As a small business owner, you may wonder how you can compete with larger businesses for top talent in your industry. Part of your ability to recruit top talent lies in the health benefits that you offer. However, offering traditional group health insurance for your small business has become unstable and unaffordable, as costs have risen 182% since 1999 (family coverage). So, is there a solution? Absolutely--adopt individual health insurance for your small business.
Individual health insurance is more affordable. In fact, adopting individual health insurance for your small business will save 20% to 60% on premium costs. As such, here is why small businesses adopt individual health insurance.
Individual Health Insurance Comes with Great Advantages
Individual health insurance is now equal to, and in most cases better than, group health insurance. And, as previously stated, it costs less. Individual health insurance costs about half the price (pre-subsidy) and about one-quarter the price (post-subsidy) than group health insurance.
With individual health insurance, you and your employees get to:
1. Pick the plan that best fits your needs, including your doctors.
2. Keep your individual health insurance policy for as long as you want, completely independent of your employment.
3. Receive a federal subsidy for, on average, about half the cost if you are a family earning less than $100,000 per year or a single person earning less than $45,000 per year.
You Can Reimburse Employees for Individual Health Insurance
Individual health insurance is now better than traditional group health insurance because it is less expensive, enables choice, and stays with employees if they switch jobs. These advantages have prompted most small businesses to transition their employees to individual health insurance and reimbursing them for all, or a portion, of their health insurance premium.
To learn more about individual health insurance reimbursement, click here.
Individual health insurance is becoming the way for you to offer health benefits to your employees. As you take a closer look at whether or not you want to adopt individual health insurance for your small business, think how it can benefit you and your employees. With it, you can retain and recruit the top talent you need to become the best in your industry. Additionally, your employees will be happier with a health insurance plan that fits their needs and is affordable.
What do you think about small businesses adopting individual health insurance? Comment below and join our discussion.