Health Insurance
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What is Health Insurance?
Health insurance allows small business owners to provide their employees with access to medical and surgical treatment.
Providing employees with health insurance is an investment in their wellbeing and in the future of your small business.
Health insurance may be obligatory depending on your business' size. If your business has more than 50 employees, you are obligated by law to offer them health insurance under the Affordable Care Act - failing which, you may face a penalty.
Offering your employees health insurance will help you reduce your tax bill as follows:
- Employer contributions are tax-deductible.
- Employer payroll taxes are reduced by 7.65 percent of employee contributions.
- Employer workers compensation premiums are reduced.
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What Does Health Insurance Cover?
Frequently Asked Questions
Do I need Health Insurance for my employees?
Health Insurance for business will come in handy if:
- You are a small business owner with employees who have salaries high enough that investing in health insurance is affordable.
- You are a mid to large business owner with several employees and want to implement a company-wide health insurance program.
- You are a business owner that wants to recruit top talent.
- You are a business owner that wants to keep top talent around.
How much does Health Insurance cost?
The costs associated with obtaining insurance for your business and employees can greatly vary. Demographics of employees, such as age or gender, differ from business to business and as a result, so do the type of benefits needed.
Younger employees may need health care benefits which extend to dependents. By contrast, older employees may need coverage for treatments specific to an illness that arises in relation to age.
In addition to variance in demographics, as a business, you may want to offer employees different options for their health care benefits. In doing so, you can provide your employees the flexibility to choose a package that best suits their needs.
If you opt for different packages, the cost of insurance for your business will change accordingly.
The type of insurance policy you wish to implement at your business will also directly impact the costs associated. You can choose either self-funded or PEO health plans, each of which has a different financial outcome.
Self-funded health programs may not include a premium which may incur higher initial costs. PEO will likely include premiums which will cost a percentage of total coverage.
What are the “limits” on a Health Insurance policy?
Depending on the scale of a given business, the ability to provide employees with insurance will vary. There will be limitations to what an insurance policy covers depending on how comprehensive of a plan a business has obtained.
Basic insurance policies may cover only the most crucial aspects of health care. By contrast, more comprehensive plans can include coverage for alternative health care practitioners or access to services beyond the scope of traditional health care policies.