If you have ever wondered about small business health insurance, then you are not alone. Small businesses are a vital part of our economy and without them there would be no economy. However, the problem comes in when you consider what they offer. Small business health insurance is basically an added insurance benefit for your business to help offset the costs of healthcare coverage for its employees. Small businesses get this all for free.
There are many small businesses in America and if you do some research into them you will find that more than fifty percent of them are not covered by some type of health care insurance policy due to cost. That is huge. Many businesses fail because of the inability to afford these policies. However, with the right tools and information you can be on your way to getting that type of coverage for your small business.
The first step for any entrepreneur considering getting insurance for their business is to take a close look at their daily operations. There are many small business owners who believe they are already covered by their company’s health plan. The truth is that only about ten percent of small businesses actually meet that criteria. For the small business owner that does qualify for coverage there are many options available to choose from. In addition, it’s important to note that there is a lot of flexibility in terms of choosing the physicians and hospitals that participate in the plan’s network.
Another important piece of information to note is that about thirty percent of all small businesses do not have any participation in the program. There are a number of reasons for that. The most common were that the respondents did not know about it, were not aware that it was available, did not think it would be of value to them, or that they believed they would not need it. You can get more information about Small Business Insurance Quotes Online.
As is typical for new businesses, the first few years are relatively slow. By the third year, though, the growth has stalled out and the new businesses are growing much more slowly than other companies. At this point, about one-third of new businesses (nearly one-half) are not participating in the HSA. As is the case with many other types of insurance, the type of policy and amount of coverage offered by the HSA vary greatly by insurer. That said, there are many benefits for enrollees.
One of the greatest benefits to the small businesses that do participate is the potential to obtain an employee wellness discount. Most employers offer some sort of discount. However, the cost is usually quite high. It is possible that enrollees can receive a substantial premium reduction simply because they have increased their healthy behaviours. This could have a great impact on their bottom line over the course of time.