Without a doubt, health insurance is an important must-have for everyone. It is, however, expensive leading many businesses to outsource their office needs. While some companies provide coverage with a percentage of the premiums being shouldered by employees, there are also those who simply let them acquire their own policies via the Affordable Care Act. So, how to find one that will best suit your workforce without spelling trouble for your money bag?
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Learn the difference between group and individual coverage. Group plans, often considered the most affordable, relies on the precepts of “uniformity”. This means coverage therein is generic and applicable to all group members. Individual insurance plans though a little steeper are more specified. Price of coverage relies mostly on the insurers pre-existing conditions and risks.
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Consider enrolling your business for a Health Reimbursement Plant (HRP) or Health Savings Account (HSA). The former is a 100 percent employer-funded account can be set-up to finance medical costs of employees and are virtually tax-refundable. The latter can be funded by both taxpayer and employer. There are certain stipulations on HSA plans as mandated by the IRS though. So make sure to check that, too.
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Seek out the assistance of a health insurance broker. When you don’t have the time or any inkling whatsoever with regards to certain stipulations, a reliable health insurance broker can save the day. They are more adept in the ins and outs of the healthcare business allowing you more insights to the whole arrangement.
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If you qualify for SHOP or Small Business Health Options, finding the best group plans for your workforce can be easier. Simply enroll your business and enjoy the perks of finding the best assistance in finding appropriate health care program for your company.
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Be aware of tax credits. Small businesses with less than 25 full time workers paid on an average of $50k annually and have an outstanding healthcare coverage and share of 50 percent or more of the premium cost is eligible for tax credit.
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Consider brainstorming with employees. When you have 20 or less employees, the group insurance route may be the least productive choice. Try pushing for self-insured plans with option of providing additional compensation for employees as an add-on. This will tell your workforce about your sincerity and goodwill in ensuring their health and well-being.
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Be informed of tax laws and subsequent updates on healthcare. In case of group insurance, make sure to have a review with the healthcare provider on an annual basis to see how it addresses health concerns of employees particularly hospitalization. Check also for any changes on laws and other important aspects that require legal action.
In all these, it is important to note that keeping your employees well and healthy guarantees more productive results. Employees who are well-protected often deliver more benefits to the company. So whether you offer a group coverage or push for personal healthcare plans with add-on compensation, knowing that your wards are covered definitely means good business.
