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As a small business owner, you are challenged with finding affordable health insurance for your employees that falls in line with your finances. The task is much more difficult because many health insurance companies will charge you more and the coverage may be less impressive than those who are employed by larger companies.
An important factor to consider is how your employees view their benefits. Most Americans will require some type of health insurance, regardless of the size of the company in which they work. You need to assure your employees that their health is just as important to you; after all, a healthy team member is less apt to be absent from work and this keeps your company producing positive results. You need them.
Small business owners generally know their employees on a more personal level than larger corporations. Your employees trust that you will provide them with a level of health insurance that will be beneficial to them.
Make sure that you investigate your options thoughtfully before you make your choice. Some small business health insurance companies should be able to create a policy for your small group of employees that will allow them to receive quality medical care without putting a financial strain on your budget.
How do I start my search?
As a small business owner, you have many resources available; you just need to know where to look. Start with reviewing the Small Business Administration home page. You can find a good list of local health insurance companies that you can research. You will also have the ability to view different programs that you may qualify for as a small business owner.
Take your list to the A.M. Best website and dig into their history. You will be able to see how they are rated by their current and previous customers. You are looking for any negative reports from consumers and trying to determine which insurance company has the best rapport with the communities they serve. Compare the pros and cons and make your choice based on the company that will put the needs of your employees first.
You should also review the types of tax credits you may be entitled to as a small business owner. The Social Security Administration reported tax credits may be given to small business owners who offer health insurance to their employees. There are guidelines you must follow and criteria that must be met before you are able to receive the credit, but it is worth looking into.
What are the typical options for small business owners who want to insure their employees?
Most small business owners choose group health care policies. The rates are often lower than selecting other plans because health insurance companies want large numbers, not individuals. Work with your health insurance agent or broker to make sure you receive the type of policy that you need for the protection of your employees.
Another choice is a medical program that can be created by you and your employees. The type of medical program you select can be based on feedback you receive from your staff. You can elect to open a special account within your budget that will cover medical expenses or you can deposit money directly into the payroll funds of your employee to be used only when medically necessary.
Will a wellness program help reduce the premium costs?
All preventive programs are taken into consideration during the initial application process and during the renewal period. Make sure you advise your agent or broker of any programs you have created that will benefit your employees’ health in a positive manner.
If you added a gym to your break area, include this information. It may help to reduce your health insurance premiums. Another way to include prevention as a means to keep your employees healthy is to start replacing your unhealthy vending machine snacks with fresh fruits and salads. You can also swap the sodas and juices for spring or vitamin water.
Keeping your employee healthy is your responsibility and can help your company succeed in the long run. Small business owners do have a more difficult time locating the perfect health insurance company to cover their employees; it is possible to find a great company that will be your saving grace when an accident or illness takes your employee out of commission.
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