For a small business, health insurance is a critical factor in retaining and hiring employees, as well as maintaining productivity and employee satisfaction. UnitedHealthcare offers a wide range of group health insurance options to help your small business save money and promote the health and well-being of your employees.
best small business health insurance 2021
Small business health insurance allows companies to offer their employees more affordable access to health insurance. These are typically group policies, meaning numerous employees of the company are enrolled, so they all benefit from lower rates or better coverage. These policies are suitable for smaller companies that want to offer health insurance to attract the best talent, rather than larger competitors.
The best health insurance providers for small businesses offer competitive rates, flexible coverage options, access to a strong network of medical providers and availability. Health insurance companies can tailor their policies to the benefits employers want to offer their employees. Sometimes they offer dental coverage and vision in addition to comprehensive medical coverage, giving employees more options.
Small business health insurance Blue Cross Blue Shield
As one of the nation’s largest health insurers, Blue Cross Blue Shield offers a wide range of coverage to most small business owners. It also offers data-driven healthcare solutions that provide cost-effective options for many businesses. It is the insurance company for those who need flexible options.
Pros and cons
- Extensive provider network
- Data-driven solutions for healthcare
- Limited health plan details on BCBS website
- Must contact a sales representative
- Mixed reviews on Consumer Affairs
Blue Cross Blue Shield is a national association of 36 independent insurance companies. The association has been in existence since 1929, and most of its companies have received high ratings from AM Best. Companies received overall ratings of 2.5 to 4.5 on a scale of 1 to 5 from NCQA.1
BCBS companies also received the highest rating in eight of 21 awarded regions in the J.D. Power 2021 U.S. Commercial Member Health Plan Study.2
BCBS provides coverage in all 50 states, as well as Washington, D.C., and Puerto Rico, and works with more than 90 percent of the nation’s hospitals and physicians.3 The company also offers international coverage in more than 190 countries through BCBS Global.4
The company’s vast network provides the data for innovative healthcare solutions – such as the ability to compare costs for more than 1,600 procedures – more than any other insurer.3
How does small business health insurance work?
Buying small business health insurance can be less expensive than buying your own. Here’s what you need to know:
- You must contribute to employee premiums to qualify for the insurance
- Coverages are usually a guaranteed issue for small businesses
- You need at least one employee to be eligible for small business health insurance coverage
- You can purchase coverage at any time during the year as long as you meet the necessary requirements.
Applying for health insurance for small businesses
Applying for health insurance is easier than ever, and small businesses have many options.
- NY State Health Small Business Marketplace: if you have 100 or fewer employees, you can offer your employees a choice of plans through the New York State Health Small Business Marketplace. The Small Business Marketplace is open year-round. Note that sole proprietors enroll through the New York State Health Care Individual Marketplace.
Get help with the enrollment process.
- Direct with plans: you can shop for and purchase health insurance outside of the New York State Health Care Marketplace. Remember, tax credits are only available through New York State Health Care.
Compare rates on the federal Plan Finder website.
- Private Exchanges: You can purchase health insurance through a private exchange. Some private exchanges charge additional fees.
New York Health Alliance
NY Health Alliance.
- Healthy NY: If you employ low-wage workers and have not offered coverage in the past year, you can purchase lower-cost health insurance through Healthy NY.
Popular health insurance options for small businesses
Rising health care costs are not only a problem for individuals, but also for businesses that make health benefits for their employees a priority.
According to survey data from the Kaiser Family Foundation, 98% of employers believe the high cost of healthcare for their employees is too high. Small businesses are especially vulnerable to these unsustainable costs.
Health insurance for small groups
Most companies traditionally opt for group health insurance, which is a plan the company selects that provides coverage for employees and possibly employees’ dependents. Businesses with 2 to 50 full-time employees (or up to 100 in some states) can purchase small group health insurance.
Small businesses that offer small group health insurance pay a fixed premium for the policy, although they may pass on some of the premium costs to their employees. Employees are responsible for co-payments and deductibles associated with the benefits they use.
Group HRA coverage (GCHRA).
If you like the idea of group health insurance but want to help offset your employees‘ out-of-pocket costs, a group HRV is an excellent addition. Because of their lower cost, high deductible health plans (HDHP) are the most commonly offered group health insurance. However, there’s a reason they’re cheaper: They cover less than other policies.
To mitigate some of this loss, small businesses can offer a GCHRA. With a GCHRA, the company offers employees a tax-free monthly cash benefit in addition to group insurance. Employees choose and pay for health care coverage, and the company reimburses them up to the amount of their subsidy.
Individual HRA Coverage (ICHRA).
Another benefit option for small employers is the ICHRA. With an ICHRA, you have the choice of offering the benefit to only a certain number of employees while offering group health insurance to the rest, or you can offer the ICHRA to all of your employees.
The ICHRA is suitable for employers of all sizes, especially because it is not limited to the number of employees like the QSEHRA (see below). With an ICHRA, employers provide a tax-free monthly cash benefit to their employees. Employees then purchase individual health insurance, and companies reimburse them up to the amount of the subsidy.
Protect the health of your business
Health insurance can help your small business by providing you and your employees with quality health care and helping you attract and retain the best employees.
You and your employees have worked hard to build your business. Now it’s time to reinvest in your greatest asset: Your employees. For many small and mid-sized businesses, that means health insurance. You know its value, and so do your employees.
Get a quote for small business health insurance that provides quality medical care and financial protection in case of unexpected injury or illness.
- Insure yourself, your employees and their dependents.
- Hire and retain the best employees through competitive benefits packages
- Choose from a wide selection of plans from brand name insurers
- Get personalized help and advice from licensed agents at no additional cost
Do small businesses really need to offer health insurance?
Small businesses are the backbone of this country. They employ over 47% of the private workforce in the U.S., or 60 million people. Chances are, you’re part of a small business. And as with many startups and small businesses, health insurance is likely to be a topic of conversation, with the cost of plans taking center stage.
En algún momento, cada pequeña empresa estaba en su lugar. Tuvieron que decidir qué hacer con el seguro médico. Según la SBA, casi el 50% de las pequeñas empresas con 3 a 9 empleados ofrecen beneficios de seguro médico a sus empleados. Aproximadamente el 71% de las pequeñas empresas con 10-24 empleados ofrecen beneficios de seguro médico, y el 85% de las empresas con 25-49 empleados les ofrecen beneficios de seguro médico.
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