The Rise of Small Business Health Insurance

Health insurance is one of the best benefits small businesses can offer their employees. According to a recent report by the U.S. Census Bureau, employer-sponsored health insurance covered 56% of the entire U.S. population in 2017, and the percentage is increasing.

To make sure you are providing the best small business health insurance to your employees, you should follow these steps:

1. Understand Health Insurance

Unfortunately, an overwhelmingly large percentage of Americans do not understand basic insurance terminology. Lack of knowledge can lead to costly errors.

You should consult with experts who can guide you about insurance basics. They will explain everything you need to know in the simplest of terms. There is no need to feel intimidated. Your broker can explain the fundamental concepts in a short time period so you can decide on the best insurance for your small business.

2. Understand Your Employees

Since you know the age range of your employees, you can get an idea about the cost of insurance and the types of health benefits your employees will need.  

In addition, knowing family size, income levels and medical history can help a small business choose the best insurance plan.

3. Ascertain Employee Opinion

You should discuss the insurance plan with your employees and educate them on its benefits. You should also take their feedback to understand their opinion about the plan.

By doing this, you will make your employees feel important and valued. Such interaction will give them a better understanding of the value of health insurance as a key employee benefit. Employee retention can be improved this way.

4. Know About Different Types of Plans

Do you feel confused when you hear about HMO, PPO and EPO? Don’t worry, a lot of people don’t know how to explain these terms either. This is why smart folks consult with experts to understand the relative benefits and limitations of each plan. You should do the same.

Your broker can educate you and help you choose the best plan provided by insurance carriers with A+ rating.

For more on HMOs and PPOs, read our blog post: “The difference between HMO and PPO?”

5. Compare Different Policies

Once you know about different small business health insurance options, it is time to sit back and mull over the matter deeply. You should also talk to your partners and key employees about it.

Several possibilities and questions may arise when you muse over small business health insurance. Do not hesitate to ask your insurance broker any questions that might come up.

6. Make Use of Tax Credits

Your insurance broker can also advise you on the conditions under which you qualify for tax credits. For instance, they can inform you about tax credits offered by the Affordable Care Act for small businesses. These experts can also tell you about tax deductions for your premium contributions.

You should contact the leading insurance experts right away.