Insurance For Small Businesses
When it comes to insurance, small business owners are often confused about where to start, what to look for, or how to balance the costs with the coverage you need. By taking the burden of sourcing health insurance off your plate, you free up your time and energy to focus on what matters most – growing your business and taking care of your family.
Some of the health insurance options available to small business owners:
Small Business Health Options Program (SHOP)
This is a program offered through the Health Insurance Marketplace, also known as Obamacare, that allows small businesses to offer health and/or dental insurance to their employees. It’s available to employers with between 1 and 50 full-time equivalent employees. With SHOP, you can control the coverage you offer and how much you pay toward premium costs.
Professional Employer Organizations (PEOs)
PEOs allow small businesses to outsource their employee management tasks, such as benefits administration. They can provide access to health insurance plans that might not be available directly to a small business, potentially giving you more options or better rates.
Private Health Exchanges
A private exchange is a private business that sells health insurance, often online. These exchanges can give small businesses access to a variety of plans from different insurers, offering more choice and flexibility.
Self-Funded Health Insurance
This option might be more suitable for businesses with a larger number of employees. In a self-funded plan, the business takes on the financial risk of providing health insurance benefits to its employees.
Direct Purchase
If you have a small workforce and would prefer to work directly with an insurance company, you can directly purchase a group health insurance policy from a private insurer. This option allows you to negotiate the terms, including the premium and the level of coverage.
Health Reimbursement Arrangements (HRAs)
With an HRA, businesses can reimburse employees tax-free for health care, including individual health insurance policies. Two types of HRAs that might be particularly useful for small businesses are the Qualified Small Employer HRA and the Individual Coverage HRA.
Association Health Plans (AHPs)
AHPs allow small businesses to band together to purchase health insurance. They can be based on industry, geography, or both. This can give small businesses the purchasing power of larger businesses.
It’s important to note that both tax credits and subsidies are available to individuals purchasing insurance through the Health Insurance Marketplace (also known as Affordable Care Act plans), and eligibility is primarily based on your income and family size.
As your insurance broker, I’ll work with you to determine your eligibility for these perks, help you understand your options, and guide you through the process of applying for and maximizing these benefits, ensuring you get the most affordable and effective coverage.
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