Small Business Health Insurance Plans
Small business health insurance plans often aren't worth the extra cost. Time spent selecting health insurance plans, educating employees, collecting and distributing documentation is spread across a small number of employees - making the process cost prohibitive.
Voluntary employee benefits allow small businesses to offer big business health insurance plans without the overhead costs. Small businesses with three or more benefits eligible employee qualify for the plans. Here is how it works:
- Simplify small business health insurance - pick a bare bones plan with low premium costs
- Add supplemental small business employee benefits - employees fill gaps in basic plan
- Engage trained employee benefits counselors - they will educate employees, distribute and capture all relevant documentation - all at no cost to the small business
Small Business Health Insurance Quotes Small business health insurance plans can be costly to set up, administer - not to mention the premium expense paid by the employer. Look at examples of how voluntary benefit options fill holes for employees, while allowing you to offer scaled back coverage.
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Simplify Small Business Health Insurance
The cost of this benefit rises as the plan design migrates away from covering just catastrophic losses: deductibles, co pays, and co insurance all impact premium costs. Many employees would prefer a low cost health insurance plan with higher deductibles, etc. These plans are easily identified and communicated to employees.
Supplemental Small Business Health Insurance
Supplemental health insurance pays cash benefits directly to employees, helping them cope with the left over medical expenses in your simple small business health insurance plan. It also helps replace lost income when small business employees miss time away from work due to accidents and illnesses.
Flexible spending accounts are another important component to small business health insurance plans. They allow employees to use pre-tax dollars to cover predictable expenses introduced by the higher deductibles and co pays. Small business employees paying child care expenses generate up to $380 in payroll tax savings, making flexible spending account administration more affordable for a small business.
Small Business Employee Benefits Counselors
Counselors are provided by the voluntary benefits insurance carrier as a courtesy to small business owners. Studies have shown that when employees understand and appreciate their employee benefits they are also more likely to participate in the voluntary programs - everybody wins!
