Small business health insurance policies are available to companies that have at least two full-time employees, and is conducting a legitimate business that has a license or fictitious name filing, articles of incorporation or articles of organization. The company seeking group coverage must also be able to meet the minimum requirements of the provider for the employer's contribution towards the premium. The fact is well known that employees value health coverage second only to compensation when looking for employment.
It could be argued that with the provision of small businesses health insurance, the ownership helps to ensure the best employee cooperation in the company because the workers want to continue to work there with such valuable benefits. Policies purchased by smaller companies are generally more expensive than that offered to larger companies due to the fewer number of people covered. But sometimes this handicap of fewer participants can be overcome by combining coverage with other few-employee companies and cooperate to have a single management company take care of their payroll, billing, and insurance. Small businesses health insurance premiums then become more affordable and the coverage more inclusive of benefits usually excluded due to cost.
The business owner benefits from small businesses health insurance as well. By providing such a valuable benefit for his employees, his family can also be covered by the small business health insurance at a lower premium than possible with separate family coverage. The company can deduct one hundred percent of premiums paid from income tax, and in addition, purchasing this coverage can result in a reduction of payroll taxes. Employees can pay their part of the premium with pretax dollars as an additional benefit.
Different types of small business policies are available. The first is an indemnity policy, which is a fee-for-service plan, and offers a much broader choice of doctors and hospitals. A less expensive small business health insurance plan is the managed care insurance. However, the choice of doctors and hospitals are limited with the PPO, HMO, and POS plans of managed care.
The modern small employer has the advantage of acquiring any of these health plans completely on the Internet, if they choose to, after reviewing all the options. Brokers assisting the plan administrator with the search for small businesses health insurance can limit the search to a specific geographic area. With today's medical costs, everyone needs some kind of health insurance. While the cost is prohibitive for an individual, it is necessary that employers help with this very important matter whenever possible. If employees can be viewed as partners in making the company a success, then providing wellness benefits is a simple and meaningful way to care for them. "That thy benefit should not be as it were of necessity, but willingly, ...that thou shouldest receive him for ever; not now as a servant, but above a servant, a brother" (Philemon 14-16).
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