Small Business Health Insurance

You have worked hard to build your business. Now, it is time to reinvest in your employees with business health insurance.

Small Business Health Insurance

You have worked hard to build your business. Now, it is time to reinvest in your employees with business health insurance.

Health insurance can help your business by providing you and your employees with quality medical care, and by helping you attract and retain the best employees.  Health insurance laws and insurance plans change annually. There are also many options to choose from. Certainly, it can be quite confusing.

There are 4 common questions that small business owners should consult with when establishing a health insurance benefit.  Learn more.

Is group health insurance required by law?

There is no law requiring small business owners to provide health insurance.  Large employers with at least 50 full-time employees may face penalties if they do not offer coverage under the ACA. However, small businesses with fewer than 50 full-time-equivalent employees will not be penalized if they do not provide coverage.

Is my business qualified for a group insurance plan?

Federal law requires all plans to be sold to small businesses on a guaranteed issue basis. That means small businesses cannot be turned down by an insurance company based on the health status of the group.  Generally, a small business is defined as a business with 2 to 50 full-time employees. This often means, at least one owner and one full-time equivalent employee, or common law employee.

How much do I have to pay?

Generally, employers are required to contribute at least 50% of the monthly premiums for each employee, while the employee contributes the remainder from his paycheck.  Also, there are not specific rules about dependent coverage.  Your insurance contribution may seem expensive as a business owner, but your premium contributions are generally deductible from your business taxes.

When can I sign up for a small business plan?

If you are qualified as a small business, you can apply for small business health insurance at any point throughout the year. You can also add new employees or remove former employees from your health insurance plan any time of the year.

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