Small businesses are the U.S. economy’s backbone.
Small businesses are the U.S. economy’s backbone, which signifies that the responsibility of providing affordable health insurance to many American workers falls to small business employers. Chances are, you are a small business owner comparing the pros and cons of offering employee health insurance and determining what group health plan to offer. Keep reading to learn what else small businesses can do for health insurance.
What is Health Insurance?
According to healthcare.gov, health insurance “your health insurer is under contract to pay some or all of your health costs in exchange for a premium.” Or you may purchase health insurance as an individual or as a group. Healthcare.gov also defines group health insurance as “an employer or employee company that provides health plans to employees and their families.”
Are Small Businesses Required to Offer Health Coverage?
The Affordable Care Act clearly states that small companies with fewer than 50 employees do not have to offer health insurance benefits to their workers. They also don’t have to pay a no-coverage penalty to the IRS. That doesn’t signify they shouldn’t provide health insurance benefits. Despite the employer’s size, health benefits are significant to most employees.
Even though health insurance plans may be expensive, can you afford not to? With other small businesses offering health insurance benefits, think of them more as an investment. As a result, this will lead to higher-quality employees.
The Ideal Time to Offer Health Coverage
If you are a small business or startup without health insurance benefits, now is the best time to seek a plan if you have the budget. The longer you wait, the greater the risk of losing good talent. So, health insurance benefits must be a priority for small businesses to maintain morale and build their reputation. In addition, offering health benefits might depend on your company’s size. If you only have a couple of employees, you might not be ready to jump in yet and prefer to grow first. Remember that health insurance coverage has become an expectation for employees at the smallest companies.
Overall, your employees have various healthcare needs and budgets, so offering different plan options is ideal to ensure those who want to participate can find a suitable plan.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!