5 Tips to Finding Affordable Health Insurance for Small Businesses

Small Business

5 Tips to Finding Affordable Health Insurance for Small Businesses

Published on June 14, 2018

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Offering group health insurance is a big deal for both the employer and employees. In simple terms, it means an extra cost for small business employers, and it means coveted health benefits for small business employees.
For something that is such a big deal for everyone involved, you want to do it right—right? Shopping for a small group plan doesn’t need to be a long, hard process, but putting some effort into it might mean finding a more affordable plan, or one that works better for your small group. Check out some of the tips we have compiled for how to go about finding affordable health insurance for small businesses that still has the quality benefits you want.

5 tips to help you find affordable small business health insurance

1. Know a little about what you are shopping for.
When you buy a car, you probably head to the dealership knowing a little bit about the features of different makes and models that you might want to purchase—and the same should go for health insurance. Knowing just a few key health insurance terms will give you a basic understanding of how health insurance works and will help you feel like a pro when shopping for plans. Additionally, having a basic understanding of health insurance will probably help you later on when it comes to using the benefits of your plan to their full extent.
2. Check out all your options.
Yes, we are preaching that finding affordable small business health insurance can be quick and easy. With that said, it does take time to weigh your options, and check out the variety of companies and plan types you have to choose from. eHealth does make this concept a little easier, though, by having a huge variety of health insurance providers and plan types on our website. With everything in one confined space, shopping for low cost health insurance with quality benefits can be a lot simpler.
3. Compare, compare, compare.
Sometimes just choosing the cheapest health insurance plan isn’t the road to saving the most money. Comparing plan details and benefits included is a very important step to choosing affordable health insurance. For some people, a plan that costs a little more every month but has a lower deductible and higher contributions from the insurance company, will end up saving more money at the end of the day. At eHealth, we make comparing upfront costs easy with our free instant quotes, but it’s important that you also inspect plan details provide by the insurance company, and listed with every small group plan.
Each plan has its own terms and limitations, so be sure to check the official plan documents to understand how that specific plan works.  This article is only for general education.
4. Understand the small business health care tax credit.
Sometimes knowing how much financial assistance you’re going to get can make a big difference in which plan you choose (or whether you can afford to offer group health insurance in the first place). There are a few qualifications you’ll need to meet in order to get the small business health care tax credit. Learn everything you need to know about the tax incentive for businesses like yours here.
5. Understand how to deduct from your federal business taxes.
Even if you don’t qualify for the small business health care tax credit, you still have tax benefits as a small business. As you probably already know, small businesses have the opportunity to deduct certain business expenses from their taxes—and luckily, certain costs related to your small group plan are eligible for deduction. Learn all about small business deductions here, so you can get a sense of how much you’ll be able to deduct and save on when tax season comes around. Having an idea of what you can deduct may help you understand what you can afford, and therefore might affect which small business health insurance plan you decide to enroll in. Get a quick overview of how small business deductions work with our short video:

Get started on finding your affordable plan today

Finding cheap health insurance that still covers that benefits you believe are necessary isn’t an easy task—but it’s also not an impossible task! With these tips, and with the help of tools and resources from eHealth, you’ll soon be on your way to enrolling in an affordable health insurance plan that can cover your small group.
Visit eHealth to start shopping for plans, and get instant quotes on small business plans in your area.

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