Are Healthshare Plans the Best Healthcare for Small Business?

Most small business owners agree that it’s important to have an employee healthcare benefit. But a startling number of entrepreneurs still believe that traditional, expensive group insurance plans are the only option.

Healthcare for Small Business

Healthcare Sharing Plans for small businesses are a simpler, more affordable way to create a benefits package. They can be more affordable than group insurance, and they’re easier to set up for as few as 2 employees.

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Key Points: Healthcare Sharing for Small Business

  1. Providing an employee health benefit can boost your company’s bottom line by increasing productivity, reducing turnover, and helping to attract top talent.
  2. Healthcare Sharing Plans are a low-cost and flexible alternative to health insurance. Healthshare programs are now available for small groups.
  3. There are multiple healthshare companies to choose from. This gives small employers the ability to provide an affordable, customizable health benefit.
  4. The three Health Care Sharing Ministries with the best small business programs include MPB Health, OneShare, and Sedera.

Why Healthcare for Your Small Business is a Good Idea

In today’s employment market, there is no single perk or benefit that holds as much weight as healthcare. As health insurance premiums continue to rise across the country, employees are desperately seeking jobs that can help them afford the cost.

But employees aren’t the only ones who benefit from having a healthcare option. Employers can take advantage of the following benefits as well:

Benefit: Reduce Employee Absenteeism

Healthy employees are more present, and then to be more productive while they’re at work. In addition, healthy employees are less prone to accidents that can cost your company time and money.

Benefit: A Stronger Benefits Package Means Less Turnover, Better Candidates

The better your benefits package is, the less likely your employees are to start looking for a job. Similarly, your group healthshare plan can serve as a valuable, effective recruiting tool. Other businesses of your size and industry might not have a comparable option, and this will make it easier to hire the person that you need for the job.

Benefit: Healthshare Plans Have No Minimum Employer Contribution

Unlike many group health insurance plans, healthshare programs do not have a minimum contribution amount for employers. This makes it easy to set your monthly per-employee contribution at a level that is right for your company.

Benefit: Group Health Sharing is More Affordable for the Employee    

For employees who don’t qualify for a health insurance subsidy in the individual market, group healthshare programs can be 30-50% the cost – not counting any employer contribution. This can save your people thousands of dollars a year over an individual insurance plan.

Benefit: There’s No Minimum Enrollment Requirement

Most group healthcare plans require you to enroll a certain number of employees to be eligible. That’s not the case with small business healthshare plans. Whether you have 2 employees or 50, you can bring on as many people as you’d like.

Compare Pricing on the Best Healthshare Plans Available


Comparing the 3 Best Employee Healthshare Plans of 2021

MPB Health: The Only HealthShare Designed to work with HSA

Formerly known as MPoweing Benefits, MPB Health has quickly become a leading contender in the medical cost sharing market. MPB Health is one of the only HealthShare programs that does not deny anyone based on religion or previously existing conditions.
MPB offer group options of it’s three most popular plans:
  • MPB Care+: Includes medical cost sharing for large or emergency health expenses, and a 24/7 telehealth line. All preventive services beyond telehealth are out-of-pocket.
  • MPB Secure: In addition to sharing for large medical expenses, MPB Secure provides all the Minimum Essential Coverage benefits outlined by the ACA. That means that MPB Secure can be paired with a Health Sharing Account (HSA). It also means more preventive care and non-emergency protection.
  • MPB Direct: This is a HealthShare program designed to work in tandem with a Direct Primary Care relationship (DPC). The idea is that your DPC handles the routine and preventive care, while the low-cost MPB Direct plan protects you from emergencies.
Employers can offer 2 out of the 3 plans for their workers to choose from. Like other HealthShare programs, there is no minimum employer contribution for MPB.

Sedera: Medical Cost Sharing Tailored to Small Business

Sedera offers the Select + program, designed exclusively for teams and small businesses. The Select + membership comes with 5 different IUA options, giving employees a lot of choice when it comes to monthly cost vs. out-of-pocket expenses.

Sedera asks all members to commit to a set of ethical beliefs and principles. These are not faith based, and include things like living a healthy lifestyle, and contributing to the community’s medical needs.

In addition to healthcare cost sharing, Sedera Select+ members get access to:

  • 24/7 telemedicine
  • New health-incentivizing member rewards program
  • In-house bill negotiation service
  • Expert second opinions
  • Prescription drug discounts

MediShare: Proven Track Record of Reliable Healthcare Sharing

Medi-Share has been in the business of medical cost sharing for over 25 years. In this time, they have built a sizable cost sharing community that has more power and protection than smaller organizations. While MediShare programs aren’t specifically designed for small businesses, it’s easy to list-bill for a group of up to 50 employees.

All MediShare members enjoy access to additional benefits, including:

  • Free 24/7 telehealth access
  • Dental, vision, and hearing discount programs
  • The new MediShare app, making it easier than ever to manage your healthcare

Altrua: 4 Different Sharing Programs to Choose From

With 4 different “GEM-level” healthshare programs to choose from, Altrua offers highly customizable health protection. Altrua memberships can be group billed to churches or small companies, with group leaders deciding how much to contribute.
The gem-level plans include:
  • Ruby: As low as $105 a month … Great for healthy individuals who don’t use their coverage much.
  • Sapphire: Offers more protection than Ruby and has a higher annual sharing limit
  • Diamond: This is the premium-level option and includes the lowest MRA (like a deductible) out of all the options. The Diamond program has the highest lifetime sharing limit, at $2,000,000.
  • Emerald: Has no annual limit and includes additional sharing for adoption, lab services, and more.
All GEM memberships include access to counseling and telemedicine, as well as discount programs for vision, hearing, and dental.

Using HealthShare as Your Small Business Healthcare Benefit (FAQ):

Q: What Are Health Care Sharing Ministries?

A: HCSMS are private, often faith-based organizations that give communities the opportunity to share the cost of medical expenses. Until recently, medical cost sharing programs were only available for individuals. Today, healthshare is available to groups and small businesses as well.

Q: Is Healthcare Cost Sharing Better Than Small Group Health Insurance?

A: The best healthcare option for your business is going to depend on a lot of things. Group healthshare programs will create a lot of value for some small companies, but be a bad fit for others.

The biggest advantages of health sharing programs are the cost. These programs can be between 30 and 50% the monthly cost of unsubsidized insurance.

Q: Why is Health Sharing More Affordable Than Insurance?

A: Healthcare Sharing Ministries are not regulated the way that insurance companies are. This allows them to provide a healthcare option that protects people from emergency costs, but isn’t bogged down with a whole lot of unnecessary coverage.

HCSMs also have a lot of bargaining power when it comes to negotiating the medical bill. The best HSCMs have their own departments dedicated to bringing your bills down, making it easier for the member community to cover your costs.

Q: Are Employer Healthshare Contributions Tax-Deductible?

A: Contributions made to your employee healthshare program are not tax deductible. The value of a group healthshare plan is providing your employees easy access to affordable healthcare, at a price that you get to choose.

Q: What’s the Best Healthcare Option for a Small Business?

A: There’s no one-size-fits all answer to this question. The best healthcare option depends on the size of your company, your employee’s healthcare needs, and the amount that you’re willing to contribute. The best way to determine if group HealthShare is the right call is to run it by your Personal Benefits Manager.

If group HealthShare isn’t enough for your team, HSA for America can connect you with a small business group health insurance plan that could work.

Q: What Are My Other Options for Small Business Healthcare?

If traditional insurance is too expensive, and group HealthShare doesn’t seem like a good fit, there are still some options available.

Health Reimbursement Accounts (HRAs) let employers compensate their employees for the cost of healthcare, without the hassle of offering their own plan. Employer HRA contributions are tax-deductible, there’s no minimum contributions, and they’re highly customizable.

CLICK HERE to learn more about HRAs for Small Businesses.

Q: What are the Pros and Cons of Health Share Plans?

PROS:

  • Can be less than half the cost of unsubsidized insurance
  • You’re not paying for coverage that you never use
  • You’re supporting a like-minded community of members
  • You’re exercising your healthcare freedom

CONS:

  • Many healthshare plans have waiting periods on pre-existing conditions
  • HealthShare does not generally provide as much preventive care (but can be upgraded)

Q: Where Can I Find a Health Sharing Plan Comparison Guide?

You’ll find all the information you need in HSA for America’s Best Healthshare Plans Comparison Guide – 2021 Update.

Checklist: Comparing Your Small Business Healthcare Options

Ready to start shopping for an affordable group health plan? This checklist will help you prepare:

  1. Consider your team’s needs. It’s easier for small businesses owners to assess the health needs of their employees. If your people have specific treatments or medications that they need, or if they are just looking for a more affordable option, these things need to be factored in.  By choosing a plan or program that meets more of your employee’s needs, you’re creating a healthier and happier workforce.
  2. Consider your company’s financial situation. Because HealthShare doesn’t have a minimum contribution amount, you’re allowed to contribute as much or as little as you would like. This makes it possible to set up a health benefit even if you’re still a growing business.
  3. Choose a Health Care Sharing Ministry. All HSCMs are different, as are the program options that they offer. Choosing a healthshare company requires some careful research. You can also ask your Personal Benefits Manager for a recommendation based on your company’s needs.
  4. Call Your Personal Benefits Manager to start the enrollment process. Once you’ve chosen a healthshare program and you’re ready to begin, enrolling is easy.

Find the Right Group Healthcare Option for Your Small Business

No two businesses are alike, so it’s ridiculous to think that one healthcare option is going to work for everybody. To get the most out of your benefits package, it’s essential that you choose a healthcare option that’s the right fit for your operation.

Your Personal Benefits Manager is an expert at small business healthcare options. With a no-cost consultation, we can show you the different plans that are on the table, and guide you through the enrollment process.

Here are some additional articles on healthsharing programs: Choosing the Right Strategy for Small Business Health Insurance | All You Need to Know About Healthshare Programs – Review & Video

Here are some additional pages related to this article: Health Insurance for Small Business 2021: The Only Guide You’ll Ever Need | Everything You Need to Know About Group Health Insurance Plans for Small Business [2021 Update]

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