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Tips for Buying Small Business Health Insurance
Author David Schneider | Nov 06,2007
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As a small business owner, purchasing a group health insurance plan can be a major incentive for current and prospective employees. Not only can health insurance save your employees a substantial amount of money in the long run, but it can also shows you genuinely care about their health and well-being. All of this contributes to a happier, healthier work environment -- and that's not just good for morale, it's good for business.
So just how exactly do you go about selecting a small business health insurance plan that fits you and your employees' needs? It's all about shopping around and knowing what options are available to you. With a little planning and a few phone calls, you'll be well on your way to providing a quality health plan to your employees at an affordable price.
Talk to Your Employees
Before you start calling around for price quotes, you need to know which health insurance benefits are important to your employees. Start by doing some research online to find out what kinds of benefits are available through traditional group health plans. Once you know what's available, ask your employees what is important to them. How often do they see the doctor? Do they fill prescriptions often? Are they interested in maternity benefits? Knowing what your employees are seeking from a group health insurance plan will help you select the one that works best for their medical needs.
Shop Around
Now that you know what you're looking for in a health insurance plan, it's time to start calling around for price quotes. You'll want to call several different small business health insurance providers to get a good idea of what prices are available to you. You'll also want to be sure to ask plenty of questions to get a good feel for each insurance plan offered. Write down any deductibles, co-pays, limitations, exclusions and additional benefits for easy comparison. Once you've received numerous quotes, weigh the pros and cons of each group health plan to pinpoint the best one.
Ask About Tax Benefits
While you're shopping around, be sure to ask about any tax benefits that may be available to you. Many small business health insurance plans can provide significant tax savings for employers. For example, many plans can work in your favor by reducing payroll tax or allowing you to deduct the premiums you pay fully. You may also want to ask about Health Savings Accounts (HSA). When added to certain health insurance plans, all contributions you make as an employer to your employees' HSA plans will be exempt from payroll tax.
Get Help if Needed
If you don't feel comfortable choosing a group health insurance plan for your small business, or you simply don't have time, you can always ask an expert for help. Insurance agents can assist you by gathering all the pertinent information in the research process. All you'll need to do is make the final selection based on their recommendations. When selecting an insurance agent, make sure they are licensed by your state. This will help ensure they are a credible, reliable resource.
As a small business owner, purchasing a group health insurance plan can be a major incentive for current and prospective employees. Not only can health insurance save your employees a substantial amount of money in the long run, but it can also shows you genuinely care about their health and well-being. All of this contributes to a happier, healthier work environment -- and that's not just good for morale, it's good for business.
So just how exactly do you go about selecting a small business health insurance plan that fits you and your employees' needs? It's all about shopping around and knowing what options are available to you. With a little planning and a few phone calls, you'll be well on your way to providing a quality health plan to your employees at an affordable price.
Talk to Your Employees
Before you start calling around for price quotes, you need to know which health insurance benefits are important to your employees. Start by doing some research online to find out what kinds of benefits are available through traditional group health plans. Once you know what's available, ask your employees what is important to them. How often do they see the doctor? Do they fill prescriptions often? Are they interested in maternity benefits? Knowing what your employees are seeking from a group health insurance plan will help you select the one that works best for their medical needs.
Shop Around
Now that you know what you're looking for in a health insurance plan, it's time to start calling around for price quotes. You'll want to call several different small business health insurance providers to get a good idea of what prices are available to you. You'll also want to be sure to ask plenty of questions to get a good feel for each insurance plan offered. Write down any deductibles, co-pays, limitations, exclusions and additional benefits for easy comparison. Once you've received numerous quotes, weigh the pros and cons of each group health plan to pinpoint the best one.
Ask About Tax Benefits
While you're shopping around, be sure to ask about any tax benefits that may be available to you. Many small business health insurance plans can provide significant tax savings for employers. For example, many plans can work in your favor by reducing payroll tax or allowing you to deduct the premiums you pay fully. You may also want to ask about Health Savings Accounts (HSA). When added to certain health insurance plans, all contributions you make as an employer to your employees' HSA plans will be exempt from payroll tax.
Get Help if Needed
If you don't feel comfortable choosing a group health insurance plan for your small business, or you simply don't have time, you can always ask an expert for help. Insurance agents can assist you by gathering all the pertinent information in the research process. All you'll need to do is make the final selection based on their recommendations. When selecting an insurance agent, make sure they are licensed by your state. This will help ensure they are a credible, reliable resource. |
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