How Much Will Small Business Health Insurance Cost?
Published on December 17, 2018
Updated August 1, 2019
Small businesses often find that offering group health insurance helps them acquire and retain talent in a competitive market. When eHealth surveyed business owners about their reasons to provide group health insurance for their company, respondents also said they usually made the decision to help improve employee health, morale, productivity, and even as a moral choice.
At the same time, business owners have reasonable concerns about how much small business health insurance costs. Probably the first question that any business owner is asking: How much will small business health insurance cost?
Luckily for small business owners, eHealth not only has a huge online selection of plans, free quotes, and experienced agents, but we have some data on small business health insurarance costs that might help you get a better understanding of what kind of price tag to expect.
Learn what impacts the cost of group health, how much average small businesses tend to pay for coverage, and how to compare quotes easily.
How much do small businesses spend on health insurance on average?
Naturally, small business owners often ask how much other companies spend on their group health insurance plans, which is why eHealth published this analysis of average health insurance premiums and other group health insurance trends.
This brief summary of 2018 average group health insurance costs can help business owners understand more about costs that other companies incur for health plans:
- Average group size: 3.9
- Average small business premium per person: $409
- Average small business deductible per person: $3,140
This kind of information can help companies balance their health insurance costs with offering plans that prospective and current employees will find attractive. It is important to keep in mind that these prices are just averages and your cost will depend on details like:
- Your small business’ location
- How many employees you have
- What kind of plan you want
- Extra health benefits you may choose to add, like dental and vision
In order to get a more accurate quote concerning how much small business health insurance will cost for you, simply visit ehealth.com, enter in some basic information about you, your small business, and your employees.
Source: eHealth 2018 Small Business Health Insurance Report
How much does small business health insurance cost?
Not two business or two health insurance plans are exactly alike. These are the most important things that impact the cost of group health plans for small businesses:
- Expenses: Naturally, any company’s health insurance costs will vary. Insurers set premiums by the ages and location of the employee group and the specific plan features and coverage levels. With ACA policies, insurers can’t consider the health of the employees when they set rates. Employers may also have to spend some time administering their plan or money to outsource the work to a third party.
- Benefits: Some factors that may offset the total dollar cost of coverage for the company will include the employer contribution and potential tax breaks. Of course, business owners may also reap other business benefits, such as improved morale, better employee retention, and more attention to wellness. Many employers find that offering group medical benefits helps improve their brand image too.
How to compare small business health insurance costs
The only way to know how much small business health insurance will cost any particular company is to gather custom quotes. You can start your small business health insurance quote here at eHealth at any time. You can even apply within minutes, or if you choose, call for help from a qualified representative during business hours. Working with eHealth ensures great customer service, plenty of choices, and a simple process.
Small business health insurance won’t cost a dime more if you purchase it from an agent than it will if you buy your coverage directly from an insurance company. At eHealth, businesses owners get the luxury of comparing variety of plans and insurance companies, so they can make smart decisions for themselves and their employees.
Learn more about affordable small business health insurance plans at eHealth.com.