Small Business Health Insurance
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If you own or belong to a business or organization that employs between 2 and 50 people, you probably qualify for (and would benefit from) a group health insurance plan. With the proper tax documentation, a husband and wife qualify as the needed 2 employees for small business health insurance, also. As long as each permanent employee, officer, partner, or owner works for the company at least 25 hours per week, they may be eligible to enroll in a group plan. Everyone enrolled must provide verifiable tax documentation or else the entire group’s eligibility could be compromised. You can depend on the people at HealthInsuranceUSA.com to provide you with the reliable information you need to make a sound choice when you are searching for small business health insurance.
The Benefits of Small Business Health Insurance
Small business health insurance may take a large chunk out of your revenue, but providing best replica watches benefits often attracts better employees and helps retain existing workers. Satisfied, healthy employees can have a very positive effect on your business and they are much more likely to help your business grow.
Besides providing medical care for yourself and your employees, a small business health insurance plan helps spread the financial risk among all of its members, which usually translates to lower premiums and more extensive coverage for everyone in the company. This is definitely a win-win situation! Providing health insurance to your employees may also qualify your business for healthcare subsidies to minority-run businesses and small employers.
Small business health insurance also has tax advantages. Employer contributions to a small business health plan are generally 100% tax deductible, and employees can save on their payroll taxes.
Keeping employees healthy is a sound business investment. With the ever-increasing costs of routine medical treatment and emergency care, it is important to choose a small business health insurance policy wisely- one that will ensure that you and your employees have quality healthcare at a fair price.
Some Common Mistakes to Avoid When Purchasing Small Business Health Insurance
Choosing the right health insurance plan for your small business is important, so it will serve you well to research all your options before making the financial commitment needed to provide benefits for yourself and your employees.
Your decision should not be based solely on cost. A less expensive policy might not provide all the coverage that you need. Also, an expensive plan might provide services which you don’t want. It’s fairly common for businesses to exclude dental and vision insurance, but you might consider speaking with your employees to see what they want covered. Remember to fully investigate the companies you are considering. If you know people who are covered with a certain insurance company, ask them about their experiences as far as dealing with claims, excessive delays, or bad service. Your own doctors may be a good source of information relating to these concerns. You should expect good, reliable service and efficiency in handling claims from whichever company you choose.
Unfortunately, you need to be aware of widespread fraud in the insurance business and be vigilant in researching the insurance companies you are considering. If a small business health insurance plan sounds too good to be true, it probably is. Fake insurance plans tend to have some common features including dramatically lower premiums than the rest of the insurance market. If they were a legitimate insurance provider, they could not afford to undercut the premium costs to such a great extent. But since they never expect to pay on a claim, it doesn’t matter what they charge. Their sole purpose is to take your premium payments and never return anything in the way of a claims reimbursement. Fake insurance plans also usually accept anyone into the plan- no questions asked. A legitimate provider will want to know the health background of everyone applying for coverage- family health histories, previous illnesses, and especially pre-existing conditions. If the company you are considering doesn’t seem interested in these facts, this should be a “red flag” warning to you!
If you have suspicions about a certain provider, there are several things you can do to find out whether they are legitimate or not. Most importantly, don’t sign anything until you are 100% certain that you are dealing with a reputable company. You can call the Insurance Commissioner of your specific state to verify that the provider is legitimate and has a license to do business in your state. If the company you are researching is registered and licensed, this is a good indication that they are above-board. Most fake companies do not take the time or spend the money to get a license and registration. Also, the insurance company should be willing to provide you with references of other small businesses that they are currently covering. If they won’t do this, you should be extremely cautious! Lastly, insurance companies will have an overall “rating” and you should try to go with one that has an A- rating or better.
Your Guide to HSAs
Health Savings Accounts (HSAs) were created by the Medicare bill signed by President George W. Bush on December 8, 2003, and are designed to help employers or individuals save for future qualified medical and retiree health expenses on a tax-free basis. The main reason people enroll in HSA plans is the huge premium savings. To be eligible for an HSA, you must be enrolled in a “high deductible health plan” (HDHP). Instead of paying high premiums, many employers choose to put part of the money available into a health savings account while the remaining funds are used to obtain an HDHP with low premiums. A higher deductible lowers the premium cost because the insurance company no longer pays for preventative healthcare. Insurance underwriters believe if Americans see a relationship between medical cost and their bank accounts, they will consume less medical care, shop for bargains, and be more vigilant against excess and fraud in the health care industry. Introducing consumer-driven supply and demand and controlling inflation in both health care and health insurance were among the driving forces in the government’s goal to establish these plans.
Opponents of HSAs say they worsen, rather than improve, the U.S. health system's problems because people who are healthy will leave insurance plans while people who have health problems will avoid HSAs. There is also debate about consumer satisfaction with these plans. One major point to consider when deciding if an HSA is right for you is that some plans, albeit few, do not allow the funds to rollover to the following year. So while you might derive some tax benefits, you have to be able to accurately predict the amount of funds you will need for basic medical expenses during the year, or else you will lose the remaining funds in the account.
When choosing any health insurance plan and options, it is always in your best interest to fully research all the companies that offer small business health insurance and know what type of policy is best for you and your employees. You want to be confident that you are dealing with a legitimate health insurance company and also that you are purchasing a plan that is perfectly suited to your needs and circumstances. When you are ready to make this all important decision, you can depend on the people at HealthInsuranceUSA.com to help guide you through the process and give you the reliable information you need to make the right choice for you and your employees.