Are you a business owner? Are you looking to purchase small-business health insurance? Are you searching for the best small-business health insurance options? No matter your financial situation, these are 10 affordable plans for small business insurance. This information will allow you to understand the benefits and costs of a plan so you can make informed decisions about the right small business insurance policy for you.
1) What is the cost of small-business health insurance?
Group coverage for large companies is usually more expensive than small business insurance. Small businesses are more likely not to be required to purchase health insurance and can negotiate lower rates from insurers. Small business owners who work in areas that do not require a lot of medical care might choose a plan that has low monthly premiums, but high deductibles. Monthly premiums can vary from $150 to $1500 depending on where you live, what industry you choose, and which doctor or hospital you choose.
2) Small business owners need to inquire about association plans
It's worth considering purchasing a group plan for employees if there are other business owners in your local area that run similar businesses to yours. Association plans can often be cheaper and more affordable than individual plans. Because they include employees from different companies, they offer greater benefits.
3) The pros and disadvantages of self-insurance
Small businesses can either pay out-of-pocket for their employees' healthcare or absorb any increases in their premiums. Self-insured businesses don't need to worry about employee wellbeing. However, if employees have high medical bills, they could be responsible for the entire cost. This is not something that most business owners want.
4) Make sure that your employees have access to other healthcare options
As a small business owner, one of your top priorities is to ensure that your employees have access to quality health insurance. It can be hard to find affordable insurance options in today's marketplace, depending on how many employees your company has. It is important to compare group insurance quotes from different carriers so that you can find the best plan for your company.
5) It is simple to compare small business insurance quotes online
Simply enter your zip code, and business details and click on the comparison engine. Answer a few questions to find out how many employees you will be covering, which type of policy you need (individual or group), and whether you would like prescription drug benefits or vision coverage included in your plan. In seconds, your information will be matched with every available small business insurance quote in your area. A short list of plans that suit you will be displayed on-screen.
6) Pay attention to plan restrictions such as pre-existing conditions
An excellent small business insurance plan will protect your employees against paying high out-of-pocket expenses when they need medical attention. You should also be aware that every plan will not cover pre-existing conditions. You should ensure that your employee is covered by your insurance until they can be enrolled in your group plan.
7) Consider dental benefits
Consider adding dental coverage to your small business's health insurance plan. According to the Centers for Disease Control and Prevention, 1 in 4 people 65 and older have lost all of their teeth. If you are lucky enough to have your teeth, consider how wonderful it would be to preserve them for the rest of your life without spending a fortune.
8) Consider offering health benefits even if you don't provide them.
Our research shows that 54% of small business owners don't offer health benefits. Another 35% plan to start offering them in 2013. If you haven’t already, you might be able to look at the benefits for your employees and your budget.
9) Research your options before you buy a new policy
It can be tempting to purchase insurance for your small business without carefully considering all options and deciding if you need it. If you don't do your research, you could end up with a costly policy that doesn’t cover all your employees or provides enough coverage to offset your health care costs.