Is your small business looking for ways to improve employee satisfaction?
Are you looking for ways to save money on health insurance for small businesses?
Have you considered using the health insurance market place for small businesses?
Owning a small business comes with its fair share of trials and tribulations. Between making payroll, wearing multiple hats, and keeping employees happy, small business owners have their hands full.
Buying health insurance shouldn’t be a complicated, overwhelming task. It should be straightforward and painless. But what most small business owners need to know is how to buy health insurance for small businesses.
This quick guide will fill you in on everything your small business needs to know about health insurance from the marketplace and how to buy for small businesses.
Learn How to Buy Health Insurance for Small Businesses Through SHOP
To expand coverage to as many Americans as possible, the Affordable Care Act (ACA) allows small business owners to purchase health insurance for their employees through the Small Business Health Options Program (SHOP.)
SHOP is a comprehensive platform that enables small business owners to make choices about their health insurance offerings. Some of those choices include whether to offer one healthcare plan or multiple plans, whether to offer health insurance and/or dental insurance, and whether your business wants to cover part of the premiums for your employees.
Some employers may not want to offer health insurance, or may not be able to offer it, but the health insurance market place offers other ways to get coverage. This includes things like health reimbursement arrangements, health savings accounts, and flexible spending arrangements.
The health insurance marketplace even offers alternatives for people who are self-employed.
So, how do you buy health insurance for small businesses?
How to Buy Health Insurance for Small Businesses
Fortunately, buying health insurance for small businesses isn’t hard. In fact, it’s a pretty simple process once you figure out what coverage options will best suit your employees.
1. Survey Your Employees to See What Would Benefit Them the Most.
If you’re a new small business looking for health insurance, you may not know where to start. A great way to ensure employee satisfaction is to offer plans that your employees would find valuable.
Depending on the health situation of your employees, some of them may be more interested in lower premiums, where others may need lower deductibles and out-of-pocket maximums. The health insurance market place also offers dental insurance – see if your employees would find value in that.
2. Offer Plans to Your Employees That Will Keep Them Healthy
Access to health insurance is critical for many Americans. But having options for better health insurance is something most people would love to enjoy.
There are a few things to consider when figuring out how much health insurance is going to cost someone – deductibles, premiums, copayments, coinsurance, and out-of-pocket maximums, to name a few. Offer plans to your employees that maximize their health savings.
3. Contact a Licensed Broker or Agent to Explore Coverage Options
Having a broker or agent help you select coverage options is the most convenient way to buy health insurance for small businesses.
One thing you want to keep in mind is that you’ll need a SHOP-registered agent or broker to find the best healthcare savings for your small business. A registered agent or broker can help you compare coverage options and figure out how much it will cost you and your employees for coverage.
4. Enroll in a SHOP Health Insurance Plan
Once you’ve figured out what works for your employees and you’ve compared coverage options with a broker or agent, you’re ready to enroll in a SHOP plan.
The good news is there is no open enrollment period for enrolling in a SHOP health insurance plan. You can enroll in plans whenever your company is ready – work with your broker or agent to choose the plans you’ll offer your employees, then have your employees enroll during their enrollment periods.
3 Tips for Saving Money on Healthcare for Small Businesses
Now that you know how to buy for small businesses, you may want to consider these tips for saving money on health insurance.
Some of these tips are beneficial to your business. Others may help your employees reduce their healthcare costs or save some money.
Here are three tips for saving money on healthcare for small businesses:
- Association Health Plans: One option for some small businesses and certain self-employed people is to group together to purchase health insurance. This allows small businesses to buy health insurance as if they were a larger company, reducing their costs in most cases.
- Small Business Premium Tax Credit: To be eligible for the Small Business Premium Tax Credit, your business will need to enroll in a SHOP plan. There are other stipulations to qualify, such as how much you pay for your employees’ premiums and how many hours they work.
- Preventative and Wellness Programs: Your employees will appreciate having an employer that is concerned about both their financial and physical well-being. Encourage your employees to get preventative care and enroll in any wellness programs your company or insurance offers.
These simple tips will help save your company and your employees’ money – if your business qualifies for the Small Business Premium Tax Credit, you can use that savings to reduce how much your employees pay for their premiums.
Enroll in a SHOP Health Insurance Plan Today
Now that you’ve studied up on how to buy for small businesses, you can choose a health insurance plan for your employees with confidence. Don’t forget these three key things, though:
- To qualify for tax credits, you must enroll in a SHOP plan.
- Employees like having options for their healthcare.
- A registered broker or agent can help you find ways to save money.
Compare coverage options carefully – you want to make sure you and your employees are getting the best value for your money.
Interested in learning more about how to buy insurance for small businesses? Contact Fiorella Insurance Agency today to start the enrollment process.