One of the most satisfying, challenging and exciting endeavors anyone can take part in is building a business. In the United States, depending on how you define it, there are tens of millions of small businesses.
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“Although the majority of small businesses employ less than 100 employees, they are responsible for millions of new jobs created over the past few years. In fact, there are currently 61.2 million small business employees in the United States, and they make up nearly half of the (46.8 percent) of the US workforce.”
California is the state with the largest number of small businesses – 4.2 million. In fact, the Golden State is home to 40 percent more small businesses than Texas, the state with the second largest number of small businesses in the United States.
This fact plays an important role in the cost and availability of health insurance in California, among other things.
When it comes to running and managing a small business, owners often face many enormous challenges and responsibilities. Among these advantages is the provision of appropriate benefits to its employees. It also means finding the right health insurance coverage for them.
Considerations when choosing health insurance for small businesses
As a small business owner, the main focus when considering health insurance options should be on coverage, the number of employees you have, employee premiums, and overall affordability. The search for affordable health insurance is of course crucial, but cost alone shouldn’t be the only determining factor.
Another important consideration is whether it is beneficial to choose plans that include vision insurance and dental insurance options for employees.
Most small business owners and small business owners are well aware that offering health insurance as an essential employee benefit can help attract and retain good employees while providing various tax benefits to the company. Plus, getting health coverage for a small business doesn’t have to be a painful task.
In fact, there are several ways to find and choose health insurance, including contacting insurance providers directly and using a qualified and reputable broker such as JC Lewis Insurance.
As a small business owner, you can purchase a health plan either through an agent or licensed insurance company, or through Small Business Health Options (a store) the shop.
If you want to purchase a SHOP plan, you must have at least one full-time equivalent employee (FTE). At least one employee must be enrolled in the plan in order to be able to register yourself. Family members (including spouse), partial owners, or partners of your company are not considered employees.
Purchasing a SHOP plan may also provide eligibility for a health care tax credit. The maximum tax credit covers 50 percent of premiums paid for health coverage.
To be eligible, a small business must:
- Have less than 25 full-time employees
- Pay an average wage of $56,000 per year or less per full-time equivalent
- Offer a qualified shop plan to your employees
- Pay 50 percent or more of coverage costs (employee coverage only, not family coverage) for each employee
What Small Business Owners and Employers Should Consider When Choosing Their Insurance
There are many factors to consider when making a large business decision such as finding, selecting, and purchasing health coverage for a small group for employees.
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“There is no one-size-fits-all when it comes to health insurance. Depending on your needs, you’ll want to consider Monthly installments, each plan’s provider network, prescription brochure, and out-of-pocket costs. All of these factors will work in determining the plan that best fits your needs and budget.”
Here is an overview of Key considerations When choosing health insurance for small businesses:
- cover – If you qualify for a small business health insurance plan, your coverage is generally guaranteed to be issued by the insurance company. This means that you, your employees, and your dependents cannot be denied coverage based on pre-existing medical conditions.
- Number of Employees. To qualify for small business health insurance coverage, you must have at least one employee on your payroll. However, some states allow you to set yourself up as a business owner and employee.
- employee premiums. You must pay at least 50% of your employees’ monthly health insurance premiums. The minimum percentage may vary by state or your insurance company.
- Shopping for coverage. As a small business owner, you can shop for health insurance coverage at any time, without waiting for your current plan to expire or an open enrollment period. Once your new contract expires, you have the option to renew or shop for a new plan.
Ultimately, there are many factors and considerations that come into play when finding and choosing the best health insurance coverage for a small business. This is why one of the best strategies is to partner with a company that knows the needs of business owners and the ins and outs of health insurance plans.
JC Lewis Insurance – Your Partner in Small Business Health Insurance
JC Lewis Insurance is ready to be your insurance partner, and we offer only high quality health insurance plans from leading health insurance companies licensed to do business in the states in which we operate.
As a family owned and operated health insurance agent in California, located in Sonoma County, we specialize in finding and managing medical insurance plans for small businesses, as well as for individuals, families, and people with Medicare.
We are not only expert brokers, but we are also licensed and approved by each of these insurance companies to offer coverage to individuals, families and small group employers as well as supplement and prescription drug plans for seniors.
For small business owners and employers who want it Provides health coverage benefitsWe are experienced and highly respected guides in this field as well. Additionally, if you are self-employed, or if your current employer does not offer health benefits, an individual or family plan may be the best option for you.
We also understand that if you are looking to purchase medical insurance for you and your family, you will likely have many questions and concerns. Bring your Questions about health coverage Insurance You can be confident that JC Lewis Insurance Services will help you find the right solution.