Unfortunately for small business owners, it is not always easy plan that works best for them and their business. Before choosing a plan consider for you and your following employees:
Individual Health Insurance
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- provides customizable options to choose a plan that offers the benefits you need. You can also choose a plan that is compatible with a Health Savings Account (HSA).
- The individual plans are more mobile than group plans and you can keep your plan if you ever choose to leave a current position.
- Your premiums will not be higher due to health and age of your colleagues.
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- In almost all states, you can be turned down coverage because of pre-existing conditions until 2014. it is expected that you may qualify for another, such as insurance pre-existing condition, but there are certain criteria that you must meet.
- The cost of individual health insurance varies greatly between states.
- all plans not provide maternity coverage, but it can be added as a driver as well as dental and vision care.
Health Insurance Group
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- Each employee is guarantee to obtain health insurance, regardless of pre-existing conditions.
- The employer will take much of the cost (generally 80 percent).
- Employers do not have to pay taxes to provide the plans and are a great benefit for employees
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- the cost of a group plan can be determined by the age and health of the group. For some companies, the demographics of the workforce may increase the cost of health insurance for the entire group.
- The plans are not customizable. There will be people who will receive a maternity cover but never use it.
- If employees lose their jobs or want to change jobs, they will lose their coverage.
- Some employees may switch between part-time and full-time hours which can qualify or disqualify them at times for benefits.
tips for choosing the coverage of small businesses
1. Consider the health of you and your employees. Will it be difficult to obtain individual coverage? Will it be too expensive to pay group coverage?
2. Have you considered alternatives to the individual option or in normal group? Some employers have started to contribute a certain amount for premiums and letting their employees make the decision of how to get coverage. According to the company, employers may be able to join groups or associations that have a larger pool for the group plan.
3. Talk to an insurance agent. An agent will be able to guide you through the process of decision making and provide specific information on the state health plans. Each state has different laws regarding health plans.
4. Do not be afraid to talk to other managers and employees access to their options. Some employees may evaluate health insurance options more than others or would like to cover with conclusion.
5. Find out if you qualify for tax credits for small businesses to reform health care. Many small businesses will be able to benefit from this provision.
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