Find Small Business Health Insurance in Montana
Published on June 14, 2018
Updated August 2, 2019
In a recent eHealth study, we found that you could be saving a significant amount per individual by purchasing small business health insurance.
Prices on small business health insurance in Montana are more stable
In the individual market, average prices have raised 54 percent between 2015 and 2018, whereas the average price of small business coverage only increased 5 percent between 2015 and 2018.
In addition to being more stable, small business health insurance premiums are quite a bit more affordable than individual health insurance plans. According to eHealth’s study on price trends in 2018, the average individual premium is 7 percent more than the average premium for group health insurance.
So if your small group qualifies, small business health insurance in Montana could be saving you quite a bit on health insurance premiums.
Should you offer small business health insurance in Montana?
The law does not require businesses with 50 employees or less to offer health benefits. But this doesn’t mean there aren’t plenty of great reasons why you still should. Some of which include:
- Tax benefits. A small business that meets certain requirements can qualify for the small business health care tax credit, which is designed to help you pay for premiums. Small businesses can also usually deduct certain costs related to health insurance from their taxes. With these money-saving benefits, small business health insurance in Montana may not be as big of a cost for small business owners than you may have thought. Employees also experience tax benefits when insured by group health insurance, because they get to pay their share of the premium with pre-tax dollars, which could add up to significant savings.
- Better prices. There are various reasons why you might find premiums on group plans to be cheaper. First of all, premium costs are shared by the employer and employee (usually split 50/50). Costs might also be lower due to less risk for the insurance company, due to several people being insured under one policy, instead of just one. This concept, sometimes referred to as risk pooling, is based on the idea that the consistent payments of a large group of people will cover costs when one person racks up a lot of medical bills, making it less risky to cover larger groups.
- Better workplace. A Glassdoor survey found that the average employee values health benefits more than a raise. What does this mean? It means that people really care about getting health benefits with their job—even more so than making more money. Perhaps it’s the security that comes with knowing you’re covered in case of a medical emergency, or maybe it’s the savings that most people benefit from with group health benefits. Either way, with such a value put on offering group health insurance, you may have a higher chance of hiring and retaining quality employees. This, in turn, results in a better workplace and perhaps a more productive small business. Not to mention, you may be dealing with less sick days and low work productivity due to illness.
How to get small business health insurance in Montana
Getting small business health insurance in Montana doesn’t have to be a difficult process. Check out the qualifications here, to make sure that you have everything you need to be considered a small group. And after that, you can visit eHealth’s Montana small business health insurance page and begin looking for quality plans.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.