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Small Business Health Insurance

What should you look for in a small business health insurance plan? Depending on the size of your company and the goals of management; there really are quite a few different avenues to investigate in group health plan coverage. Employee health benefits can be a great way to attract future employees, retain current employees, and reward loyal employees. Here are a few things to keep in mind when shopping for a small business health plan:

1. Compare at least 3 different insurance companies’ quotes. Best case scenario is that you will be able to work with an independent health insurance agent/broker that can show you insurance quotes from many different companies and “shop” your case around.

(Hint: Watch out for what are called “captive” insurance agents. “Captive” meaning that they can only work with one insurance company. These captive insurance agents will of course always push the insurance company that they work for – regardless of whether it best meets the need of you or your company. Just be sure to take whatever a captive agent says with a grain of salt if you do choose to work with one).

Also, you will want to compare quotes and rates at least every 12 months when your policy renewal comes around. Why is this? Insurance rates are constantly changing and it can save you quite a bit of money to make sure that your premium rates are still as competitive now as they were when the policy was first issued.

2. Consider a medical reimbursement plan (or HRA – Health Reimbursement Account). This can be a great way to save money with lower monthly premiums and also get the same employer tax benefits that a regular group health insurance plan affords.

The reason that these plans are so popular, especially for smaller sized businesses, is because of the fact that individual health insurance plans are so much cheaper than group health insurance plans. Everything else being equal, a group health insurance plan will be about 2-3 times the cost of an individual health insurance plan (often even the same type of plan from the same insurance company!). The reason that this is the case is because you must be somewhat healthy to be approved for an individual health insurance plan while on the group health side everyone is automatically offered coverage – no matter what their health condition may be.

A medical reimbursement plan simply lets employees purchase cheaper individual health insurance plans out on the open market and then the employer reimburses the employee a set dollar amount per month to pay all or some of the premium. This results in cheaper monthly premiums for both the employee and the employer and the employer gets to take a tax deduction for the monthly reimbursement amount as an employee benefit expense. There are many positives for companies that use this reimbursement plan approach to obtaining small business health insurance.

3. Compare free health insurance quotes online from multiple insurance companies. Save yourself some time and use our free health quote finder to compare the top health insurance company’s plans side by side. Just input your zip code and then see which companies and plans are available in your area. Compare free health insurance quotes now!