Female doctor working on her laptop with healthcare colleagues in her office. Concept: best health insurance options
Betsy Wise
By: betsy_wise
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The Best Small Business Health Insurance Plans

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
  • Serves 50 all US states
  • Virtual visits: Members can contact physicians on mobile devices
  • Plan options include fixed copayments, lower out of pocket costs as part of network care
  • Out of network physicians available
  • Insured can choose doctors without needing a referral
  • Health discount program to save up to 50% on dental care, laser eye surgery and other services
Online care 24/7 Link to UnitedHealthCare
  • Several plans tailored to meet your business’s needs
  • Examples include higher deductibles and copays to reduce premiums. Lower costs and knowing what your health care costs are upfront before receiving services. Coverage for routine care. Annual preventative care and full medical coverage
  • Plans and options vary per state
  • Depending on the plan, employees can receive wellness incentives, comprehensive medical and pharmacy benefits, and pair the plan with a health savings plan and premium tax savings
Saving taxes Link to Humana
BlueCross BlueShield
  • Has one of the largest preferred health care provider networks so employees can visit a preferred physician and receive a preferred provider discount
  • Discounts on health and wellness products and services
  • Physical fitness and training programs
  • Over 30 plan options from which to select deductibles, copays, coinsurance, out-of-pocket expenses, and preferred provider options
Large employers needing a large provider network Link to BlueCross BlueShield
  • Offers health plans to employers with 2 to 50 employees
  • Employees can select a preferred health care provider or a network doctor without a referral. Expenses are normally higher when visiting an out-of-network provider
  • With Aetna’s traditional plans, members pay for services upfront and file reimbursement claims. In some instances, preapproval is required for specific services
  • HealthFund plans enable employees to pair their health insurance with health fund and savings accounts
Health Savings Plans Link to Aetna
Kaiser Permanente
  • Plans offered in 8 US states and District of Columbia
  • Employees can choose plans with higher deductibles and lower premiums, HRA and HSA qualified plans to use tax-free funds to pay for expenses, or plans allowing them to use a preferred provider or go outside the network
  • Kaiser Permanente provides tools and resources to manage and improve health
  • Additional benefits such as dental care, vision, and chiropractic
Managed Care Link to Kaiser Permanente
  • With a large provider network, it’s likely that employees’ doctors are members
  • Combined plans include medical, health and wellness, pharmacy, dental, vision so doctors can provide managed care and help reduce costs
  • Employees can make live video visits through LIveHealth Online. Questions answered on 24/7 NurseLine
  • Flexible group business lines available to match business size
  • Life and disability plans available
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.

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