Small Business Health Insurance

Small Business Health Insurance Florida

Starting a small business is a big step to take. There are many things to consider, and getting the best group health insurance for companies is one of them. If you intend to employ several individuals, you need to ensure that all their healthcare needs are prepared. So before you start, you must outline your options so that you can save yourself from stress and potential expenses in case of health insurance coverage problems in your company. 

There are many options for you to explore when deciding on a company health insurance premium in Florida for your business. Whether you like it or not, this feature will play a significant role in the financial flow of your business. You have to incorporate this into your plans so that it moves with your growth too. Keep in mind that as your business expands, you’ll need more employees and this equates to bigger needs for health insurance for company in Florida. 

How Can A Small Business Get Health Insurance?

Small businesses in Florida are taking the industry by storm, and to stay competitive, they need to provide necessary benefits to their employees. It can be done by proper research and by adhering to new legal standards for health insurance for small businesses. In most cases, a reasonably priced small business health insurance plan works for start-up companies. 

Insurance companies may offer varying insurance plans depending on the location and current policies therein. Companies may propose group health insurance plans according to the available coverage for your state. Ideally, a small business can apply for small business insurance health if they have at least two full-time employees working on the physical location. Full-time employment means at least 30 hours of work per week. If you meet the minimum requirements, you are allowed to apply for a small business health insurance plans without any issues. Here are some tips to help you find the most suitable health plan for your company:

Choosing a Plan

Health insurance plan differs in every state. You have to do some research within your locality to find ideal open enrollment health plans. You can ask for recommendations, search online, or ask other business owners on which is the best health insurance in Florida. 

Employee Needs

before you pick out a plan, make sure that it provides all your needs and beyond. Try to meet employees and determine what they need and see if the company can afford it. Generally, employees want the lowest deductible amount, but it will equate to higher premiums for the owner. 

Premium Amounts

consider the capacity of the company to pay for the premium amounts for the employees under the insurance plan. Usually, employees pay at least 25% of the premium, but others take up to 50%. If you can afford it, paying for the 100% premium will be highly appreciated by employees. 

Comparing Plans

after searching, compare the different health insurance plans available in Florida, and try to get the best possible one for your small business. And while it is essential to get your employees’ opinions about this, you will be the one to cover for the costs. Thus, you should be aware of your limitations. 

Once you found the most suitable health insurance plans for your company in Florida, you need to apply and provide all the necessary documents to the provider. After completing your application for a group health plan, you will start playing for the monthly premiums. There are instances wherein health exams will be required and those with preexisting conditions will be exempted from the health plans. 

What is the average cost of health insurance for a small business?

As a business owner in Florida, it is understandable that you want to dissect the percentage premiums that you need to cover for your employees. Some factors that will come in to play are individual coverage for the employees and their families.  It would take some time to search and compare health insurance plans. You also need to educate your employees about their options and consider the administrative cost of setting up and keeping up with the business health insurance plan. 

Thus, when it comes to the real cost of group health insurance for small businesses, employers who sponsored annual premiums for family coverage paid up to $20,000, while employees share for their individual premiums paid an average of $6,000. According to statistics, it is the business owners in Florida who shouldered up to 71% of the total cost of an employee health insurance, while the remaining is the amount deducted from the employees.  

How Many Employees Do You Need to Get A Small Business Health Insurance?

The requirements for a small business health insurance may vary from one state to another. In the US, there are sixteen states that allow self-employed people to get health insurance as a “group of one.” These states include Florida, New York, Connecticut, Colorado, and Delaware. 

Other states such as Alaska, Alabama, and Arizona consider a group to be at least two. Thus, these states can offer small business group health insurance when there are two or more employees. 

If you will carefully search for policies, the Affordable Care Act provides that businesses with less than 50 workers are not obliged to provide group health insurance for the employees.  

Businesses in Florida with more than 50 employees working full-time are required to have small business health insurance coverage. More so, full-time employees are defined to be working at least 30 hours per week. So the nuances in calculating who qualifies are still shady. Consequently, businesses that fall under the Applicable Large Employer without healthcare insurance may be penalized with at least $2,500 per full-time worker. 

Are Small Businesses Required to Provide Health Insurance?

Considering the provisions in the Affordable Care Act, if your small business owners who employ less than 50 workers, you are not required by law to provide group health insurance coverage. On the other hand, the competition for skilled and talented employees can be tough in most industries. If you can’t offer them competitive salaries, you can provide attractive healthcare packages and other benefits that they can appreciate. 

Wrap Up

Before making big financial decisions, it is best to consult with your accountant first. Some health insurance providers will just accept your applications and are eager to start deducting premiums. Thus, it is essential to plan out all financial movements within your business first. Keep in mind that in some cases, the best for one company is not always the best for another. So, consider your uniqueness from others, your employees, and your involvement in the health plan as the owner.  Do your research diligently to determine the most suitable coverage for your company. 

Ready to Start Saving?

Our Florida Small Business Health Insurance Consultants are ready to start help your business save.