Small Business Health Insurance

If healthcare costs are rising and the big companies are worried about it, how can a small business owner afford any health insurance for their employees?

It's a question many small business owners ask. But don't worry — there are affordable options for you and your small business.

First Off, What Will My Costs Be?

In most group health plans, you’ll be responsible for the premiums. But there are plans with the option to share the premiums with your employees. As for the deductibles and co-payments, your employees will be on their own.

Insurance carriers will look at a few different things to set the price of your premiums. They’ll check:

• The average age of your employees.
• The general health of your employees.
• If there are any occupational hazards in your business.
• Where your business is located.
• Where your employees live.

What Qualifies Me For A Small Business Health Plan?

If you want to qualify for small business health plans, your company has to have between 2 and 50 employees. And of your total employees you have to have a percentage of them enrolled in the health plan — usually 75%.

What Plans Are Best For My Small Business?

No one plan is best for everyone because every team of employees has different needs. You’ll have to find the group plan that best fits the needs of your employees and your budget.

But the most common types of group health insurance are:

• Health Maintenance Organizations (HMOs). HMOs are a form of managed care and are the most affordable option — but you have to choose healthcare providers inside of the network.
• Preferred Provider Organizations (PPOs). PPOs are a more flexible form of managed care. Your employees will be able to receive care from any healthcare provider they choose. But you'll find the most savings in the network.
• Health Savings Accounts (HSAs). HSAs are new affordable options to offer your employees. They aren't health insurance — they’re savings accounts to invest in future healthcare costs. HSAs will put your employees’ healthcare in their own hands.

To make sense of your options get professional advice. When you request free quotes, our licensed agents help you to compare rates and benefits.