Small business health insruance is a big beneift for a company to provide, but one that makes more sense than ever as competition for talent heats up. small business health insurance arizona is the most popular employee benefit for most workers and it’s no wonder: it can have a real impact on their financial health as well as their overall well-being.
And health insurance for small businesses can boost the overall health of your organization by increasing employee satisfaction and productivity. Health benefits cost money, of course, but your small business will likely save on hiring and training costs because of lower turnover. And in some cases you can earn a tax credit or use a tax deduction to cover part of the cost.
If you are a small business with 50 or more full-time employees or, counting part-timers, you have the equivalent of 50 full-time employees, you already have had to offer health insurance as of this year or face penalties under the Affordable Care Act. Companies with 100 or more workers had to comply with the rules a year earlier, on Jan. 1, 2015.
But what about your small business of fewer than 50 full-time employee equivalents? You aren’t required by law to offer health insurance but you may be exploring your options
A small business can enroll any time during the year as long as enough of its employees participate in its plan or have coverage elsewhere. A calculator for that is here. Otherwise, your small business can sign up during open enrollment between Nov. 15 and Dec. 15 any year.
Bronze, silver, gold, and platinum plans
The marketplaces offer four plan levels established by the affordable care act: bronze, the least fancy plan, and silver, gold and platinum.
Bronze plans: These typically have a lower monthly premium but a sky-high deductible. They can be good for younger, single, healthy workers who don’t expect to get sick much. There is typically about a 30% to 40% price difference between a bronze plan and the highest-level plan, platinum, which costs more but covers more of the cost of care, about 90% by law, on average across all enrollees.
Silver and gold plans: Employees with young families or several dependents often prefer these plans because they typically covers more of the cost of their often frequent doctor visits, even though the premiums are higher.
Platinum plans: Platinum plans can be a good, if pricier, choice for a workforce that is older with medical conditions that require them to use a wide range of expensive tests, specialists, and procedures.
On average, silver plans are often the most popular because they strike a balance between cost and benefits. As a small business, you can decide which plan, or combination of plans to offer your team. The online marketplaces will walk you through the process. To get started, you’ll need to know the ages of each of your employees and their zip codes. That’s because the price will be based on how an employee’s age, location, and tobacco use