healthcare benefits administration, the last thing to worry is a new entrepreneur when starting and growing a business. The catch is that start-ups know that does not offer health benefits, it is hindering the recruitment of top talent. Since start-up capital is limited, the cost of the traditional group health insurance is a major challenge for many startups. While many startups are trying to do without health insurance, this makes them vulnerable and their employees. A trip to the emergency room or an expensive operation without insurance could result in major financial difficulties.
This is one reason why many startups are sending their employees to the individual health insurance market. The good news for start-ups is that they use their individual health insurance can help the cost of their employees. Here is why employer-paid individual health insurance is an ideal solution for start-ups is.
Why is individual health insurance Ideal for startups
employer-sponsored individual health insurance is popular for start-ups, because the solution allows them to offer health services for recruiting and retention, while still their advantages costs under control. The solution is affordable, 100 percent paperless, and flexible enough to fit the needs of a growing company. Here are the advantages of the individual health insurance and why they fit well with startup Employer:
1. Controllable costs: to be able to set, to control and predict all the health benefits cost is revolutionary for many startups. Reimbursement of employees individual health insurance are startups controllable costs of:
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definition of its budget by the amount of contributions to employees. "Health care
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Giving employees access to monthly health supplements.
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allowing employees to choose their own individual health insurance.
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only reimburse employees for eligible health insurance premiums up to the amount in their health allowance
2. More time to grow the business: with a credible reimbursement software provider reimbursement take less than 5 minutes per month online to manage. Some startups keep their employees to reimburse health insurance without formal plan or compatible software. However, still expensive in accordance with regulations and healthcare reform, time consuming and an administrative expense.
a credible reimbursement software provider eliminates the time to offer cost and administrative burden health benefits. Startups that can filter reimbursement software provider a premium expect:
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Spend less than five minutes per month reimbursement plan administration
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Have they have access to their refund plan 24/7 online
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Integrate refunds with their existing payroll system and HR process
Why is the individual health insurance Ideal for Startup employees
1. staff pick: Individual health insurance offers more choice and control to employees by allowing them to choose a plan that meets their own needs, including coverage and network. Employees can decide their own plans to work with their budget. These plans can be adapted to individual circumstances and age.
For example, when a young employee is relatively healthy and on a tight budget, a plan with a lower premium and higher deductible may be the right choice. On the other hand, for those with more healthcare needs, a plan with a higher premium and lower deductible can better plan the.
2. Lower costs: individual health insurance costs up to 60% less than group health insurance. In addition, tax credits can qualify employees for premium, depending on their level of income, household size and suitability for other state-funded programs.
3. Portability: Since the individual health insurance will have selected and purchased by the employee, as car insurance to keep employees get their health insurance when they go to start. As a result, there is no more need for expensive, short-term insurance options.
How does your start-up offer health benefits?
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