If you’re self employed and you own a small business, one of the key decisions you’ll need to make when you start hiring your first employees (or, as you grow and add new employees) is whether to offer a health insurance coverage option to your staff. When making this decision, you should be aware that there are a number of advantages to be gained by making a small business group health insurance plan available to your employees.
First, you’ll reduce costly employee turnover by providing a strong incentive for your workers to stay with your company. Almost two-thirds of the people in the United States who have health insurance get it through an employer-sponsored group plan. Most employees consider health insurance to be the single most important benefit they receive from their job.
By providing a quality health insurance option, your company also becomes more attractive to new and prospective employees. Sometimes having a good health insurance plan can be the key factor that lets you attract the top employee talent. Even though small businesses are generally not required to provide health insurance, many employees have come to depend on being able to get coverage through their jobs.
In addition, many small business owners tend to feel a closer connection to their employees than the managers or owners of large corporations. Because of these personal relationships, small business owners often want to provide an insurance option to help make their employees lives better.
Furthermore, obtaining small business group health insurance coverage can also be a great way for you, the business owner, to obtain quality health coverage for yourself.
However, many small business owners think that they cannot afford to provide insurance, since they often have much smaller budgets for employee benefits when compared to larger companies. It’s important to note that your company can sign up with certain insurance companies for group health plan where the insured employees pay the entire cost of the premium. Even a group plan where the employee must pay the entire amount of their premium can be a benefit for some employees, since the per person premium rates are generally lower within a small business group health insurance plan than for an individual plan that an employee has to obtain themselves.
Because of increasing health care costs, very few companies can afford to cover the entire premium for their employees’ coverage. It’s important to compare as many quotations as you can obtain from insurance companies.
When you’re calculating the costs of providing a small business group health insurance plan, be sure to take into account the small business tax credits that get passed into, or repealed from, law each year. Small businesses can claim a tax credit if they pay at least half of the premium of their employees’ coverage. The credit is available to small businesses that have less than 25 full-time employees (although the total number of employees can be more than 25, if the other employees are part-time), and who pay annual wages of less than $25,000.
Tax and health care laws always seem to be changing and adjusting, however, so you need to get yourself up to speed while reviewing your options and before making any final decisions.
Who Has the Most Affordable Small Business Group Health Insurance?
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Insurance shoppers have been saving up to $500 or more since 2006 thanks to our free service. Isn’t it time you started enjoying those potential savings, while also protecting both yourself and your loved ones against the potentially devastating financial, and other unforeseen, consequences that an unforeseen health issue could bring?
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It could mean all the difference between coverage and the inability to meet potential legal obligations normally covered by the appropriate health insurance plan, which could be financially devastating depending on one’s current circumstances.
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