As a small business owner, you’ve no doubt put some thought into the prospect of offering health benefits to your employees (not to mention providing them for yourself). Although businesses under a certain size (with fewer than 50 employees) are not required to provide insurance benefits, a situation that won’t change under the implementation of Obamacare, you may want to find ways to offer healthcare options in order to remain competitive, since you likely won’t be able to offer the highest wages in the industry and you might be looking for extra incentives to interest qualified candidates for hire. However, there’s no getting around the fact that offering such benefits can be expensive, and for the small business on a tight budget, it could seem like an impossible proposition. But we are part of a vast consumer marketplace, and as such, there are always options to consider. So here are just a few ways you might be able to secure the insurance benefits you want for yourself and your employees when you run a small business.
The first thing you should know is that Obamacare may work to your advantage where insurance benefits are concerned. While businesses with more than 50 employees will have to provide benefits or pay a penalty, those with fewer than 25 (full-time) employees may actually receive incentives such as tax breaks and/or tax credits to help them should they decide to offer healthcare benefits. The SHOP exchange will offer small businesses the same access to quality healthcare that larger businesses enjoy, but the addition of tax incentives will actually make this type of coverage affordable. With this kind of assistance, your small business may be capable of finally providing the benefits that most modern employees expect.
However, you might not want to wait for Obamacare to go into full effect, especially if employee retention is a problem for your business and you feel that your lack of healthcare benefits is to blame for this state of affairs. In this case you might want to consider group health insurance options for small businesses. In many cases these plans are tailored to the specific needs of a small business enterprise, and a group plan can likely offer you the best options. Generally speaking, employers pay as much as half of the premiums for their workers, who then pay the other half. The good news is that you may be able to deduct these costs come tax time. In addition, group coverage is available to anyone, regardless of medical history, giving you greater opportunity to offer incentives to employees.
Of course, there are other options. You should definitely exercise due diligence when it comes to shopping around for insurance benefits for your small business. You must compare providers, medical groups, or plans specifically for small businesses that get you and your employees insured at a price your business can afford. So check out websites like CustomHealthPlans.com that offer the assistance and options you need to find the healthcare benefits that are right for your business. It may not be cheap, but with help you can find a way to make it work.