How to get Health Insurance for Small Business Owners
Offering employees health benefits is one of the best investments small business owners can make.
Health insurance benefits are something almost all small business owners need to evaluate at some point. From large enterprise businesses to mom-and-pop shops, health care and health insurance benefits are a big deal to employees.
A survey of 2,000 individuals found that 84 percent put health insurance at the top of their most desired benefit list in 2020. Almost 50 percent of small businesses with 3-9 workers have health insurance benefits offered to employees. Approximately 71 percent of small businesses with 10-24 employees offer health insurance benefits, and 85 percent with 25-49 employees offer them, according to the SBA.
Business owners with under 50 employees are not required by law to offer health insurance for employees. But, offering employer coverage can set you apart from your competition and help keep your employees happy resulting in increased employee retention. There are a few ways to get full coverage medical that is both affordable for the employer and employee.
The ACA (Affordable Care Act) Marketplace
The ACA Marketplace or “Bidencare” is a better route for businesses with 50 or more employees. Businesses must offer employee health insurance that covers at least 50 percent of the premiums If the business has 50 or more full-time employees or a penalty will be faced. Some states now offer the SHOP Marketplace for employers with up to 100 employees. These group health insurance plans can be a premium cost to both the small employer and individual health insurance policyholder.
Health-Based Private Plans
The private network is a fantastic coverage option loaded with benefits for small business owners, particularly geared towards those with less than 50 employees. These plans offer premium coverage and reflect a similar value of benefits found on a gold platinum-level plan at the fraction of a cost. (Save money! $$$) The private health insurance network is a way smaller risk pool since it’s filled with healthy people. These plans are 100 percent tax-deductible for self-employed individuals.
As a small business owner, it is vital to do your research on health insurance options. Let’s find a plan that aligns with your goals and budget. The reward is an affordable health plan that your employees value. Now is the time!
Ready to explore plans? Contact Emmanuel Lopez, Health Coverage Advisor by calling 757-281-8178, book a free consultation, or get a personalized quote
