How to Find Group Health Insurance for Small Businesses
What is group health insurance?
Group health insurance coverage helps workers and their families take care of their essential medical needs. It is one of the most important benefits provided by an employer. The federal government reports that slightly more than half of American workers have group health insurance through the company they or their spouse work for.
Should my small business offer health insurance coverage?
The Affordable Care Act created comprehensive health insurance reforms that have improved access, affordability, and quality in health care for Americans. But offering small business health plans has long been a challenge for small business owners. Even though businesses with 50 or fewer employees are not required by the act to provide health coverage, many business owners understand that helping to pay for employees’ health insurance is a good idea.
First, it will help keep employees healthy, which increases productivity by reducing sick days and absenteeism. In addition, studies show that health coverage is one of the benefits that employees want most, so offering even partial coverage will help businesses recruit quality employees. Offering health insurance also reduces turnover and improves employee morale, according to research conducted by the Wyoming Department of Employment, Research and Planning.
How can I find affordable health insurance for my employees?
Many business owners choose to work with a group health insurance broker such as Serra Benefits. Our brokers are licensed professionals who know the health insurance market and can help you navigate the maze of federal and state regulations dealing with group health insurance.
Serra Benefits Insurance Brokers can also help you understand which group health plans would be best for your business. Insurance can be complicated, and many small business owners don’t have the time to research insurance options. We do the research for you, and recommend plans that will meet your company’s needs and budget. We can also sell you a policy and help you roll it out to your employees.
Can a Serra Benefits broker help me use the Government’s Health Insurance Marketplace?
Yes! We can help you buy insurance through the Small Business Health Option Program (SHOP), part of the Health Insurance Marketplace. Our licensed agents and brokers are registered to work with the SHOP Marketplace and can help you apply and enroll for coverage. Working with our SHOP-registered agent or broker doesn’t cost you or your employees a dime.
Are there tax benefits to providing health insurance for my employees?
Possibly. Employers buying health insurance through the SHOP Marketplace may also qualify for a Small Business Health Care Tax Credit to help defray their premium costs. Hundreds of thousands of small businesses with fewer than 25 full-time-equivalent employees have already received a tax credit of up to 35 percent of their contribution to employees’ health insurance premiums. Today, this tax credit will be worth as much as 50 percent of the employer’s contribution to premiums and will be available only to those purchasing coverage through the SHOP.
How do I get started?
Talk with a one of our licensed insurance brokers. He or she can advise you on the best options for your business. Just call us at 760-439-9700