The cost of health insurance for small businesses is a burden that many entrepreneurs must bear. Health insurance companies can be quite difficult to deal with, especially if you are opening a business that is not yet profitable. Check out this helpful infographic to learn the important facts about insurance for small business health. Many people worry that they cannot afford their premiums and coverage, but by watching out for these seven important points, you will be able to save money on your health care costs.
The cost of health insurance for small businesses is a burden that many entrepreneurs must bear. It is important to understand that you do need health care coverage for your business if you have employees, whether the employees work from home or in the office. The Affordable Care Act (ACA) has made it easier for small businesses with up to 100 employees to offer their employees coverage through a group plan at no cost.
The majority of small businesses utilize group plans.
One of the ways your business can get insurance coverage free of charge is to join with other businesses in a group plan. Most people that become employees of small businesses have no idea that their employers have enough experience to offer their employees health care coverage through a group plan. There are over 4,000 such business associations (known as associations in the industry) that participate in offering health care coverage for small businesses and their employees at no cost.
Group plans can provide high-quality medical services at low-costs to all members.
Group plans are a lot like an insurance policy that provides better coverage and lower premiums for all employees. Not only do these plans help small business owners save on their cost of health insurance, but they also provide better medical care for everyone that is covered under the plan. Since there is a fairly large number of small business associations offering health care coverage to all of their members, companies can receive the same level of medical services that big corporations have access to.
Most small businesses do not offer their employees such affordable coverage through group plans.
The majority of small businesses do not offer their employees a group plan, even though they are eligible to receive coverage. According to data from the Small Business Association (SBA), around only 39% of small businesses offer their employees any type of health care coverage. This is surprising considering that the majority of small businesses have less than 50 employees and these companies have the opportunity to receive free health care coverage for all employees if they join an association.
Online tools can help you find an association in your area that will provide you with group health care coverage.
Many people are unaware that there are business associations that provide group health insurance coverage for members at very low-rates, if not completely free of charge. You can find a list of associations that offer group plans by visiting the website of the National Association of Health Underwriters (NAHU).
Group plans can save you a lot of money on your health insurance premiums.
Group plans are composed of companies with multiple employees, and by being a member, you will receive lower-costs for your health care coverage due to the risk pooling that takes place within group plans. Your insurance payment will be based on how much each member contributes to their plan instead of what you may have to pay if you were not covered through an association. This means that you will pay less on your health insurance premiums because you will be sharing the financial burden with other businesses.
Small businesses can easily enroll in a group plan through an online website.
You do not have to deal with any salespeople or office staff to enroll in a group plan that you have applied for through NAHU. You will receive information about the plan and of the benefits that are included in it via email after you have completed an online application form and submitted it to your insurance provider. The website makes it easy for you to order your group health insurance coverage as well, since all of the deadlines are automatically set by NAHU so that they coincide with your individual circumstances.