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Health Insurance For Small Business

Health Insurance For Small Business

Owner of small business, which is any company with at least 2 employees with a maximum of 50, looking for health insurance, has to buy group plan that benefits both the owner and the employees alike. There are some good benefits with small business health insurance plan as the owner saves on their personal costs on health care, and has increased tax deductions while improving job satisfaction among the employees. Non-profit organizations with two or more taxable employees working full time can avail group health insurance.

Benefits with Small Business Health Insurance Plan

There are quite a number of benefits on having health insurance by small businesses. In addition to having medical coverage for the owner and the employees, the financial risk involved is comparatively lower as premiums are low and the coverage is more extensive. Every member of the company could be brought under the coverage. Undoubtedly, this is a win-win situation.

Another important benefit the employer gets is the large tax advantage. There is a 100% tax deductible for employer contributions towards the health insurance. The employees also save taxes on their payroll.

How Small Business Health Insurance Works

There are different types of small business health Insurance (like fee-for-service, PPO, POS and HMO) and it is the format chosen for the company that applies to the members of the group. One can buy a group indemnity policy. However, for all the pay scale, the managed care plans are quite affordable and hence are more common.

The premiums of health insurance plans differ with respect to the state and company concerned. The cost of the plans depends on the individual members that includes, but not limited to age, health, occupational hazard, tobacco use and business and / or residential location. It is not mandatory for the employees to join group health insurance. However, there has to be a minimum number of insured policy holders (minimum 2) to guarantee coverage. The best part of this kind of insurance is that an individual buying the amount of coverage will have to pay less in group insurance compared to that purchased individually.

The Cost Involved In Small Business Health Insurance

In spite of group health insurance being less expensive compared to a number of individual policies, it does not come cheap. Depending on the laws of the state and that of the insurance company, the employer has to pay a certain percentage of the individual premium of an employee that in most cases is 25 or 50 percent. Also, in the event of an employee planning to extend the insurance coverage to a spouse or any dependent, a certain percentage of the cost may be borne by the employer, which though is not mandatory. There are numerous policy and payment options available to choose.

Risks That Must Be Protected By Small Business Insurance

By having an insurance policy, one can guarantee to cover risks that are not affordable. In this important process, one needs the help of their attorney, accountant and the insurance agent. The different risks that may be protected through insurance are business property, liability insurance, worker's compensation insurance, employment practices liability coverage, life insurance, excess liability coverage and some other types of coverage like auto coverage and health insurance plans that depends on the size of the business.

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