How to Get Cheap Health Insurance for a Small Business
Published on June 18, 2018
You and your business will take a big step when you decide to compare small business health insurance plans. Although it might seem like a huge cost to shoulder, we have some tips for you on finding the best cheap health insurance that still has quality benefits for those enrolled in the plan. Here’s what there is to know about cheap health insurance for small businesses.
Five Tips to Buy Cheap Health Insurance for Your Small Business
The five suggestions can help you find affordable coverage for your small company:
1. Understand the basics of small business health insurance plans
Group health insurance doesn’t have to be difficult to understand. If you take the time to learn a few basic health insurance terms, you may find that shopping for and understanding small business health insurance becomes a lot easier. On eHealth, you can find definitions of important health insurance terms such as premiums, deductibles, copayments, and out-of-pocket limits. When you know what insurers mean by these words, you can start comparing policies confidently.
2. Compare insurance companies to find cheap health insurance that gives you a good value
Premiums may vary due to the benefits you select, the average age of employees, the size of your company, and even your ZIP code. You should shop around for the best plan for your needs, since there is most likely a wide variety of insurance companies and plan types offered in your area. You can pull up competitive quotes within seconds by entering your ZIP code and company size on the small business quote page at eHealth.
3. Find out what your employees want
Usually when a small business chooses to offer small group health insurance, the owner is required to contribute at least 50 percent of the premiums for employees.
Since employees will also be contributing to paying for the plan, they probably want a say in what the employer is offering. If small business owners have flexibility with which plan they can offer, it may be a good idea to see what employees value the most in a health insurance plan. As you compare plans, you can survey your employees to learn about their expectations.
4. Understand how to offset premiums for small business health insurance plans
Businesses with fewer than 25 employees may qualify for tax credits that can help offset the cost of the premiums. To qualify for these health insurance subsidies, you also need to pay at least half the premium, pay an average wage of less than $50,000, and purchase a SHOP policy from the government’s website or a licensed broker. Even if you can’t get a tax credit, you should still have the chance to deduct your company’s share of the premiums. When you can take tax credits and deductions, finding cheap health insurance for your company may be easier than you thought it would be.
5. Consider the ways your business can benefit
Employers that offer health insurance have a competitive advantage when it comes to recruiting and retaining employees. Giving employees access to good medical care can also minimize sick days and turnover while improving productivity. Certainly, buying small business health insurance plans will cost your company some money, but you may find that it’s a great investment. Besides, you and your own family can also benefit from having group coverage.
Start Shopping for Cheap Health Insurance for You and Your Company
At eHealth you can find cheap health insurance plans for individuals, families, and small businesses. Besides medical plans, you can also find policies that help pay for dental, vision, and other healthcare needs. Start shopping today by selecting the right health insurance quote form and comparing your options.