What to Know When Buying Healthcare for Your Small Business
Updated: Jun 28, 2022
Finding the right health insurance plan for you and your team can be a major undertaking for small business owners. With so many health insurance options available to small business owners –– ranging from group health insurance plans to health savings accounts and everything in-between –– it can be hard to figure out which health insurance plan is the best fit for your business. In this blog from Trusted Referral Network, we will outline the benefits of small business health insurance before offering tips to small business owners to ensure that they make the right choice in a small business health insurance plan.
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Benefits of Small Business Health Insurance
With health insurance costs rising across the country, businesses are also feeling the sting of increased healthcare costs. Small business owners, in particular, are impacted by these rising costs, which may dissuade a business owner from including a health plan in their company's benefits package. In the long run, however, the initial cost of small business health insurance plans is offset by the fact that employees are more likely to stay with an employer that offers competitive health coverage –– meaning small business owners that provide health insurance to employees can attract better talent.
Tips for Buying Small Business Health Insurance
Determine Your Health Plan Needs
Compare Health Insurance Plans
Shop for Health Insurance Plans in Advance
Determine Your Needs
The first step in shopping for a small business health insurance plan is determining your and your team's needs. Businesses made up of 50 employees or more will have different needs in an insurance plan than small businesses with less than ten employees –– and determining your small business health insurance needs before searching for a plan will save you both time and energy. Some small businesses will benefit more from offering employees health stipends (often in health savings accounts), others may get more out of a small group health insurance plan. Understanding the needs of your small business and its employees will make your search for small business health insurance far more efficient and will ensure that you and your team get the health coverage you deserve.
Once you have pinned down your small business health insurance needs, you can narrow down your search even further by comparing plans. Health insurance plans generally differ most in the coverage they provide, the number of employees who can access the plan, and the insurance premiums associated with each plan. There are more small business health insurance plans on the market now than ever before. Even if you narrow down your search to only group health insurance plans, there will still be several health insurance options with their own specific benefits. Narrowing down your search according to premium costs prescription drug coverage, or other benefits that meet your needs will help you decide on the right health coverage for your small business.
Shop Well in Advance
Whether you have an existing small business health insurance plan or not, small business owners can –– and should –– shop around for new health insurance plans sooner rather than later. Business owners do not need to wait for an open enrollment period to start searching for the right plan, and being proactive will give small business owners more time to find the right health coverage for their teams.
Lean on Trusted Referral Network
If you're a small business owner looking to provide health insurance to existing and future full-time employees, you'll want to make sure you make the right choice. Competitive health insurance coverage makes your business more appealing to top talent; it can also show employees you care while saving them (and your business) money.
With all the small business health options on the market, it can be hard to know which to choose –– but Trusted Referral Network is here to help. Our network consists of the best health insurance providers, and we help small business owners make the right choice when it comes to health insurance. Whether you are looking to offer health insurance for the first time, have a plan already, are weighing small business health options, or need help navigating the Affordable Care Act, the team at Trusted Referral Network can help.
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References: 1. https://www.peoplekeep.com/blog/seven-reasons-for-rising-health-care-costs 2.https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/health-benefits-foster-retention.aspx#:~:text=Employer%2Dprovided%20health%20coverage%20is,stay%20at%20their%20current%20job.