With Small Business Group Health Insurance, Create A Better Future

Small company group health insurance in New York is complicated; as a result, you should engage with a qualified and knowledgeable insurance agent to handle the policy. Given the wide range of carriers and policies available in New York, finding a small business health insurance plan might be difficult. Finding and obtaining health insurance for small businesses is difficult.

Health Insurance For Small Business Owners With No Employees, however, has unique options to obtain affordable health insurance thanks to the recent health care reform law.

The core small business health insurance options of New York

When evaluating your small business health insurance options in New York, you should immediately compare the costs and benefits following the three options-

 

1. Offering traditional small business health insurance coverage
2. Offering a defined contribution health plan that reimburses employees for individual health insurance coverage
3. Offering nothing.

The overview of New York’s small business health insurance options  

 

1.       Individual health insurance: Individual health insurance plans are health insurance plans to cover small for themselves and their families. Small business owners who cannot offer group coverage due to minimum contribution requirements buy individual and family plans for themselves and their families. Anyone can apply for personal health insurance. 

 

2.       Group health insurance: It is employer-sponsored health coverage. Costs are shared between the employer and employee, and the range can be extended to the dependents. In certain states of New York, self-employed persons without other employees may qualify for group health insurance plans.

Defined contribution plans- The future of small business health insurance plans

Defined contribution plans allow employers to avail small business health benefits without a traditional group health insurance plan. Small business owners allocate tax-deductible monthly allowances for their employees to spend on private health insurance and other medical expenses tax-free instead of paying costs for a specific group health plan.

Features of defined contribution plans –

 

1.       Employee choice – Employees choose a health insurance plan in sync with their needs

 

2.       Fixed costs: Employers control health care costs by allocating fixed monthly allowances for their employees

 

3.       Savings: Employers use defined contribution plans that typically cost less than group health plans, which saves both employer and employees. 

 

Wrap up

 

Suppose you are planning to avail small insurance group health insurance plan; In that case, it is advisable to hire a professional insurance advisor who will brief you on all the formalities and procedures required.