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Tips for Small Business Owners Shopping for Health Insurance
from:When going into business on your own, it is hard to look past the overhead cost you have just sunk into it. There several other issues that needs to be on the forefront of your business now. As you hire people to work for you, what are you going to be able to offer them? In today’s market employers must offer competitive wages and benefits to attract and keep good employees. Small business owners who have less than 20 employees are not required to provide medical insurance but if you want high quality workers, you better get it. There is a high demand for small business owners to provide health care benefits. With the rising cost of medical treatment, most people cannot afford to not have health insurance and will gladly leave a job that doesn’t off it. Some people prefer to have a slightly lower wage than not have benefits. When you offer your employees benefits that save them long-term money, it makes them want to stay with you and not go somewhere else.
The new trend in the job market is that the low-wage hourly workers, the people most like to be uninsured, are now being offered medical plans in their budget ranges. Small restaurant owners, day care providers, and other small businesses are realizing that to get good people to stay, they need to offer them an incentive. Almost all people expect heath benefits today to be in their benefit packages. This can be costly to you, the small business owner, because the best group rates are for large companies with lots of employees. You might find yourself forced to give a higher premium to your employees, but having the benefit is better than nothing. Plus even though they pay a higher premium, it is still much less expensive than a private rate for them. You need to stay competitive though and not offer something that is truly different than all other businesses, including large ones. If the overall cost to the employee is so high, then they might just decide to go work somewhere else.
Find out what your employees need the most and purchase plans that fulfill those needs and not a bunch of things they are not interested in. Most basic plans can cover routine doctor visits, sick visits, hospitalizations, medications, and emergencies and still be a reasonable price. You might want to look at what larger companies offer and see if you can make some of that work for you and your employees. The playing field is not fair for the small business owners; premiums are higher and more expensive than for larger places. But there are many ways to get a good package that is still reasonable in cost. Make sure you know what types of coverage is mandatory and what is not. Some states have requirements on such things like fertility treatments that even though your employees might not need are a necessity. These types of necessities are what make it so hard for the small business owner to provide affordable health coverage.
Don’t despair, there is still hope. There’s no question about it that small businesses are in a tough spot. You are not powerless though by any means. There are several options including having the employee pay more of their own premium, having higher co-pays for employees, making sure you have an HMO verses a PPO, and also having the plans be just for the employee rather than offering a family plan. You can also save money in what type of prescription drug plan you are going to offer. Many doctors are offering more medical treatments for correcting diseases and disorders verses more costly invasive procedures. With higher drug costs and most of that cost having to be passed to the employee, it might be better to offer a drug plan then to have that included in the health package. The employee will pay a very small premium for this benefit and save 50% or more on their prescriptions. If you decide to include prescriptions in your over all plan, think about having higher co-pay at the pharmacy. So, instead of a smaller $5-$10 co-pay you might have it raised to $20-$30 to save money on the monthly premium.
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