Small Businesses: Review Group Insurance Options
It’s time for small businesses to look at group insurance.
The Affordable Care Act does not require a small business to offer health insurance to its employees. In Nebraska, a small business is defined as less than 50 full-time equivalent employees. Many employers in this category offer group benefits because it is a critical factor in attracting and retaining quality employees; particularly when the economy is growing and unemployment is low. The competition for employees demands it. Businesses that offer entry level jobs with lower salaries may not offer group benefits because their employees can get better insurance benefits at a lower premium through the Health Insurance Marketplace. Those employees would lose access to the Marketplace if group benefits were offered. Other employers have elected to not provide group insurance, but offer wage increases as a method of contributing to the cost of an employee’s health insurance.
Traditionally, premiums for an individual policy have been lower than premiums for a group insurance policy with similar benefits. But that has changed in 2017. Group premiums are now less than individual, so it’s time for small businesses to take another look. It’s even possible to write a group insurance policy for a group of 1. There are guidelines that must be met, but it can be a great option for a self-employed individual. Here are some examples:
|Individual Bronze HSA||Group Bronze HSA||Individual Silver CoPay||Group Silver CoPay|
|2 Realtors with an LLC,
both age 63
|Professional Corporation with 4 members,
ages 55, 46, 35, & 25
|Start Up with 3 employees,
ages 30, 28, & 26
Contact your health insurance agent to find out if this is a good time for your business to implement a group insurance policy. If you don’t have one, contact Brian McPike or Kayla Northup at ComPro: (402) 488-5100 – firstname.lastname@example.org – email@example.com.