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What Is The Best Health Insurance For Small Business Owners?

As an employer, you may be asking yourself, “what is the best health insurance for small business owners?”

It’s understandable that you want to find reasonable options for your employees that won’t also break the bank.

For many small businesses, offering healthcare coverage is a challenge. This is typical because it can be costly. In fact, it can cost as much as $409 per month for small group health insurance, and about $440 for an individual plan. Initially, it may not sound like much compared to larger corporations. Yet, it’s difficult for smaller businesses to shell out this kind of cash when there are only a small amount of employees.

Of course, the pandemic continues to play a big role in the number of people who are going without health insurance coverage. The Census Bureau’s Poverty Statistics Branch found that nearly 28 million people in 2020 did not have health coverage. This amount is nearly 2 million more than those who didn’t have coverage in 2019. Many dentists are now turning to membership-based plans to get people in their chairs.

Nevertheless, for many reentering the workforce, the hunt is on for jobs with health coverage. And the market is fierce.

So, what is the best health insurance for small business owners? Here’s what you should know.

Need help navigating health insurance as a small business owner? Diana Reeves can help.

What To Know About Health Insurance For Small Business Owners

Whether you’re interested in the Marketplace, PPOs, or other options, we’ve got you covered.

The SHOP Marketplace

As a small business owner, you have a lot on your to-do list. One of those items is likely health insurance coverage for yourself and your employees. Many small business owners have questions about the Small Business Health Options Program (SHOP). To start, SHOP is for small businesses that have 50 or fewer full-time employees. It’s otherwise up to the employer to offer part-time employees coverage. You can use the Full-Time Equivalent or FTE Calculator to see if your business qualifies.

Then, 70% of those employees need to accept coverage. After you’ve met these requirements, you can shop plans for coverage based on the state your business is in. There are separate coverage options if you have a business that operates in more than one state.

Qualifying For The Small Business Health Care Tax Credit

There are a few exceptions for how small businesses have purchased a SHOP plan to receive credit based on the following criteria:

  • You’re a for-profit or tax-exempt organization
  • The average employee makes about $50,000 a year or less
  • You have less than 25 full-time employees
  • You pay half the cost of premiums for single coverage health insurance for your employees

As a small business, every cent counts. This is why a health care tax credit may be the best way to see some of that money go back into your pocket.

Private PPO Options For Employees

Looking for health coverage options yourself can be confusing. Not to mention, you have other areas of your business that need your attention. That’s why there are private PPO options available. They are particularly popular for small businesses and self-employed individuals. 

Through a private PPO plan, you have the advantage of choosing your own healthcare provider. You can also have coverage tailored more to your needs. You can even get access to coverage like Medicare.

Private PPO healthcare can offer:

  • Personalized attention
  • More state-of-the-art facilities
  • Shorter wait times 

Need help identifying the right healthcare plan for you and your small business? Contact Diana Reeves.

Self-Employed Options Through Healthcare.gov

You’ve been dreaming all your life of a self-employed position that allows you to do what you love while living comfortably. It’s a dream many Americans feel hesitant to start. One of the reasons includes having adequate healthcare for themselves and their families.

If you’re self-employed or considering a role where you will be self-employed, you may be worried about healthcare. But you don’t have to be. There are healthcare coverage options available for those who work freelance or other self-employed jobs. 

Healthcare.gov also considers those who own their own business but have no employees. The Individual Marketplace offers plans for individuals and families. Similar to choosing other plans through an employer, you have the option of selecting a lower premium with higher cost-sharing or higher monthly payments and lower cost-sharing. 

In addition to finding the plan for you and your family, you can access premium tax credits and other savings. 

When Can One Enroll For Marketplace Coverage?

You can enroll during the open enrollment period, which is from November 1st to December 15th. You can also enroll if you have one of the following qualifying life events – household changes or changes in residence.

Household chances may include:

  • Marriage
  • Divorce
  • Legal separation
  • Birth of baby
  • Adoption of a child
  • Placed a child for foster care
  • Death of someone on your plan

Changes in residence may include:

  • You’ve moved and now have a new ZIP code or county change
  • You’re moving from another country or U.S. territory to the U.S.
  • As a student, you’re moving to or from the place you attend(ed) school
  • As a seasonal worker, you’re moving to or from the place you both live and work
  • Moving to or from a shelter or other temporary housing

There are other instances in which you can enter open enrollment, take a look here.

Diana Reeves Simplifies Health Insurance For Small Business Owners

You have enough to worry about running your own business and managing your employees. Diana Reeves helps small business owners just like you navigate health insurance options based on your needs. If you’re paying for health coverage, you want to be sure you’re getting the most for your money.

Diana Reeves Health Insurance can help answer your questions about health insurance plans, options, and more so you can make a smart buying decision. As a business owner herself, Diana understands the concerns many small business owners have and helps answer the question: what is the best health insurance for small business owners?

If you’re a small business owner and you’d like to know your options for healthcare coverage, contact Diana Reeves today.

How The Small Business Labor Shortage Affects Health Insurance

How The Small Business Labor Shortage Affects Health Insurance

It’s no secret that the recent supply chain disruption has impacted companies across the world. Even more so, the small business labor shortage affects health insurance unlike never before. 

While it may be surprising to hear, there are some solutions to finding health insurance that fit the way current small businesses operate – even with fewer employees on hand.

The pandemic has made things more difficult for small businesses across the nation. As many as 200,000 small businesses closed within the first year of the pandemic alone. Surviving companies may be facing new challenges as the ongoing small business labor shortage affects health insurance costs and expectations from future hires.

Recent studies are telling us what we need to know. As a small business owner, are you prepared to take on the impact of changes to health insurance for your employees?

Don’t want to go it alone? If you need detailed help navigating health insurance needs for your business, contact Diana Reeves.

How The Pandemic Labor Shortage Affects Health Insurance For Small Businesses

The nationwide labor shortage is taking a toll on small business owners. Employers everywhere have made changes to aspects like:

  • Minimum wage
  • Overtime pay
  • Hours
  • Bonuses
  • Time off

However, 15% of small businesses have opted to improve health insurance benefits to get applicants through the door. But for many businesses, it simply is not enough. Let’s take a look at some of the most common reasons for the labor shortage taking place at the moment.

  • The Pandemic. A number of potential employees have continuing health concerns because of COVID-19. In addition to these health concerns, you’ll often find those who are worried about others not being vaccinated if they were to return to the office. 
  • Lack Of Support At Home. Other employees may be the sole to elderly family members, children, or those with health concerns. As a result, those roles have taken precedence over working.
  • Industry Shifts. The pandemic has either forced or freed employees to leave certain industries for others. And those who have left industries, such as foodservice, healthcare, supply chain, and manufacturing, may not have any plans to return.
  • Unemployment Benefits. An increase in unemployment benefits and stimulus packages offer more incentive to stay home and wait out the pandemic in hopes of an improved economy. Many who are on unemployment benefits may also be waiting for better working conditions or the ability to work and maintain household responsibilities.
  • Retirement. About 28.6 million Baby Boomers (born between 1946 and 1964) stated they were retired in the third quarter of 2020. This number of retirees is up 3.2 million more than last year during the same period. An increase in retirees means fewer people going back to those same industries they once worked in.

Why Improving Benefits Matters

Health insurance costs for small businesses vary. However, if other small businesses are improving benefits, those small businesses are likely shelling out more money to keep up with the demand for better jobs and benefits.

An eHealth research report said, “The average per-person premium for small group health insurance was $409 per month in 2018.”

As employers take a look at the current labor shortage, they are likely analyzing how much more can be spent to keep employees satisfied with the health benefits being offered to them. Increasing the quality of health insurance is no simple undertaking, but could have additional benefits for employees returning to the workforce post-pandemic.  

Mental Health Support

What has long gone as taboo in the U.S., support for individual mental health is now on the rise. The pandemic has and will have a lasting effect on people’s mental health.

Even before the pandemic hit, nearly 20% of adults experienced a mental illness. As that number continues to grow, mental health is on everyone’s mind lately. This means individuals are on the hunt for jobs with better mental health support through added benefits.

Preventive Care

Many people missed out on what would have been regular doctor, dental, and vision appointments in the past year. However, they’re looking forward to employment opportunities that will allow them to return to those health check-ins without having to spend too much money to do so.

Preventive care is critical for both employees and employers. Adequate upkeep of preventative health means fewer sick days and less time spent away from work visiting healthcare facilities.

Furthermore, having health concerns addressed faster, with more efficiency, and set at a more affordable price point through better benefits means less stress, anxiety, and depression for employees.

What You Can Do As A Small Business Owner

As a small business owner, it’s understandable that adjusting your budget for health insurance benefits sounds stressful. The available options seem endless and confusing, and every other business owner you know says something different. But you do have options.

You can go about browsing for health insurance on your own or partner with an agent who’s familiar with small business health insurance. An agent can help you search for a plan that fits your budget and business size. They can use their network of providers to compare and build a plan that fits your needs.

Find an agent with comprehensive health insurance services who offers the following:

  • Medical
  • Vision
  • Critical Illness
  • Dental
  • Accident
  • Income Protection

Diana Reeves Helps Small Businesses Know Their Health Insurance Options

Deciding to make changes to your health insurance plan as a business owner can feel overwhelming. That’s why choosing an experienced agent like Diana Reeves is an important step when it comes to knowing your options. You don’t want to end up selecting the wrong plan or paying way too much for a plan that simply isn’t right for you. If studies have shown that the small business labor shortage affects health insurance, it’s likely going to impact your small business. 

Contact Diana today to get started on a customizable plan that works for your small business.