As a business owner, there are probably a few terms that don’t exactly bring a smile to your face: tax season and insurance plans.
Yet, trying to figure out how to get small group insurance isn’t difficult at all. There are many options available today and even more benefits for employees and employers alike.
Our small group insurance breakdown will help you figure out if you’re eligible and outline the multi-sided benefits.
So, what is small group insurance? To your employees, it could be an answered prayer. To you, as the employer, it’s simply the right thing to do
What Is Small Group Insurance?
To no surprise, small group insurance is just as it seems. It’s group health insurance for small businesses with 50 or fewer full-time employees.
Four states have extended that number up to 100: California, Colorado, New York, and Vermont. But, as of right now, they’re the only ones.
As long as your plan has been effective since January 2014 or later, it will also be eligible for the Affordable Care Act.
Of course, large group insurance is also eligible for the Affordable Care Act, but the requirements are different. Do keep that in mind as you conduct your research.
Why Do You Need It?
As an employer, small group insurance protects your most valuable asset: your workers. It affords you (and them) peace of mind should someone get injured or sick.
While the benefits of small group insurance are many, but here are two of the most poignant points.
It’s the Right Thing to Do
Health insurance plans are a key factor during the hiring process. Along with salary, prospective employees consider whether or not they’ll have to maintain their own (expensive) plan, or have an employer contribute.
When employees hear their new company can’t (or won’t) offer health insurance at an affordable rate, it tends to leave a sour taste in their mouths. Conversely, companies that offer great healthcare plans stand a better chance at increasing loyalty, retention rates, and overall satisfaction.
Employers Benefit, Too
The monetary benefits aren’t the employees’ alone. Employers reap rewards, too, in the form of a small business health care tax credit.
During tax season, small business owners may receive a credit back on their taxes, thus recouping some of what was paid out during the year to ensure their employees’ health and well-being.
Make Health a Priority Today
What is small group insurance? It’s a sure-fire way to make your business more competitive, attract loyal employees, and even enjoy the reward of a tax credit once a year.
Here at FutureWise, we have the right group coverage options for your small business. Not only do we make it easy to set up, but we also offer affordable rates.
Feel free to contact us today! We’re just an email away and happy to provide a free quote that will meet your needs. Our hats are off to you for investing in the care of your most precious asset.