This article discusses what small companies can do for health insurance.
Small companies are the U.S. economy’s backbone, which means that the responsibility of offering affordable health insurance to many American workers falls to small business employers. Chances are, you are a small business owner comparing the benefits and drawbacks of offering employee health insurance and determining what group health plan to provide. This article discusses what small companies can do for health insurance.
Defining Health Insurance
According to healthcare.gov, health insurance is “a contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium.” Or you can buy health coverage as an individual or as a group. Healthcare.gov also defines group health plan as “a health plan offered by an employer or employee organization that provides health coverage to employees and their families.”
The MWE Partnership offers a powerful and diverse catalog of group insurance products to companies with as few as 100 employees. We also provide individual products if your small business doesn’t qualify for our group voluntary insurance products. You and your employees will get to experience The MWE Difference and notice the convenience and affordability we can bring to your business. Call The MWE Partnership today at 410-394-9617.
Are Small Companies Required to Provide Health Insurance?
The Affordable Care Act states that small businesses with fewer than 50 workers don’t have to offer health coverage to their employees or pay a no-coverage penalty to the IRS. That doesn’t mean they should not provide health insurance benefits. Regardless of the employer’s size, health benefits are significant to most workers.
Even though most health insurance policies can be expensive, can you afford not to? With other small companies offering health coverage, consider them as an investment. Overall, this will lead to higher-quality employees.
When is the Best Time to Offer Health Coverage?
If you are a small company or startup without health insurance benefits, now is the ideal time to search for a policy if you have the budget. Health insurance coverage must be a priority for small business owners to maintain morale and build their reputation. Providing health benefits may also depend on your company’s size. If you only have a few employees, you may not be ready to jump in and prefer to grow first. Ultimately, offering various plan options is best to ensure participants find a suitable healthy policy.
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!