It is difficult to find health insurance for small businesses that is reasonably priced. However, there are several options available for owners of small businesses to consider when searching for the best health insurance.
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According to Forbes Magazine, by 2014, all companies in the United States who have 50 or more full time employees will be indirectly forced to offer some kind of health insurance.
For those who do not offer this, according to the Affordable Care Act, there will be a $2,000 fine for each worker if even just one of them buys government insurance that is a state-run exchange. However, the fine will exclude the first 30 employees, but $2,000 for the rest is still a hefty fine to pay.
What is group health insurance?
This is employer-sponsored health insurance that business owners use to get health insurance coverage for their employees. This usually covers employee’s dependents as well. With group health insurance, both the employer and employee share the cost of the insurance. The employer will cover at least 50% of each employee’s premium in most cases. Whatever is not covered by the employer, will need to be covered by the employee.
What are the benefits of group health insurance?
There are several benefits to group health insurance. For the employer, having a staff that is covered by health insurance can offer many incentives. Employers who have group health insurance can receive tax deductions for covering their employees with insurance.
In addition, employers will know that if an employee needs medical attention they will receive it and receive it more quickly. Those employees who have insurance and fall ill are more likely to recover quickly when they have the proper medical treatment.
Another benefit for employers who offer group health insurance is the ability to maintain more staff. Having group health insurance for small businesses is becoming a rarity. This will also sway potential employees to look into your company for a job. Filling job vacancies will be much easier if applicants have more incentives to join your company.
The protection offered by group health insurance is valuable for both the employer and employee. With group health insurance, no employee can be turned down for insurance because of underlying health issues, or a health issue from the past. This offers peace of mind to many employees who might not have been able to be covered by individual health insurance.
For the employees, having group health insurance can offer several benefits. Private health insurance can be expensive. The monthly premiums can run high and co-payments and deductibles are usually high as well.
Only having to pay half or in some cases less than half can free up a large amount of money for the employee. Being able to cover your medical needs as well as your families medical needs can be reassuring.
What are the benefits offered by group health insurance?
Benefits offered by a group health insurance usually depend on the type of health insurance. However, most plans will offer inpatient and outpatient treatments and coverage for doctor’s visits, help with medications, prescriptions. Some plans may offer coverage for consultations with specialist as well.
What should a small business owner look for in health insurance?
Every employee will have different needs when it comes to health insurance. Being able to prioritize what the group needs as a whole for insurance is up to the owner of the small business. However, when seeking out health insurance, it usually falls on the shoulders of the owner to do the paperwork. The healthier a business owner is, the better the health insurance rates will be.
It’s a good idea for the business owner to have a budget to stick by when seeking out health insurance. Knowing what you can afford and what you cannot will make a big difference in the insurance you get for your employees.
If an employer knows how much employees can contribute to monthly premiums that will help in the decision-making process. It won’t do either the employer or the employee any good to have a health insurance that neither can afford.
Being able to find the right health insurance for your small business is important. Before signing with any one policy, you should first research everything that is available.
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