Small business health insurance

Small business health insurance

If you run a small business you know how stressful it can sometimes be. You want to provide the best environment for you and your employees while making a profit and offering the best services or products that you can. It’s a lot to think about. You want to be sure that the employees you do hire feel valued and stable in their position.

One thing that a lot of small businesses may struggle with is how they can offer their employees health insurance. This can be difficult if you are just getting started, only have a few employees or don’t know much about the best small business health insurance options. 

SHOP health insurance

If you run a small business and want to be able to offer your employees health insurance, SHOP is going to be your best option. SHOP stands for the Small Business Health Options Program. This is an excellent way for you to provide health insurance to your employees, without it having a huge effect on you as a business owner or on your finances. It is designed for small businesses in a way that best suits them and their employees’ needs. 

To see if you qualify, you need to meet all four of these requirements

  1. In order to purchase this insurance, your business or organization must have between one and 50 full-time employees. This cannot include owners, spouses and family members of the owner and partner. 
  2. You must offer coverage to all employees that average 30 or more hours a week. You do not need to offer part-time employees or those who work seasonally, though you can if you choose to. 
  3. There is a minimum participation requirement of 70 percent. This means that 70 percent of the employees that were offered the insurance package have accepted and enrolled. This does not include those who already have other health insurance options. If you do not meet these requirements, you will have to wait until open enrollment. 
  4. Lastly, you must have an office or employee work site within the state that you are looking to purchase SHOP. 

Benefits

There are quite a few benefits to choosing SHOP to provide the best small business health insurance to your employees. As a business owner, you can control the amount of coverage offered to your employees and how much you pay towards their premiums. You can choose from quite a few plans in order to match your employees’ needs as best as you can. Depending on the needs of your employees, you can even choose to offer just dental or just vision insurance. 

A huge benefit to utilizing SHOP is that you do not need to wait for open enrollment. As long as you meet the requirements, you can start this up at any time. If you have fewer than 25 employees, you could even be eligible for a small business healthcare tax credit. 

If you need help figuring out the best small business health insurance for your employees and aren’t sure where to start, contact Health Server Solutions today! We can answer any questions you might have, help get you signed up for SHOP, create a custom health insurance plan or just talk through your options with you. Let’s get started today!