The American economy runs on small businesses. In fact, nearly all businesses in the USA are small businesses. They operate in nearly every industry and employ millions of people from all walks of life. Many of us rely on small businesses for a variety of products and services we use often.
However, a small business is only as good as their employees. The better your employees, the better the services and products you offer. But getting great employees, and retaining them, isn’t always easy. As a result, it is a good idea for small businesses to do all they can to engage their employees and give them what they want. One of the best things an employer can do for their employees is provide health insurance. Healthcare costs without insurance in the USA can be astronomical, and helping out your employees will surely make them happier, more productive and more loyal.
But how much will offer small business health insurance cost your company? Well, if that’s a question you have been curious about, this article for you. Read on and let’s look at what providing health insurance will likely cost a small business.
The Average Cost of Health Insurance For a Small Business
In reality, the cost of health insurance for small businesses can vary greatly. It will depend on the plan you go with, how many benefits you decide to offer and potentially even how many employees you have.
Generally, the costs can range from a few hundred dollars a month for single coverage, up to well over a thousand a month per family coverage. Of course, that is per-employee, so the costs can add up as you add more employees. The exact amount your company will be responsible can vary depending on your cost-sharing and how much employees themselves are responsible for.
In addition to the financial costs, there can also be other costs associated with health insurance. One of the most notable is time. It isn’t always quick or easy to find the best group healthcare plan for your company. There will be many options available and it is up to you to do your research and find the best one.
Also, filling out the paperwork, discovering the needs of your workers and figuring out all of the tax implications can take even more. While it is time consuming and potentially expensive, providing a health insurance plan for your employers is not only a good idea for morale and retention, but could even be required if you have a certain number of employees.
Tips When Shopping for Coverage
Now that you’re aware of the average costs of health insurance for a small business, we figured it was a good idea to also provide some tips when it comes to shopping for coverage. First of all, it is important to do your research. You need to consult a variety of reviews and ratings to discover the best potential options in your area.
Things like testimonials, costs, benefits, location and reputation should all be considered during this phase. Be sure to also compare the plans to each other in any way you can. For example, look at the networks, the types of plans that they are and things like the deductibles and premiums. Of course, the company you go with should also be one that you trust and are comfortable working with.
If you are struggling to identify the right plan, or simply don’t have the time to do this all yourself, it is a good idea to consider working with a broker. These individuals can take all of the work off your plate and help you find a plan that meets your needs.
Not only that, but they can also help you with all the paperwork and make sure you are completely compliant with all of the laws in your area. Brokers can even help with implementing your plans and can save a ton of time and effort.
In conclusion, hopefully, the contents of this blog post have been able to help your small business learn how much health insurance will cost.