Group Health Insurance Basics for Small Business Owners
As a small business owner, you want to take care of your employees. Not all small businesses are required to provide insurance. But providing insurance even if you aren’t mandated to can benefit you and your employees.
Before you make your decision, you should understand the group health insurance basics for small business owners.
How Does Group Health Insurance Compare to Other Insurance Plans?
As the name implies, group health insurance plans cover a group of people as opposed to just one person or family. Instead of a single person paying the entire premium, as with individual insurance plans, group insurance premiums are spread out over a wider pool.
What Do You Need to Do if You Offer Group Health Insurance?
According to the Affordable Care Act (ACA), if you offer group health insurance, you need to provide it to all of your full-time employees. You must offer this coverage to employees within their first 90 days with your company.
The policy should cover Essential Health Benefits, as defined by the ACA. You must provide your employees with a Summary of Benefits Coverage.
How Can Group Health Insurance Benefit Your Business?
For many people, healthcare benefits are their top concern when they apply for a job. If you offer these benefits, you’re more likely to get better applicants who have experience or education in your field.
Healthcare benefits often mean lower stress levels for employees, too. Low stress creates a better environment and higher productivity in the workplace.
Get Group Health Insurance with Life143
If you want to offer group health insurance through your small business, Life143 can help. We offer group insurance plans, life insurance, and many other plans with our partners.