Small businesses are the backbone of the American economy. Roughly 60% of all businesses have less than 10 employees. Yet, skyrocketing healthcare costs are making it more difficult for small business owners to compete.
Many small business owners think they can’t afford to offer health coverage for their employees.
Bundling health insurance for all your employees into a group health plan will save money, right? Wrong!
Customizing a health plan for each employee is often the best way to maximize benefits all the while saving money.
If providing individual health plans for each employee is often best, why are so many small business owners overpaying for health coverage?
Designed to keep costs low and predictable by only using doctors and hospitals within the HMO network.
Choose where to go for care, without a referral from a PCP or having to only use providers in your plan's provider network.
An EPO offers a local network of doctors and hospitals to choose from.
Requires that you get a referral from your PCP before seeing a specialist.
Low premiums but higher immediate out-of-pocket costs.
The cost of small business health insurance will depend on the type of plan or plans you want to provide as a small business owner.
employers who have fewer than 25 full-time employees, who pay average wages of $56,000 or less, or who cover at least half of their employees’ premiums may be eligible for tax credits for their small group health insurance plans.
There is no limited enrollment period for small business health insurance and employers can shop for a new plan any time of year.
Small business health insurance, also known as group health insurance, provides small business owners access to coverage for their employees.
