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As a small business, it can feel impossible to
shop for health insurance. You know you need something you can afford and
something that fits your employees’ needs, but you’re not even sure where to
begin. Depending on the size of your organization, you might even be required
to offer coverage under the employer mandate.
Either way, you need to get your biggest questions answered. Before you start your search for small business health insurance, read through these 4 things you need to know. You’ll be on your way to buying health insurance with confidence in no time.
Do You Actually Need Health Insurance?
First, you need to figure out if you’re required
to have group health insurance. In general, this will depend on the size of
your company. While the individual health insurance mandate that requires every
individual to have health insurance is no longer in effect, some employers are
still required to offer health insurance.
If you have the equivalent of 50 or more full-time employees for at least 6 months during the year, you’re required to offer what’s known as basic minimum coverage. However, even if you’re under that 50-person requirement, you still might choose to offer health insurance. In general, having a comprehensive benefits package that includes quality health insurance will help you attract and retain the top employees.
2. Can You Purchase Group
Insurance as a Small Business?
There’s a lot of confusion around what’s considered a “group” when it comes to health insurance. Usually, we only think of group insurance in the form of big enterprises that have a lot of purchasing power. While it’s true it’s simpler for these types of companies to get coverage, you can sometimes buy group health insurance plans with as little as one e… Read More
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