Entrepreneurs sometimes need to spread money thin to make ends meet. Not having small business health insurance isn’t an area where you can afford to save working capital. Employers know they get the best employees by offering attractive employment packages that include health insurance.
There’s something else you need to know. The Affordable Health Care Act mandates that employers with over 50 employees are required to offer these benefits or else pay stiff penalties. At the same time, offering small business health insurance means you can qualify for tax credits and deductions. Find out more about your responsibility as an employer by reading, Small Business Health Insurance: What You Need to Know.
In the meantime, we’ve put together a list of the best small business health insurance plans to aid you in your decision to offer health care to your staff. By and large, you’ll have healthier and happier employees when they have access to health care services.
The Best Small Business Health Insurance Plans
The cost of the plans listed below is based on your location (state), how many employees are covered, and the amount you contribute to your employees’ coverage. However, most small business health insurance premiums average $400 to $500 per month for each person depending on the deductible and other factors. Once you decide on a health care provider, read Health Insurance Options for Small Businesses for tips on who to contact.
|Plan Name||Basic Features||Best For||Link to Provider|
||Online care 24/7||Link to UnitedHealthCare|
||Saving taxes||Link to Humana|
||Large employers needing a large provider network||Link to BlueCross BlueShield|
||Health Savings Plans||Link to Aetna|
||Managed Care||Link to Kaiser Permanente|
||Integrated health benefits solutions||Link to Anthem|
While you’re mulling over which small business health insurance plan to choose, questions are likely to arise. Is your business in a position to cover employee family members and pay all or a percentage of the premiums? Do most employees want high deductibles and low premiums or the opposite?. Do they need ongoing care for chronic conditions or are most of your employees basically healthy? Regardless of which plan you choose, you can make changes to your plan during the open enrollment period. It’s a good idea to ask your employees what types of benefits and services are important to them before settling on a specific plan.
In addition to finding the right plan for your employees and you, you’ll need to gather data such as your business’s name and physical location, payroll records, and your employees’ names, ages, zip codes, and dependents. You’ll need this information when you’re ready to enroll. For additional information, read How to Choose Health Insurance for Your Small Business so you purchase a small business health insurance plan to suit your needs and budget.
Camino Financial Can Help Make Your Decision Easier
Considering which small business health insurance plan is right for your business can be overwhelming. You will probably seek the advice of tax and health advisors before you enroll your business in health care services. Before you do that, you may also need financial help to proceed.
We can help if that describes your current situation. If you’re short on funds, we offer microloans and small business loans to help cover costs. These short-term loans don’t require collateral, have fixed terms, and no credit history is required. Plus, you can use them to build a credit history when repaying the loan on time.
We invite you to find out how Camino Financial is different from other lenders. We wholeheartedly endorse our motto, “No Business Left Behind” and take measures to make sure every business has a chance to grow and succeed.