Title : What's the Best Health Insurance Plan for Your Small Business
link : What's the Best Health Insurance Plan for Your Small Business
What's the Best Health Insurance Plan for Your Small Business
Whats the best health insurance plan foryour small business? Most small business owners will say that the
best plan is the most affordable one, but there are three main factors that can influence
what youll pay when picking a new plan. The amount you pay toward employee premiums. The age and health needs of your group, which
may affect out of pocket costs. And the type of plan you prefer.
Lets look at each of these in more detail. First, your premium share is the amount the
business must pay toward employees premiums. Typically, the business must pay at least
fifty percent of your employees monthly premiums under a small business health plan,
though the percentage can vary by state or plan. Youre not generally required to contribute
toward the monthly premiums of your employees dependents, but some employers do.
A second factor that may influence your choice
in a plan is the health of your group. How old are your employees? Do they see the doctor frequently? No qualifying employee will be refused insurance
or charged more based on his or her medical condition or history, but these factors may
still be important when choosing a plan. Understanding how health insurance impacts
your employees and their families is important and your employees needs should be discussed
when shopping for a plan. If your employees see the doctor frequently
or use prescription drugs on a regular basis that may affect your choice of a plan.
Choosing plans with higher deductibles and
copayments may mean a lower monthly premium, but youll want to make sure you and your
employees can afford that deductible in case you need medical care. Finally, the type of plan you choose can play
a factor in your costs. HMO-style plans tend to have smaller networks
of doctors and hospitals and so they may cost a bit less than some PPO-style plans that
allow you more freedom to choose your doctors. You may also want to consider partially self-funded
health plans.
With a partially self-funded plan, you set
aside a certain amount of money to pay for employee medical costs, but that money may
be refunded to you at the end of the year if its not used. Work with a licensed health insurance agent
to learn more about your coverage options and to get quotes that are tailored to your
groups coverage needs and budget..
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