small business health insurance options can be confusing to navigate. However, since the health of your company depends on the wellness of your employees, navigating the ins and outs of the health insurance industry for the best plan is a must.
Here are some options to think about:
1. Get the services of a broker
Why do all the legwork when there are specialists out there who know how to fetch the best health plan for your company? Brokers will perform this service and present the benefits to your workers. You will need to make sure that your broker isn’t swamped with clients so they have time for you.
There are service providers like @findhealthplan which can guide you on and give you prospective health plans for your business:
We work directly with insurance carriers to find your business the best group health insurance rates: https://t.co/GL5ZPBzIOr
— Healthplanfinder (@Findhealthplan) June 20, 2017
2. Ask your professional employer organization
If you outsource your human resources activities to a professional employer organization, make sure you ask them if they can handle the health benefits part as well. They can usually help you shop around and check small business health insurance quotes in the market.
3. Help your employees get individual health insurance
Sometimes the best solution for your employees is for them to acquire health insurance on their own. Not all employees want a uniform plan because their unique medical needs may not be covered by the company plan. This should happen, help your workers by facilitating this move and giving them all the documentary support they need.
4. Go check the SHOP Marketplace in your state
The Small Health Options Program, which is a part of Obamacare, is a public or state-run marketplace of insurance health providers. Businesses with 50 employees and below, can use this marketplace to shop around for cost-effective and flexible plans for their workers.
5. Join a co-op’s health plan
In case you need more financial power when you can’t afford average cost of health insurance for a small business such as yours, then join a co-op. You will need to investigate whether their plan is good for you because underlying laws and organizational structure can influence the premiums.
— Newark Pulse (@newarkpulse) May 23, 2016
6. Work with a private health exchange
Maybe you want your workers to dictate the amount of coverage they’re going to get through a defined contribution plan. If this idea gets your wheels spinning, it’s time to talk to a broker who can help you with this option.
7. Shop for a small private group plan
Sometimes, you’d want more coverage and money isn’t really a problem. When your company books are good, you can approach private health insurance providers for a small private group plan.
In case you’d like to save some money by navigating the health insurance industry’s system yourself, here’s a guide from miVoyce:
Your employees are the lifeblood of your business and taking care of them shouldn’t be that difficult. There are many benefits to offering employees health insurance. The government is offering tax deductions for companies who cover 50, 75, and 100 percent of their workers. Make sure your workers are covered because when they see you give them the best care possible, they will see to it that your company’s needs are covered as well.
How about you? What is your company’s health insurance plan like? Comment down below and give us insights on what works best for small businesses.