Health insurance for small business owners: useful description
The choice to provide health insurance to your employees is a personal one for you as a small business owner. The law exempts small businesses from the requirement to provide group health insurance for small business owners if they employ less than 50 people. However, you can still want to take it into account as a tool to attract and keep employees as well as to claim tax advantages for your company.
The best group health insurance plan for your employees will rely on your budget, as well as other aspects including the size of your workforce, their age, and where they live. You have three options for buying health insurance for small business owners: directly from an insurance company, through an insurance broker, or through the federal government’s Small Business Health Options marketplace. Let’s explore with topfoodss.com!
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Are small businesses required to offer health insurance?
In other words, fines for not offering health insurance do not apply to small enterprises with less than 50 full-time employees. Although state and federal regulations differ, applicable large employers (ALEs), defined as those with more than 50 full-time employees, are obliged by federal law to provide reasonably priced health insurance for small business owners. “Affordable health insurance” in 2021 will only account for 9.83% of household income. Hawaii is one state that mandates that all businesses, regardless of size, provide health insurance.
You must get familiar with the state and federal regulations governing health insurance for small company owners as a business owner. The primary factors small company owners consider when deciding whether to offer health insurance for small business owners to their employees are shown in the figure below.
Best health insurance for small business owners
The top 5 health insurance for small business owners are as follows:
Blue Cross Blue Shield
Pros:
The country’s largest provider network.
Cons:
Only a few plan specifics are provided online; a sales agent must be contacted.
We like it because: Blue Cross Blue Shield is a grouping of 35 regionally based health insurance for small business owners providers across the US. 93% of physicians and 96% of hospitals around the country are accessible thanks to the organization. This implies that your staff members shouldn’t have any trouble locating in-network medical professionals wherever in the nation.
Sky Cross Preferred provider organizations, health maintenance organizations, high deductible health plans, as well as group dental and vision plans are just a few of the plan options that Blue Shield offers for your employees. The business has a high J.D. ranking.
member satisfaction as measured by Power’s 2021 Commercial Member Health Plan Study. The top ranking goes to Blue Cross Blue Shield in eight American areas.
On a scale of 1 to 5, the National Committee for Quality Assurance website gave Blue Cross Blue Shield plans an average rating of 3.5 for 2019. Plans are rated by the NCQA based on things like clinical quality and member satisfaction.
Kaiser Permanente
Pros:
Low-cost HMO plans.
There are online comparisons of small company plans.
Cons:
The only states where it is available are California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington, and Washington, D.C.
Why we like it: The J.D. Power survey found that Kaiser Permanente is well regarded in the few places where it is accessible. It has a high average rating of 4.3 on the NCQA website. The HMO plans that Kaiser is best known for cost less since consumers are often compelled to see doctors within a narrow network. You may readily access all of Kaiser’s group products’ specifics, including price data, on its website as a small-business owner.
UnitedHealthcare
Pros:
Online comparison tool for small company programs.
Available in all 50 states.
Cons:
Not among the top insurers according to J.D. Power’s Commercial Member Health Plan Study.
Why we like it: According to market share, UnitedHealthcare is the largest health insurance for small business owners provider in the nation. It collaborates with more than 1.3 million healthcare providers, including doctors and nurses, and 6,500 hospitals. It distinguishes itself from the competitors with its small-business plan comparison tool. On the UnitedHealthcare website, you can simply compare plan rates and benefits by entering some basic information about your company. The firm has an NCQA rating of 3.4 on average.
Humana
Pros:
Available in all 50 states.
Plan details available online.
Cons:
less extensive provider network compared to other insurers.
Why we enjoy it According to the J.D. Power research, Humana receives favorable ratings for customer service. For 2019 and 2020, Newsweek’s annual Best Customer Service study named the company’s customer service as having the highest rating in the health insurance for small business owners category. Its plans received an NCQA rating of 3.4 on average. On its website, Humana provides the characteristics of each of the five small business-focused plan types that it offers.
Aetna (CVS Health)
Pros:
Large network of providers.
Cons:
Online information on the plan is scant.
Why we enjoy it You may provide workers with a wide selection of health expenditure funds from Aetna, including flexible and health savings accounts, health reimbursement plans, and health savings accounts, for pre-tax savings. The HSA option from Aetna may only be used with certain high-deductible health plans. Aetna has an average NCQA rating of 3.3 and places highly on J.D. Power’s Commercial Member Health Plan Study.
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