Health insurance for small business owners can be one of the major costs when running a business. So you may be asking yourself, do I really need it?
As a small business owner you want to do everything you can to make sure you are well taken care of. If you plan to have employees you want to also take care of them as well.
One of the best ways of taking care of yourself and your employees is offering small business health insurance plans. Many small business owners may ignore insurance because they think it's not affordable.
Before you make any decision about health insurance, there are a few things you need to consider.
First, you should at least look over some of the small business insurance plans.
Request and compare a few quotes.
Because as a small business owner you may be eligible for a new credit that helps small businesses afford the cost of covering their employees. Generally the employer will pay at least half the cost of the insurance premium. And you as the employer, can also take the credit on the premiums you pay.
Think about who you want to offer coverage to. Do you want to cover only your employees or do you want to offer coverage to their families as well? Also, do you want to cover all your employees or just full-time employees? You may be able to get a better deal on a bulk rate if you have more employees. You will have to do some research and compare coverage and cost to find the best small business health insurance plans available.
You also need to think about if you are going to require a waiting period. Most businesses, big or small, require that employees be with them for a certain amount of time before they are covered by insurance. This is a good idea because you want to make sure that your new employee is going to work out with the company before you start the process to insure them. Ninety days is generally the waiting period.
Find out what your state requires. States all have different requirements when it comes to insurance. Some will have different programs or credits to help small businesses get their employees health insurance. For small business plans, some states even have a state run program that businesses can buy into. That's why it's good to check into the state and their options for small business health insurance.
Keeping these things in mind as you look over small business health insurance plans, will help you find the best health insurance for small business coverage for your business.