Believe it or not, getting your company up and running is the easy part when compared to finding the right health insurance for your small business. Insurance is a tricky necessity and nearly half of working Americans rely on their employers for coverage – no pressure. Lets discover what works for your business.
If you have a small business you might wonder why you even need health insurance. You are not required to offer it to employees but there might be some benefits in the long run, such as group coverage and tax breaks. Premiums and eligibility won’t be determined by your personal health. The demographics, age and risks of all the insurance group members will be assessed. Also, having a group plan can often cut the costs of your own personal premiums quite a bit.
Businesses that have 25 or less full time employees are able to receive tax credits. There are some additional requirements that you will need to ensure your business qualifies. In the end, costs may be much lower than expected. At Innovative Benefits Group, we know the importance of avoiding unnecessary expenses, and we work hard to help you find the best plan for your budget.
Another reason to consider offering health insurance: Qualified personnel looking for employment might be turned away by the fact that your business doesn’t offer health insurance. It is a big deal for those looking and shows that you still care for your employees even though you are not a large corporation.
To get started, find a broker to walk you through the process. Basic paperwork you will need includes; Employer name, business address (must be a street address), list of employees to be covered, tax ID / employer identification number, business start date, payroll Records and industry code (SIC).
Remember, healthy employees are happy, productive employees.