Sharing The Premiums On A Group Health Plan

Many small business owners would love to offer health insurance to their employees. After all, offering benefits is a great way to attract and retain the best workers. And a healthy workforce saves you money in the long run.

But a lot of small business owners think that buying group health insurance is beyond their reach. The cost of premiums alone could take such a big chunk out your bottom line that you might not be able to keep your doors open.

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Actually, there are plans on the market that are specifically designed for small business. Many of these plans let you split the premiums with your employees. For your workers, that means they get access to a health plan that might normally cost too much. For you, it means your profits don't take the big hit business owners usually associate with health insurance.

How Do You Choose The Right Plan?

To find the right plan, think about these questions…

• How interested are your employees? Not every employee will see the value in health insurance, and won't want to give up part of their paycheck for it. And most plans require a minimum amount of participation — usually 75% of all eligible employees.
• How much can your employees afford to contribute? Some plans that cater to small business will let you contribute as little as 20% of the premiums. Are your employees willing to pick up the rest?
• How flexible is the plan? If you have a diverse workforce, your employees can have radically different healthcare needs. Choose a plan that can accommodate them. Cafeteria plans are a good choice, since they let employees choose from a “menu” of benefits.

After you talk it over with your employees, talk to a professional insurance agent. An agent can help you size up what you need, and find you plans that are a good fit for your business. To start talking with agents, use our free online quote service.