Looking to add an employee health benefit to your small business? Read our Small Business Health Insurance Review guide below to find out how.
According to key research published by the National Institutes of Health, small businesses who offer some form of employee healthcare are rewarded with significant bottom-line benefits, including:
- Reduced employee turnover
- Increased job satisfaction
- Improved performance/productivity
- Employees are more likely to innovate
In this guide: Two small business health insurance reviews to help you get started with choosing a plan.
Employee Health Insurance Reviews: Are They Legit?
The truth is: browsing small business health insurance reviews will only get so far. If you’re looking to create an affordable health benefit for your employees, consider scheduling a no-cost consultation with a Personal Benefits Manager.
Cigna Small Business Health Insurance: Multiple Options
With 8 different policy types available in 10 different states, Cigna is one of the smaller group health insurance providers in the country. However, this hasn’t stopped them from earning a reputation as a reliable company with an impressive provider network.
PRO: Cigna’s provider network is bigger than you’d expect, at 35,800.
CON: Cigna’s website doesn’t include a whole lot of information on plan options.
Small business health insurance rates depend on the size of the group, the age, the type of business, and other factors. Cigna is very competitive in the 50-employee sized business and over.
Humana Small Business Health Insurance: Strong Network, Flexible Plans
A majority of Humana reviews mentioned both strong customer service and a diverse provider network as the biggest benefits. We also noticed that Humana makes it really easy to compare plans and benefits right on the website, which can save a lot of time.
PRO: Humana small business plans have a larger selection of deduction and premium options. This increases flexibility for employees who are trying to design their coverage.
CON: Unfortunately, Humana is not available in all 50 states.
Because costs on group health insurance vary based on the size of the group, location, health status, and more, please contact us to get a quote for your business.
Request a Group Quote for Your Small Business
Small Business Health Insurance FAQ [Frequently Asked Questions]
Q: What are the Small Business Health Insurance Requirements for 2024?
Only companies with 51 or more full-time employees are required to offer employee health insurance in order to avoid a tax penalty. These employers are also required to pay at least 50% of the employee premium, although this can vary by state.
Q: When does a small business have to offer health insurance?
If your company has 50 or fewer employees, you are not required to offer a health insurance plan for your employees. However, an overwhelming amount of research has linked employee health benefits with higher retention, greater job satisfaction, and improved productivity.
Q: What is the Small Business Health Options Program (SHOP)?
Small business owners with 1-50 full-time employees can choose to enroll their team in a SHOP plan. These plans are offered by private insurance companies, and they are the only way to qualify for the Small Business Health Care Tax Credit.
Q: How do I Get the Small Business Health Care Tax Credit?
In order to qualify for the Small Business Health Care Tax Credit, your company must:
- Have between 1 and 50 full-time employees
- Be enrolled in a SHOP-eligible plan for small employers
Q: What About Small Business Healthshare?
Health Sharing Plans are a low-cost alternative to insurance, and now, they are also available to small groups and business owners. They also have no minimum contribution for the employer, which means you can decide exactly how to contribute to your employees’ monthly costs.
It’s important to do your homework before enrolling in health sharing. Click here to read our in-depth overview of health sharing plans for small businesses.
Compare Pricing on the Best Healthshare Plans Available
Read the Complete Guide to Small Business Health Insurance
If you’re thinking of creating an employee health benefit, the best way to get started is with The Complete Guide to Small Business Healthcare. There you will find a more complete run-down of what it takes to design your employee health insurance. It also goes into things like HRAs for small businesses, and how to know if Employee Health Sharing might be a good alternative.
Want to jump right in? Click here to schedule your free consultation.
Here are some additional articles on small business health insurance: Choosing a Healthcare Plan for Small Business [Checklist] | 3 Things All Business Owners Should Know About Small Business Healthcare