Finding Health Insurance For Your Small Business

The number of businesses offering their employees health insurance has been in decline for years. You could take that as a sign that you don’t need to include offer it. Or you could see it as an opportunity to snatch up an advantage in recruiting and retaining the best, brightest, and hardest-working people you can find.

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If you’re interested in offering group health insurance, here’s what you should know.

Small Business Health Insurance — The Basics

To qualify for a small business health insurance plan, you need to have at least 1 employee, and no more than 50. And there is usually a minimum number of eligible employees who must participate. The minimum is usually 75%, but some plans have begun lowering this number, making it easier for small businesses to get coverage.

Typically, you’ll be responsible for paying the premiums on the group policy. But some more recent policies let you share the premiums with your employees. Your employees will be responsible for copayments and meeting their deductibles.

How will an insurance company decide on your premiums? It’s a combination of these factors:

• Your employees’ average age
• The condition of your employees’ health
• Any occupational hazards in your business
• The location of your business
• The location of your employees homes

Health Insurance Options For Small Business

What are the most affordable options for small business?

• HMO Plans are the most affordable. They also have the most restrictions — choice of doctors may be limited, and some treatments require pre-approval.
• PPO Plans are a managed care option like HMOs, but are more flexible. They also tend to cost more.
• HSAs work with high deductible health plans — often a PPO plan — and offer a great way for you and your employees to save money on premiums and other healthcare costs.

To find out which option is the best fit for your business, talk with a professional insurance agent. You can use our free online group quote service to get matched with agents licensed in our area. Compare plans and see for yourself which options are right for you.