How to choose a health insurance plan for your small business

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Key points

• Health insurance is an important benefit to provide to your employees, whether you are required to or not.
• You will need to think about the cost of insurance and the type of plan you want.
• You may want help navigating your options.

As a Small business As an owner, you are no doubt aware that it is important to not only attract strong talent, but also to do everything possible to retain talented employees. And a good way to do that is to make sure you offer a good benefits package. That package could include a retirement savings plan you help contribute, paid vacation time and health insurance.

Now, you should know that if you are a business with fewer than 50 full-time employees, you are technically not required to provide health insurance. But that doesn’t mean you shouldn’t.

Health care can be an astronomical expense in the absence of insurance. And even if you’re willing to raise wages rather than provide insurance, potential employees may be put off by the prospect of having to go out and buy health coverage themselves.

Of course, choosing a health plan for your business isn’t exactly an easy thing to do. Here are some tips to navigate the process.

1. Decide how much you are willing and able to spend

Within the realm of small business health insurance, there are a variety of plans. As you can imagine, the more expensive plans tend to offer more coverage, while the less expensive ones don’t offer as much to participants.

It’s important to be realistic about how much you can spend on health insurance. As a smaller operation, you can’t benefit from the bulk rates that a company with 12,000 employees might snag. So you’ll have to take a look at your banking logs and see what’s realistic, keeping in mind that you’re likely to take on a large chunk of those premium costs.

2. Find out if you want a high deductible insurance plan

High-deductible health insurance plans can be a burden on participants, especially those with family members who tend to get sick frequently. But the costs of these plans can be more reasonable, since higher deductible plans tend to have lower premiums. That’s something to consider if you’re going to cover those premiums 100%.

Also, if you offer a high-deductible plan, it may allow you to offer a health savings account along with that plan. That could make it easier for your employees to cover their medical costs while earning tax savings.

3. Consider partnering with an insurance broker

As a small business owner, you may not be very familiar with health insurance options. But it’s the job of an insurance broker to guide you through your options and do research on his behalf, so he can focus on running your business. An insurance broker can not only help you find the right plan, but can generally help you set it up so you don’t get lost in a sea of ​​paperwork.

Whether you want to offer a health insurance plan because it’s a requirement or because it’s a benefit you want to provide, it’s important to find the best plan for your business. Take your time making that decision so that you and your employees end up happy with it.

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