Understanding Insurance Adjustments

Group Health Insurance For Small Businesses? Yes, You Can!

Most people tend to think that group health insurance is only for medium to massive businesses, not for small businesses. That simply is not true. There are a number of providers that offer small business owners group plans for their employees. Just to get an idea of what you can get for your employees, here are some of the typical offerings of insurance providers for small business owners. 

Insurance for Ten or More Employees

Plans for any small business with less than ten employees is extremely difficult to come by. More often than not, you will find policies and providers that are willing to work with you if you have at least ten employees (yourself included, which helps). These plans work to provide some basic coverage for reasonably healthy adults, and include discounts on several commonly prescribed medications. The cost for the group policy can be split as a fifty-fifty expense between you and your employees, where employees pay half and you pay half. However, it is more common to offer a group policy at a discount, but then the employees shoulder the cost of their own policies within the group policy terms. 

Insurance for Twenty to Fifty Employees

These policies vary widely, but the benefits and costs are even better. If you have at least twenty employees, but not more than fifty, you can look into several more policies by multiple companies that offer this type of small business group health coverage. They will extend various ways of paying for the policies according to your and your employees' needs and ability to pay. 

Insurance for More Than Fifty to One-Hundred-Fifty Employees

Beyond one-hundred-fifty employees, you would qualify for a large group insurance plan. In between fifty and one-hundred-fifty employees, there are the group plans for businesses and companies that are still considered small, but are approaching the medium- to large-sized companies. These policies have lots of additional features you can select, including dental and vision coverage as addenda to health and medical, or you can just choose health and medical for your employees. The costs are much lower because they are spread out over the greater number of employees working for this size of small business. Talk to several insurance providers to see the different options, addenda in coverage, and varying levels of coverage you can offer your employees. It may be helpful to select more than one plan.