With open enrollment less than a month away, startup company to make important decisions regarding employee health services are facing, especially with all the new possibilities that the Affordable Care Act (ACA) was created for small business health insurance. Just like large businesses, some startup company health insurance opt for their employees as part of their recruitment and retention strategy.
With limited capital, many start-up companies have a hard time coping with the costs to offer the traditional group health insurance. In addition, the start may not have enough staff to meet the minimum conditions for group health insurance. So, as you know, start-ups, whether and how they provide health insurance for their employees? Here are three things you should pull your starting before the selection of health into consideration.
1 should offer Healthcare Your Employees-- and you can
In order to compete with larger companies, should your Startup offer health care to your employees afford. While most startup entrepreneurs agree that health services play an important role in employee compensation packages, recruitment and retention, not most think they can realistically afford health services. If health services offered under consideration, consider the following :.
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benefits health can be an inexpensive way to get your employees to add compensation package
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If your startup business has fewer than 50 full-time jobs, you will not fined for not providing health care.
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provision of health services is a good way to increase employee motivation and loyalty.
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The ACA new opportunities for small businesses and start-ups has been to provide more affordable health care for their employees.
2. Your health budget
To a health benefit strategy to implement effective for your startup, it is important to prepare a budget. Ask yourself, now that you know you want to provide healthcare to your employees what you can invest afford
If you health benefits to offer your current employees have been, you can already have a set budget , Chances are, however, that you are like a lot of the start-ups that do not offer health benefits. Some start-ups set their budget first and their second rate options. Other startups are the rates assessed to build their budget to.
For example, according to a recent survey, in 2014 the average group health insurance premium for a single employee is $ 6,025 a year ($ 502 per month) and for family coverage, $ 16,834 per year ($ 1,403 per month ). This is an increase of 26 percent in the last five years and 69 percent in the past decade. The premium is usually shared between the employer and employee. If you are eligible for the small business tax credits, you may be less expensive prices in your state SHOP Exchange.
3. You have options
Due to changes implemented by the ACA, startups have more options for health care than ever before. Most decisions are essentially two strategies :. A traditional group health insurance or individual health insurance
group health insurance: usually includes all employees and their family members. These plans are uniform in nature, as a rule, offers the same benefits for all Group employees or members. Group health insurance is selected and purchased by the start-up company, and the employees are encouraged generally to share the premium costs. Moreover, there are minimum conditions and a minimum percentage of the start must contribute to the employee bonuses
With group health insurance, risk is distributed across the enterprise -. The number of employees covered. This means that a group health insurance if an employee has a baby, surgery or diagnosed with a chronic illness, the employer and the other employees are likely to see a large premium rate increase at annual renewal time.
individual health insurance: is a policy of a person and their family, based on their personal needs and budget, as car insurance is purchased. A common misconception about individual health insurance is that it is more expensive than through an employer group health insurance. Indeed percent individual health insurance costs up to 60 less than group health insurance.
At the moment there is a trend for small businesses and start-ups that throw their group health insurance policies their employees to fund individual health insurance. With this approach, giving employers an employee a tax-free health money on individual health insurance spending - rather than a group health insurance to purchase. Employees have to purchase their health allowance an individual health plan of their choice and the right ones, the premium can access tax credits.
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