Health insurance is one of the most important aspects of your business, but it can also be one of the most expensive. Many small businesses are making things worse by not taking advantage of all the discounts and options they have available to them in their search for affordable coverage. The following five tips will help you get the best health insurance possible without breaking your budget.
1) Finding Coverage Under The Affordable Care Act
Starting a business can seem overwhelming, especially when it comes to dealing with the logistics of your small business health insurance. Small businesses can purchase coverage that is comparable in price and quality to individual or group plans. Small businesses can offer affordable coverage for their employees through the Small Business Health Options Program. There are even incentives for small businesses that offer high-quality coverage such as tax credits for those who qualify.
The five best tips for saving money on health insurance premiums include:
examining your options,
getting help from an agent,
evaluating your needs,
getting quotes from different carriers,
comparing rates before you sign up.
Top 2 - Open Enrollment Is Really Important
Open enrollment for small business health insurance is here and with it comes a chance to save money. Here are the five best tips for saving money on your small business health insurance premiums:
1. You can have your employees sign up for if you are not able to provide them with health coverage.
2. If possible, purchase your coverage through an individual plan rather than through a group plan.
3. Look into purchasing a stop loss policy that will cover claims over a set limit.
4. Consider the federal government’s Small Business Health Options Program Marketplace which provides savings for small businesses with fewer than 50 employees.
5. Make sure you know what qualifies as small for purposes of Shop eligibility. You may qualify for SHOP benefits even though your business employs.
Top 3 - Know When You're Eligible For Health Savings Accounts
If you’re a small business owner, there’s a good chance you’re paying for your health insurance. And if you’re feeling the pinch of rising premiums and out-of-pocket costs, it’s time to explore some ways you can save money on your policy. Here are five tips from leading small business insurers that might help:
1) Get your free small business health insurance quote at least once per year.
2) Know what medical coverage is important for your company.
3) Consider a high deductible plan with a health savings account.
4) Check the tax deduction that applies to HSA contributions.
5) Purchase stop-loss insurance protection in case there is significant illness or injury among employees in the company.
Top 4 - Provide A Solid Set Of Plan Options
Get help from your accountant
Consider a high deductible plan
Look for incentives in your state, such as tax credits or small business health plans
Check with the Chamber of Commerce to find out about group plans that may be available through an association you belong to.
Have an open conversation with the employees so they are aware of the changes and their expectations are clear.
Lastly, consider wellness programs that will incentivize employees to maintain healthy habits and be productive members of the team
Top 5 - Get Help From Your Accountant
1. Get help from your accountant
2. Consider a high deductible health plan
3. Consider a wellness program
4. Buy individual rather than family coverage
6. Don’t automatically renew
7. Educate yourself about the Affordable Care Act’s subsidies
8. Maintain the same level of benefits
9. Compare premiums
10. Check for tax credits
11. Assess your needs
12. Talk to brokers or agents that specialize in small business health insurance
13. Consider buying different types of plans together, like life and disability insurance or dental and vision care
14. Get quotes and compare rates
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Website: Pamphile Insurance Brokerage LLC