If you’re a small business with 50 or fewer employees, then you’re not required to offer a group health insurance plan to your employees. But as any business owner will tell you, offering some form of small business healthcare is all but necessary when it comes to keeping your employees happy.
Top 3 Things Owners Should Know about Small Business Healthcare
Fortunately, the benefits of small business health insurance aren’t just for the employee. In addition, health insurance isn’t the only option on the table for employee healthcare.
1.) Offering Employee Health Insurance has Serious Bottom-Line Benefits
According to a recent survey, 56% of U.S. adults listed employer-sponsored health benefits as the #1 factor when deciding whether to stay with a company. But according to the same survey, employees who have health insurance are not just more likely to stick around, they’re also more productive while they’re at work.
And consider this: Healthy employees means fewer sick days that the company is on the hook for.
2.) If You Do Offer Health Insurance, You Can Save Money with the Small Business Healthcare Tax Credit
Some small businesses might be eligible for the Small Business Healthcare Tax Credit. This is a valuable tax credit that can be worth up to 50% of what you’re contributing towards your employees’ premiums.
In order to be eligible, the following restrictions apply:
- Businesses must have fewer than 25 full-time employees
- The average employee salary is $50,000 or less per year
- The employer pays 50% or more for full-time employee premiums
- All of the business’ full-time employees have access to the SHOP plan (Small Business Health Options Program)
Read more: Questions and Answers About the Small Business Healthcare Tax Credit [IRS.Gov]
Compare Pricing on the Best Insurance Plans Available
3.) Health Insurance Isn’t the Only Option for Small Business Healthcare
Not only can group health insurance plans be prohibitively expensive, but they also force all employees into the same plan option or two. This lack of choice is forcing many Americans to pay for coverage that they don’t need.
Fortunately, Healthshare Plans for Small Groups provide a low-cost alternative for small business owners. These are not insurance plans, but membership-based programs that share the cost of medical expenses.
Unlike big group health plans, small business healthshare plans let the employer choose exactly how much they want to contribute. This makes it possible for even the smallest companies to provide a flexible, valuable health insurance option to everyone on the team.
We’re Your Personal Experts for Small Business Healthcare Options
Whether you want to offer a traditional group plan or a low-cost option like health sharing for business, HSA for America can help find the plan that’s the best match for your needs.
We’re here for you when you’re ready.
800-913-0172 | [email protected]
Leslie Jablonski is a Personal Benefits Manager at HSA for America. Her aim is to help you make smart and informed healthcare coverage decisions that will fit your needs and budget. Read more about Leslie on her Bio page.