Requirements For Small Business Health Insurance Plans

Small Business Health Insurance Plans: Although they vary from state to state, qualifications for offering these plans consists of having at least 2 employees as well as being able to prove that you are a REAL business. In other words, documentation such as; a business license, or something that shows you are a corporation or LLC will be required. (Often, individuals get caught creating a fake business just to obtain insurance!)

I've also seen where some states will require a certain percentage of your employees to be enrolled in the plan. For example, if you have 4 employees, 3 of them need to be enrolled or the insurance company will not offer you the policy. Check below on what you can offer to entice your employees to sign up!

Before You Sign

• Did you know if you offer small business health insurance plans for your employees under a group plan, any applicant has to be accepted?
• Before you sign, check with local state insurance offices. Rules and regulations vary from state to state. So having a grasp on what is required and not allowed before you start shopping will prove most helpful.
• Shop with lots of agents (hopefully educated on health insurance for small business) before committing. Those agents who are affiliated with several different companies are the best to talk to. They will be able to provide you with the broadest amount of plans and price points to chose from.

Strongly Consider...

• Does your plan offer dental and eye insurance? These are important to employees.
• What portion of the premium will your employee be responsible for and what will their deductible be? Don't allow it to become too high, or your employees might seek a job elsewhere. They will strongly value lower premiums and deductibles.

What's in it for You?

Don't forget about yourself when shopping for affordable business health insurance. Small business owners are often the ones that are doing without health insurance!

• Thousands of business owners themselves do not have insurance. With a group plan, the owners ability to afford coverage for themselves and his/her family is much higher.
• Employer provided health insurance is extremely attractive to those seeking a job. Therefore, positions are less likely to go unfilled. And the turn-over rate will most likely be lowered.
• A huge perk of small business health insurance plans, is that most likely, the portion you pay towards employee's premiums will be tax deductible!!
• For employees, they are able to pay their portion of the premium before taxes are taken out. That means more money in their pocket at the end of the month, and again, will be a very attractive perk to working at your business!