Affordable Small Business Health Insurance
Many small businesses want to provide health insurance for their employees but find that the cost is prohibitive so they are forced to forego this type of benefits package. There are actually affordable small business health insurance products on the market that make it possible to provide adequate coverage for your employees. You will find that some insurance companies have minimum requirements, such as a minimum of 10 employees in order to qualify for that particular insurance, but if you look around you will certainly find health insurance that provides adequate coverage at affordable prices.
Although the statistics vary from year to year, current estimates place Americans who are insured through their places of employment at approximately 60% with approximately 15 to 16% of Americans being without any insurance whatsoever. Also, a minimum of 42% of Americans are either uninsured or underinsured. Many of those who are underinsured, unfortunately, are those senior citizens who rely on government sponsored Medicare. Looking at those disconcerting statistics, it is obvious that many people are simply uninsured because there is nothing available to them that they can afford.
This is where the dilemma begins. Small businesses believe they are unable to provide health insurance due to cost but those very employees also cannot afford to take out private health insurance plans. The solution is easier than you think. Since there are affordable small business health insurance plans that can easily be managed by both the employer and employee, at least 20% more of the population could actually carry health insurance.
How to Find Group Health Insurance Rates for Small Businesses
By doing an online search it is possible to find reasonable rates simply by answering a few questions. Most insurance sites have a small questionnaire that takes only moments to fill out and at the end will match you with at least a few insurance companies that carry products that meet your needs. To begin with you would need to enter your zip code so that a company or companies can be found which are licensed to sell health insurance in your area. Next you would need to enter a number of employees to be insured so that the appropriate group rate can be found.
You may also be asked to choose between a number of optional coverages such as vision and dental as well as short or long term disability. Some employers pay only a portion of the health insurance policy and the optional coverages are paid in whole by the employee who elects to carry those coverages. However, by offering those coverages the employer may receive a discount based on the increased revenue an insurance company expects to make.
Small Business Classification
Again, what constitutes a ‘small business’ classification in terms of group health care eligibility varies from company to company and from state to state. However, in general, small business health insurance is available to companies that have anywhere between 2 and 50 employees on the payroll. Since each state has its own criteria as to what constitutes a small business, these qualifications must be met in order to get ‘group’ rates. One thing that is of prime importance and is significant when looking for affordable small business health insurance is the fact that Federal Law prohibits that company from being refused group health because of the health of one of its employees.
New legislation within the past decade or two makes it possible for employers to acquire affordable small business health insurance but unfortunately not many people are aware of this. Over time these laws are continuing to change so that within the next decade most Americans should have health insurance available to them. To find the best rates just do a quick search, compare several companies side by side and you will finally be able to provide your valued employees with much needed health insurance.