Small Business Insurance Options Made Easy
If a business has at least two full-time employees, it is most likely eligible for group health insurance and other employee benefits. Employers can tailor a benefit plan that meets the specific needs of their employees. Group health insurance can be very appealing as employee benefits continue to be a key factor in hiring and retaining quality employees. There are plans available to cover health, dental, vision, disability, life, and more. Most of these plans can be purchased together, or independent of each other. Small Business employer based health Insurance and other insurance benefits are a great way to help attract and retain good employees!
health insurance
Did you know that over 50% of Americans rely on their employers for health insurance, yet 1 in 4 business owners are uninsured?
As a small business owner, it’s good to be aware of all your expenses and make sure you stay within budget. With that in mind, it’s totally reasonable to question whether small business health insurance is necessary if you only have a handful of employees. The answer is overwhelmingly yes. Small business health insurance helps you retain your competitive advantage.
Here are are a few reasons you should consider getting small business health insurance:
Health insurance premiums are tax deductible
It will improve job satisfaction and recruiting
Healthy employees are productive employees
If you have 50 or more full-time employees then providing health insurance is required by law
DENTAL INSURANCE
As a small business owner, you know the needs of your business and your employees can be very different from the needs of those at a larger company. However, some things remain the same whether you employ two people or 500 – including the need for quality dental benefits.
Employees consider dental benefits to be an important part of an overall compensation package offered by an employer. By offering your employees quality dental benefits, you are showing an investment in the well-being of your employees and a commitment to attracting and retaining talented individuals.
Under the Affordable Care Act a small business is generally not required to offer dental insurance to its employees, but you may still want to consider buying a dental plan for your employees.
Dental insurance is far less costly to the employer compared to the high cost for health insurance!
Many workers value benefits like health and dental insurance more than a pay raise. By offering dental insurance to your employees, you may find it easier to hire and retain the best workers for your small business.
VISION INSURANCE
Many employers today offer vision insurance coverage to their employees, as this is a very inexpensive, yet very strong employee benefit.
Employees perceive vision benefits as a very important part of their overall benefit package.
Vision Plans can be tailored for any business, where you can select the copays, frame allowance, and enhancements such as progressive lenses, scratch resistant lenses, and tinting.
The frequency for eye exams and glasses can usually be 12 months or 24 months under most plans.
Vision Plans can be added as a rider to their existing group health insurance coverage or can be purchased separately, as a standalone benefit.
Vision Service Plan (VSP) is a great vision insurance plan that we offer to all Small Business Employers. Contact Shasta Health to learn more.
LIFE INSURANCE
Another benefit that can be added to any business employee benefit package is Group Life Insurance. Employees perceive this benefit as a very strong part of their overall benefit package, yet it is a very inexpensive product. Based on the group size, the face amount for the life insurance can usually be guaranteed up to a certain amount.
For example, a group of 10 employees might qualify for $50,000 of life insurance on every employee, with no health questions asked. Based on the insurance carrier, these guarantee issue amounts can differ.
A group life insurance plan can usually be added to the group's current medical benefit plan, or can also be added as a separate standalone plan. Most business owners today that offer an employee benefit package, will usually include life insurance, as this can be a very small price compared to the rest of the benefit package. Life insurance is a valuable benefit, and a group life insurance plan would insure that all employees would have some coverage. At Shasta Health Insurance Services, we can offer plans through several different carriers. Consider adding group life insurance to your employees benefit package!
VOLUNTARY BENEFITS
Voluntary benefits are a great way to enhance the health benefits package you offer current and prospective employees. Many types of coverage are available as voluntary products, such as accident policies, cancer policies, disability policies, and more.
An employer can contribute to these plans if they choose, but even if the employee pays the full cost, it is still an attractive option. The rates are highly discounted and the employee’s premiums can be paid through payroll deductions.
Voluntary benefits, sometimes called supplemental insurance or employee-paid benefits, are offered by the employer where employees can choose to buy them in addition to their primary benefits package.
Payment options are typically flexible to suit your small business budget. You can choose whether voluntary employee benefits are fully employee-funded, or part-funded by both employee and employer.
Upgrade your employees with voluntary benefits.
FREQUENTLY ASKED QUESTIONS
I am self employed, can I get a group plan?
In most cases, as long as there is an owner and at least one employee on payroll your business can qualify for a group plan.
Does the open enrollment period apply for businesses applying for insurance?
No it doesn’t. A group plan can begin at any time during the year.
How does the Affordable Care Act benefit my business?
In most cases, group health insurance premiums are tax-deductible to the business and are a great way to attract and retain good employees. Premium contributions made by employees, if set up properly, can also be tax-deductible.
Do I have to pay the full cost for my employees and their dependents?
No, an employer can pay as little as 50% of the employee’s premium. Beyond that, the employer can decide if they wish to pay any portion for their employee"s dependent coverage, as paying for dependent coverage is not required.
Do you have additional questions about Small Business Insurance? Please contact us at Shasta Health Insurance Services.
Can my employees choose between different plans?
Yes, in most cases, an employer could offer more than one plan. If an employee wants a different plan, the employer can adjust the employee contributions to reflect the difference in cost.
Why should I provide insurance for my employees when they can purchase it individually through Covered California?
A strong benefit plan is an excellent way to attract and retain quality employees. Providing insurance could make the difference in a potential employee choosing to work for you or someone else. Also, an individual plan would often cost an employee more than what they would contribute for an employer sponsored plan.
Why should we use an agent for our business insurance needs?
It’s important to have an agent that can help you navigate and understand the overwhelming options available in the insurance marketplace. We can be your partner in every step of the process—beginning with helping you determine the best options for your business, and continuing through the application process and beyond. We provide ongoing assistance with claims questions, billing issues, and more. Conveniently located in Redding, we pride ourselves on our client service and are always looking out for your best interests.