Many employers include health insurance as a benefit to their employees. These employees are grouped together in a health insurance plan that, in some cases, is more beneficial than if the employee were to purchase insurance individually.
Obviously, the larger the company and more employees covered, the lower the costs to the company and the employee. However, small businesses (defined as having between 1 and 49 employees) also provide insurance to employees and these companies are in search of affordable rates for comprehensive small group health insurance plans.
Before you dive into policies and pricing, you may have a few questions. We’re here to help!
What insurance am I required to provide for my employees?
Long story short: It depends. Different states and different professions have different requirements in place for small business owners. Some states and professions might require liability insurance, worker’s compensation, property insurance, or unemployment coverage.
However, it is often up to the business to elect to provide health insurance. There are many factors in determining what is legally required of you as a business manager, and you are likely not an insurance expert. Call an independent insurance provider like Henry Insurance for more information on what you need to protect your business and your employees.
Is my business eligible for group coverage?
According to the National Conference of State Legislatures (NCSL), insurance providers are required to accept small businesses looking for coverage. A small business is a legal entity of 2-49 employees. If you fit within these guidelines, its generally guaranteed your business will qualify for group coverage.
As an employer, what do I pay?
This is up to you as the business manager. Many employers pay the full premium for their employees. There are many reasons to consider this option: employee incentive, workplace culture, general care for your employees.
However, one of the determining factors for many businesses is a small business tax credit offered due to the Affordable Care Act. Talk with an agent at Henry Insurance to find out what tax credits may be available.
We are here to help you with your group health insurance needs. Whether you are a company with only two people or your company is growing and expanding, we can help you.
Henry Insurance Service can assist you in setting up health insurance, dental plans, disability, life insurance, and long term care insurance.
We are able to provide the best possible group health insurance plans because we go through multiple providers. And, we’re able to find the best possible plans and rates to match your needs.
Get a quote or talk to an agent at 225-927-0451!