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When running a small business, you are eligible to receive group coverage rather than letting individuals purchase individual insurance covers.There are many options for a group coverage plan, but the specifics will depend on the demographics information.
Before even getting into the various insurance plans available and what they cost, the first thing you have to answer is whether you even need insurance.
Most small business owners wonder about this especially if they only have a few employees. Despite seeming like an unnecessary cost, health insurance actually works in your favor in several ways.
The insurance broker or company will assess various factors such as age to present an appropriate group health plan.
Group coverage is first and foremost more affordable.
An insurance company will offer better rates because your business includes many people.
This is possible because the insurance company gets to collect premiums from everyone in the group yet not all of them will need will make use of the cover.Not offering this insurance when you’re an ALE will attract a ,320 fine for every FTE employee excluding the first 30 of them.The Affordable Care Act was supposed to encourage businesses to offer health insurance, but it didn’t work as planned.I specialize in small group health insurance, but I'm always willing to give advice to someone in the individual health insurance market.I am licensed in both Colorado and California giving me the ability to have clients in the 2 best states in our Country.Once you have purchased the group cover, you can then decide whether to share the premium with your employees or cover all of it.To promote the Affordable Care Act and motivate employees to provide health insurance to their employees, it was made possible for those that complied to receive tax credits.Once a business has 50 or more FTE employees, it is considered an applicable large employer (ALE) and is required to provide health insurance to its employees.This affordable coverage costs up to 9.86% of the employee’s annual income in 2019, up from 9.56% in 2018.To get group health insurance for a small business (companies with 2 to 50 employees) select your state from the list below and explore plans tailored to your needs and group size.Getting coverage for your business is different from buying individual health insurance.