If you have just started a small business, there are a lot of things you need to think about. Many people think starting their own business is quite an easy process; all you really need is an idea and some time right? That is actually very wrong. Yes, you need a good idea, yes you need some time, but you also need a whole lot of other things. You need to write a business plan, you need to get a business loan (unless you have some serious cash behind you), you need to think about kitting out your business premise and you need to think about your staff. One thing you need for your staff is their health insurance and it really is very important that you get this right.
Finding Health Insurance for Staff
It may seem a daunting task to find the best kind of health insurance for your staff. Although it certainly isn’t easy, and you have some important choices to make, the Obamacare legislation is certainly making things a little bit easier for you. There are certain states that don’t require you to offer health insurance to your employees, particularly if you employ less than 50 people. However, you do have to consider the fact that you want to have engaged employees, and you achieve this by offering them certain benefits, including health coverage. The cost is probably something that is going to worry you, but do remember that it is possible to actually share this cost with your employees.
How to Find the Right Plan
The hardest part is finding the right plan and deciding how to pay for it. The first thing you could choose to do is to buy it directly from a provider of health insurance. This is not always a good idea, because you won’t have the opportunity to compare providers side by side. However, you do have more flexible payment options, including paying by credit card or paying in monthly terms. Next, you could use an insurance broker. This is a good idea because they will really be able to find you the right plan for you and your small business. However, you tend to have to pay some form of broker fees. Even though brokers say that they reclaim their costs from the insurance company, the reality is that this will be translated back to you in your quotation.
If you have outsourced your payroll to a payroll management company, you could ask for their advice. This is a great idea because you won’t have to worry about finding the insurance. However, a decision will be made for you, and it may be a company that you may not want to work with. Lastly, you can join an association. The greatest benefit of this is that you are likely to get significant discounts. But, as with other options, you have less choice and can’t indicate which provider you would prefer to use.
So, when you are ready to take out small business health insurance, make sure you think about the available options and think about how you intend to pay for your insurance as well.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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