Intro for Small Business Health Insurance
Health insurance is a kind of contract between you and the insurer. It means that the insurer will pay for your treatment charges or provide the compensation if you get ill. Now, here insurer means the company from whom you buy the insurance and insured means the person to whom insurance is provided. As a matter of fact, the owner of the policy is the one who pays for the policy. It’s not necessary that the owner of the policy should always be the insured and vice-versa. So, we will discuss a bit about health insurance first and we will then move towards the main topic I.e. Health Insurance for Small Business. So, let’s begin.
The health insurance provider can either pay your treatment charges cashless via its network of hospitals or it may provide you with the compensation. In both cases, you will get whatever the amount needs to be given. Now let’s understand how cashless payments are done by health insurance providers.
Many hospitals or certified medical treatment centres are registered with the health insurance provider. The term “Panel” is sometimes used to describe the hospitals registered in the database of the insurer. So, in case you ever get ill then you need to get yourself admitted in one of the registered hospitals available in the panel of the insurance provider.
Why is Health Insurance for Small Business important? (Part 1)
There are many factors for why to consider buying small business health insurance. Let’s discuss why small business health insurance is necessary?
- There are many benefits available in the group coverage.
- It provides trust, job satisfaction and respect for business when you are recruiting new people.
- It is not necessary that all of your employees will be able to receive proper treatment for their sickness. This is because many people do not take proper treatment for lack of money. Therefore, small business health insurance ensures that your employees stay healthy. It provides them with a financial base for their sickness.
- The employees will be happy if your business provides them with health insurance. This is because it will instil a feeling that your business cares for its employees. This will lead to building trust for your organisation. Therefore, your employees will be happy always.
- Small Business Health insurance for your employees will ensure that they are always healthy. This will increase their productiveness. High productiveness is in itself good for your business. It will lead to even bigger profits for your business.
Why is Health Insurance for Small Business important? (Part 2)
- Tax Benefits – You will receive tax benefits too. This is another good reason to choose this insurance.
- Your employees will enjoy their increased job security. Afterall who doesn’t like job security? This will also be a significant factor in keeping your employees satisfied with your business working environment.
- Respect for your business – You must have seen employees who want to change their companies every time. This is a big loss for the business. Such policies help in establishing confidence in them and thus they won’t leave your company soon.
- Bounded by law – It does not depend on your choice. By law, if you have got 50 or more employees then in any way you have to provide them with health insurance. No doing so is a violation of the law.
How to find the best business insurance?
- Contact small business health insurance companies directly – This is the best method of getting small business health insurance. Contacting them directly will help you in understanding the pros and cons of the policy properly. They may also provide you with special offers if possible.
- Partner with purchasing alliances – Your company may also partner with alliances to get the policy without contacting the companies directly.
How to choose the best policy
This is the most difficult part of small business health insurance. And maybe the most important too! It is not just about buying the policy. There are a lot more other things you have to see other than that. You need to see how much easy the process is. No one likes to be stuck in a complex insurance policy. Documentation, verification, etc are a lot of things which are important to be seen first.
5 Best Small Business Health Insurance Companies
Now let’s discuss the small business health insurance companies.
- UnitedHealthCare – This company is a part of the UnitedHealth group in the US. A very good feature of this insurance is “virtual visits”. Both employees and employers will definitely like this. It provides you with an option to get a prescription and chat with a doctor online 24×7 without an appointment. There is also a health discount program that covers up to 50% of your treatments like dental care, laser eye surgery, etc.
- Humana – This is the best option for small business health insurance if you want to save taxes. It provides insurance to businesses having employees anywhere between 2 to 50 people.
- Bluecross/Blueshield – This is the best option if you want a large network provider. That is because it operates in over 170 countries and has covered approximately 100 million Americans by now. It offers health insurance to companies with 50 employees or less.
- Kaiser Permanente – This is a managed care organisation where people can receive medical care from the Kaiser foundation. The plan options vary as it depends on which state you are.
So, as you saw in this article. Having small business health insurance is very important. In fact, it will be the violation of the law if you don’t provide health insurance to your employees if he strength is 50 or less. Health insurance for your employees instils trust in them and in return your employees work with dedication. Your employees will fell that you care for them. Therefore, you must consider buying a small business health insurance policy for your employees.