Small business owners must provide health insurance to their employees if there are more than 50 full-time employees. Kaiser Foundation has stated that the average cost of health coverage per year is $6251. This keeps increasing by 5% every year. Choosing health insurance NY small business is a tricky process. Understanding the need for your employees is the key.
Analyze what suits your employees- low deductibles or low premiums. Your employees might be getting health cover through spouse, parents or Medicare. In such scenarios, they can choose the plans with the lesser premium. This also means the cost spent by you too comes down. Do you want to cover their families? Health insurance NY small business plans to cover families can cost you more. For instance, the average single coverage HMO plan costs $518 per month. For the family coverage, the same comes for $1437. Single coverage of POS plan costs $548, and for family coverage, it is $1409.
Apart from the analyzing part, the small business owners hate the paperwork. Analyzing helps in decision making, and aids in reducing cost. But paperwork is intimidating. To manage the paperwork, you can choose the PEO services. This ensures employees get the best rates of small business health insurance. The employees are pooled together, and the PEOs take care of the paperwork.
What Can You Offer Additionally
Usually, the health insurance NY small business plans do not cover dental and vision treatments. If you want to offer these, and even the life insurance, you can check with the brokers who aid in the process. At times, employees enjoy other benefits. A few are wellness program, life insurance higher pay, and flexible timing. Hence check with your employees what they would prefer. You can bring down the benefits of health insurance, and focus towards others. But, it is illegal if you do not offer health insurance, while the employee count is more than 50. If you have a mixture of part-time and full-time employees, offer insurance only to full-time employees. If you own a business with 80 full-time workers and 10 part-time workers, offer health insurance to the 80 full-time workers.
Online health insurance marketplaces have made shopping for health plans easy. Small business owners can make use of this streamlined process. As a small business owner, you can find lots of tools making the process simpler. Comparing various health plans is easy in online sites. Or, a health insurance broker can also help in hastening the process. You need to provide certain information when shopping for the health insurance NY small business.
The set of information you need to provide include nature of your business, number of employees, number of dependents, date of birth and age of employees, and zip code. Based on this, you would be able to get accurate information about the plan and premium. Check for the SHOP – the Small Business Health Options Program. This marketplace in a few states works with the government. You can find the level of coverage that can be offered to your employees.