Small Group Solutions
While the law does not require it, many small businesses offer health insurance as a way to attract and keep employees. As a business owner, you may choose to offer your employees dental, disability and vision benefits as well. Studies have shown that healthy employees boost workplace morale and reduce days lost to sick leave.
Health Insurance and Cost Concerns
A business, especially a small one, must watch its budget carefully. Today, insurance providers have designed a range of ways for employers to offer health coverage at a price that fits the company’s budget. Cost-saving plans, for example, allow the employer to share expenses with employees, or to use a Health Savings Account (HSA) to help employees save tax-free for their own healthcare costs.
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Small Group Health Insurance Options
The Small Employers Health Care Access Act ensures that a small business can get an insurance plan for its employees, regardless of the health history of any individual.
The options available to small businesses are essentially the same as those existing for individuals. Both traditional (Fee for Service) and “managed care” plans (HMOs and PPOs) are available. It’s always up to the employer to choose which plan or plans to offer his or her employees.
As with individual plans, small business HMO plans usually offer a wider range of benefits to their members at a lower overall cost. HMOs require, however, that members use the HMO’s health care providers (doctors, hospitals, etc.) exclusively.
PPO plans offer their subscribers a greater degree of freedom in selecting health care providers while still keeping costs fairly low.
Traditional (Fee for Service) plans offer the greatest degree of freedom but also have higher costs and usually require more paperwork.
Small businesses can also offer more comprehensive coverage by adding on benefits, including Dental, Vision, Pharmacy or Life insurance, to suit their company’s needs.
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