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Why Veterinary Clinics are Switching to Individual Health Insurance

Written by: PeopleKeep Team
December 16, 2014 at 12:45 PM

As a veterinarian, you invest 100% of your physical, mental, and emotional energy into long days of assisting and treating animals - and that doesn’t include the side work of hiring, managing an office, and dealing with group health insurance for your veterinary clinic.Veterinary clinic health insurance is not only time consuming, but costly. As such, something is beginning to happen -- many veterinary clinics are switching to individual health insurance as a way to free up valuable time and money.

Why Veterinary Clinics are Switching to Individual Health Insurance

In fact, adopting individual health insurance for your veterinary clinic will save 20% to 60% on premium costs and free up time to focus on important aspects of your business. Knowing this, here is a more detailed look at why veterinary clinics are adopting individual health insurance.

Individual Health Insurance Gives You and Your Employees Options, and It Costs Less

Individual health insurance offers your and your employees plans that are equal to, and in many cases better than, group health insurance. Additionally, you’ll save a great deal of money, too. For example, 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.

  1. Keep your individual health insurance policy for as long as you want, completely independent of your employment.

  1. 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 many veterinary clinics to transition employees to individual health insurance and reimburse employees for all, or a portion, of their health insurance premium.

To learn more about veterinary clinic health insurance reimbursement, download this free guide.

For veterinary clinics, individual health insurance is becoming the way for you to offer health benefits to employees. As you take a closer look at whether or not you want to adopt individual health insurance for your clinic, 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. Plus, your employees will be happier with a health insurance plan that fits their needs and is affordable.  

Individual Health Insurance Gives You Back Your Valuable Time

With individual health insurance, you don’t have to spend time trying to figure out the numerous details of health insurance. In fact, as your veterinary clinic transitions to individual health insurance, your employees pick their own plans on the state’s Health Insurance Marketplace, from a broker, or directly from an insurance company.

Furthermore, if you choose to offer premium reimbursement to your employees, it can take as little as five minutes per month to manage their premium reimbursements. As such, the time you would have spent on understanding and dealing with group health can now be spent on the core of your business - your patients and employees.

What do you think about individual health insurance as a health insurance solution for your veterinary clinic? Comment below and join the discussion.

The Comprehensive Guide to the Small Business HRA 

Topics: Human Resources, Health Insurance

Additional Resources

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