- Why Do I Need Health Insurance?
- What to Look For in Healthcare
- Saving Money On Healthcare
- Blue Cross Blue Shield Plans
- Why Blue Cross Blue Shield?
- Health Savings Accounts
- Short Term Plans
- Dental Care
- Insurance For Students
- Insurance For Small Business
Small Business Health Insurance Made Affordable
Many small business owners are surprised to learn that getting small business health coverage can be affordable. You can offer your employees the quality health benefits they want without compromising your bottom line.
The most affordable options for your small business’s healthcare needs are managed care plans like HMOs and PPOs. And many business owners are finding that Health Savings Accounts (HSAs) give their employees quality care while keeping costs low.
Managed Care
Managed care plans are the most affordable insurance plans you’ll find. “Networks” of doctors, hospitals and other healthcare providers are created so your managed care plan can offer discounted premiums and deductibles. The basic managed care plans are:
- Health Maintenance Organizations (HMOs). HMOs are the most affordable managed care plans. They can be very inexpensive because you have to use the healthcare providers in the network to be covered. But HMO plans have low premiums — and that's good news for your profit margin.
- Preferred Provider Organizations (PPOs). PPOs offer more flexibility than the less expensive HMO, but they still can be affordable. Your employees are allowed to use healthcare providers that aren’t in the managed care network with coverage, but their healthcare costs will be higher.
Use Health Savings Accounts (HSAs)
Another affordable option for your employees is the Health Savings Account (HSA). With HSAs, you can give your employees more control over their healthcare. HSAs are tax-free savings accounts that can be set up through your fringe benefits program.
To use an HSA, an employee has to have a high deductible health plan (HDHP). This means they buy their own individual health plan. Their deductible has to be over $1,050 or $2,100 for a family. You can contribute funds to their account, making this an attractive benefit for your employees and an affordable option for you.
There is no shortage of options for small business owners. Get free online quotes and we’ll help you make an informed decision to find affordable coverage for your business.
