Ten or fifteen years ago, small business health benefit options were pretty simple: purchase a group health insurance plan. But today, the market has changed. There are new health insurance options available which leaves executives asking, “Which type of health benefits is the best fit for our small business?”
We recently wrote an article featured on Synnovatia.com that helps executives evaluate which type of health benefit is right for their small business. Below are highlights from the recent Zane Benefits feature on Synnovatia.com.
Article Highlights - If the Shoe Fits, Wear It
As discussed in the article, the first step in understanding health benefits is to understand the options available on the market today, then assess how the two main options align with the business’s goals.
As small business executives assess health benefits, there are generally two core types of health benefits to evaluate: group health insurance and employer-funded individual health insurance.
A traditional group health insurance plan might be the right fit if:
The small business qualifies for Small Business Health Care Tax Credits.
Employees do not have individual health insurance coverage and/or do not qualify for premium tax credits on the individual market.
Employer-funded individual health insurance might be the right fit if:
The business needs a fixed-cost benefits program.
The business needs a health benefits plan that is easy to administer.
Employees have diverse health and financial needs.
Employees already have individual health insurance coverage and/or qualify for premium tax credits on the individual market.
To read the full article on Synnovatia, click here.
Want more tools to help evaluate small business health benefits? See this free PDF workbook on planning for small business health benefits.
Synnovatia is a website that helps entrepreneurs and small business owners reach their full potential. Synnovatia’s forte is creating innovative strategies that help small businesses outperform each and every year. The Synnovatia.com feature titled, “If the Shoe Fits, Wear It: How to Evaluate Small Business Health Benefits” helps small business executives evaluate which type of health benefits to offer.
What questions do you have about small business health benefits, or types of benefits available? Leave a question or comment below.