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, and more. These plans are reasonably priced and help complete a quality benefit package for employers to offer their employees. We have your small business insurance needs covered.
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:
There are many benefits of group coverage
You will receive tax credits and other tax benefits
It will improve job satisfaction and recruiting
Healthy employees are productive employees
You'll enjoy increased job security
If you've got 50 or more full-time employees then you need to provide health insurance by law
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 wellbeing 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.
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.
If you meet certain standards, you may qualify for a small business tax credit to help pay the premiums.
Although providing access to a vision plan is not a legal requirement for most small businesses with less than 50 employees, offering benefits like vision insurance is a great way to show you’re willing to support your small business employees.
Many employees value a health benefits package more than a pay raise. This offers you a cost effective way to retain your current employees, and hire quality workers.
There are two main types of vision plans:
Ancillary Vision Plan: Provides fixed discounts on vision-related care, and is usually in the form of an add-on to a group health insurance plan.
Optional Rider Vision Insurance: Can be added on to a regular health insurance plan. For a group policy, you pay a monthly premium in order to have access to a fixed-dollar amount of services.
As a small business owner, your family members aren’t the only people depending on you. Your death could be a detriment to your employees and partners, and it could destroy the company you worked so hard to build.
There are many ways a life insurance policy could save your small business or protect your family. Small business owners may need several different life insurance policies. Shasta Health is here to help you find the best life insurance coverage for your business.
A personal life insurance policy would help your family pay off any business debt and cover living expenses after your death. Your family would then have time to figure out what to do with the business.
If your business has multiple owners, you can combine life insurance policies on each partner with a buy-sell agreement. The remaining partners have the option to buy out the surviving family’s share at a previously agreed price and the life insurance pays for the buyout.
Voluntary benefits is 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 you have at least two full-time employees 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?
Depending on the size of your group and the number of employees participating in the plan, your business could qualify for tax credits for providing coverage for your employees. These credits vary greatly depending on several factors such as location, employer contribution, and more. It is best to consult your tax professional regarding the details of these tax advantages.
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 contribute more than 50% or if they will pay any portion of the premium for their employees dependent's coverage.
Do you have additional questions about Medicare? Please contact us at Shasta Health.
Can my employees choose between different plans?
Yes, an employer can offer to pay a portion of a certain 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.