Health Insurance For Your Small Business

A lot of small business owners think they can’t find health insurance without their bottom line taking a big hit. Just covering their own health is challenge enough. And for their employees, working for a small business usually means going without insurance, and always being on the lookout for a job that provides benefits.

This was true for a long time. But now things are better. The last few years have seen an explosion of employer-sponsored individual plans and affordable group coverage. Quality healthcare is now more accessible for small businesses and their employees.

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Affordable Coverage For Small Businesses: Your Basic Choices

If you want to choose a comprehensive plan that will provide the coverage for most of your employees’ needs, you have two basic options: HMO plans and PPO plans. Both offer affordable coverage, and each has its own distinct advantages.

• PPO plans — or Preferred Provider Organization plans — have networks of doctors, hospitals, pharmacies, and other healthcare providers that offer discounts to plan members. But you aren’t limited to just the providers in your plan’s network. PPO plans will also provide some coverage for almost any provider you choose. You save more by going to an “in-network” provider.
• HMO plans — or Health Maintenance Organization plans — also have networks of providers. But HMOs are a little stricter. HMOs will only provide coverage if you use a provider within the plan network. Your out-of-pocket costs tend to be lower, and many have no deductible to meet before coverage kicks in.

Both of these plan types are known as managed care. By restricting the providers plan members can choose from — and requiring approval for some treatments — these plans are able to keep prices down. Their low cost is attractive to many small business owners. But they don’t always offer the best healthcare options. And they don’t always offer the best value.

Health Savings Accounts: An Affordable Choice For You And Your Staff

Instead of trying to find an affordable plan that suits all their employees, many small business owners are choosing to go with health savings accounts.

Health savings accounts, or HSAs, aren’t insurance plans. They’re bank accounts that offer tax advantages. As an employer, you can help fund your employees' accounts with pre-tax dollars. Your staff chooses a high deductible health plan that meets their individual needs, and uses the money in their HSA to pay for their healthcare.

HSAs give your employees more choice and control over their healthcare. And they take away your burden of having to pay premiums. There’s no set amount that you’re required to contribute to their account, either.

So which option is best? It depends on your situation. The best way to figure out what will work for you is to talk to a health insurance agent.

When you’re ready to talk to agents, use our free service. We’ll match you with agents in your area. Just fill out a short form to request your free insurance quotes. It’s fast, it’s easy, and it’s free.