If you have a small business, you may worry about looking for health insurance options for yourself (if you don't have employees) or for your small workforce. Fortunately, there are several options available. In this article, we will explore health insurance for people who are self-employed, as well as those looking for small business health insurance plans for a workforce of 2 to 50 employees.
If you are self-employed and have no employees, you are probably busy enough without worrying about your health insurance options. The good news is that the Low Price Health Care Law now allows the deduction of 100% of the health insurance premium for independent workers. You can search the health insurance market for plans adapted to your health needs and your budget. If the ACA open enrollment period for applying for health insurance was lost, you can also consider a short-term health insurance plan to cover your health expenses until registration is open. be open again You can also check if you qualify for Medicaid medical coverage, or even choose to self-finance your health insurance. Many insurers now offer self-insured health care to employees. Because you only make sure you have some flexibility to choose the plan that best suits your needs.
If you have at least two employees but less than 50, things get a little complicated. You should start learning about the health plans of small businesses to determine the best way to protect your employees. Read on to discover our selection of the best health insurance providers for small business owners.
5 - Best for Managed Care: Kaiser Permanente
Kaiser Permanente is a managed care organization where customers can receive medical care from Kaiser Foundation hospitals and medical centers. Kaiser Permanente has excellent financial strength ratings and has won numerous customer service awards through J.D. Power & Associates It offers small business health insurance plans to business owners in the states of Colorado, Georgia, Hawaii, Maryland, Virginia, Washington, D.C., Oregon and Washington. The plan options will vary based on your state. Kaiser Permanente offers four main health insurance policy options for small business owners including Traditional HMO Plans, Deductible HMO Plans, HRS and HAS-Qualified Plans and Deductible HMO with HRA Plans.
The Deductible HMO Plans offer employees the option to have a higher deductible but also a lower premium. These plans can also be paired with a health savings account (HSA) or health reimbursement arrangement (HRA) for additional tax savings. This plan is designed to offer employees a lower premium while still maintaining quality healthcare options.
Consumer-directed health plans from Kaiser Permanente are the HRA and HSA-Qualified Plans, which offer employees tax-free funds to help pay for healthcare expenses. Employees enrolled in these plans have access to the same services provided to members of traditional HMO plans.
The PPO plans allow employees who may live outside of the preferred provider area to use any licensed doctor of their choice without a referral. The plans are administrated by a single carrier to avoid paperwork delays in paying claims. Discounts are provided when in-network doctors and healthcare facilities are accessed by members.
The Point-of-Service Plans take the best features of the POS, HMO, and PPO plans and combine them into one policy. The employee can then chose quality healthcare from any Kaiser Permanente provider facility, PHCS network physician, or any other licensed provider. This plan provides lower premiums but also gives the ability to go out of network to find a doctor when the need arises.
4-Best for Health Savings Plans: Aetna
Aetna offers a small group of health plans for employers with two to 50 employees. Coverage options and plans will vary. Aetna is one of the largest health insurers in the nation and has an “A- (Excellent)" based on state.
Open Choice Plan: The open choice plan allows you to visit any healthcare provider you choose, although the rates may be lower if you choose a network doctor. You can also visit a network doctor without a referral. Any licensed doctor or specialist is allowed in the open choice plan through Aetna. Out-of-pocket expenses may be higher if you do decide to visit an out-of-network provider.
Traditional Choice Health Insurance Plan: The traditional plan allows you to visit any licensed doctor or specialist without a referral, although you may need to get approval for certain kinds of services. Those services are outlined in the Benefits Summary of your policy. With the traditional plan from Aetna, you pay for your care when you visit the doctor, submit a claim and then receive the money back.
Aetna HealthFund One-to-One Employer Overview: This plan works with any of the Aetna small business healthcare plan options. Once you choose a plan, you pair it with either a health fund or health savings account to lower out-of-pocket and deductible costs. The HRA and HSA plans are tax deductible for employers and tax-free for employees.
3-Best for a Large Provider Network: BlueCross / BlueShield
The Blue Cross Association not only operates in the United States but also in more than 170 countries worldwide. In all, more than 99 million Americans are covered by a Blue Cross policy. There are 39 separate Blue Cross organizations throughout the U.S. and most of these companies have a financial strength rating of “A + (Excellent)."
BlueCross / Blue Shield offers small business health insurance plans for employers with 50 employees or less. BlueCross / BlueShield has one of the largest preferred healthcare provider networks in the nation, making it easier for employees to see an in-network doctor or healthcare facility and receive the preferred provider discount. BlueCross / BlueShield also offers many wellness incentives including Blue365 which offers discounts on health and wellness products and services, and WalkingWorks, a physical fitness and training program to help keep employees active and healthy.
Most states offer some form of Blue Cross small business health insurance plan for employers with two to 50 employees. Pharmacy networks are included in the plan options. There are over 30 plan options with different deductibles, out-of-pocket expense, coinsurance, copayment and preferred provider options. Here is a sample plan brochure for the state of Texas. Coverage options and plans will vary based on state.
The plan features virtual visits, a preferred pharmacy network, and prescription programs on payment level tiers. Prescription drugs on the lower level tiers will cost less so there will be less out-of-pocket pharmacy expenses for the employee.
2-Best for Tax Savings: Human
Humana offers small business health insurance to employers with two to 50 employees. Plans and options vary by state, so be sure to check restrictions for your area.
The Humana Simplicity plan provides in-network preventive care and allows employees to set their own copay amounts for services. After the out-of-pocket expense is met, the plan pays 100% for covered services. The plan also includes wellness incentives.
The Level Funded Premium plan is for employers with 10 or more employees. This is a flexible self-funding plan with comprehensive medical and pharmacy plans and includes wellness programs. Premium tax savings are possible through this plan along with a refund for any claims surplus.
The Self-Funded Plans allow employers to have predictable costs and administrative help for their plans. You can cover your premium with one monthly payment. The self-funded plans typically offer lower premium payments for employees.
The High Deductible Health Plans through Humana allow employers to offer low premiums to employees by having a higher deductible which covers both medical and prescription drug costs. Annual in-network exams are covered 100% and the plans can also be paired with health savings accounts.
Humana Copay Plans allow employees to pay a flat fee for services and offer lower costs for care provided by in-network healthcare doctors and facilities. Coverage is provided through this plan for annual in-network exams which are paid 100%.
The Coinsurance Plans offer 100% coverage for preventive exams and services and discounted rates for other services through in-network providers. The prices for services are negotiated through Humana and employees pay a percentage of the negotiated price.
1-Best for Online Care: UnitedHealthCare
UnitedHealthCare if a part of UnitedHealth Group and is the largest single health insurer in the United States and is rated “A (Excellent)" by AM Best. UnitedHealthCare offers health insurance plans to small business owners with two to 50 employees. One great feature that both employers and employees will love is the “virtual visits” option, which allows access to online care 24/7. You can talk to a doctor from your mobile device or computer without an appointment and can even get a prescription to pick up at your local pharmacies There is also a health discount program that allows you to save up to 50% on select health and wellness services like cosmetic dental care, laser eye surgery, acupuncture, massage therapy, infertility, hearing devices and more. popular UnitedHealthCare small business health insurance plans are UnitedHealthcare Choice Plus, UnitedHealthcare Choice Plus, and UnitedHealthcare Options PPO.
The United Health Choice is an open-access medical plan, meaning you can see any doctor or healthcare facility of your choosing. This health plan is open to employers from 2 employees to over 5,000 employees. Features of the plan include fixed dollar copayments, coinsurance options and lower out-of-pocket costs for care from in-network doctors and clinics.
UnitedHealthcare Choice Plus offers the same benefits as UnitedHealthcare Choice but with added coverage for out-of-network doctors. For the added coverage, there is a higher coinsurance payment along with a higher deductible.
Finally, the UnitedHealthcare Options PPO plan offers substantial discounts to employees who use in-network care. However, you can use any doctor of your choice without a referral. Members must obtain approvals for both in- and out-of-network services. When using an out-of-network doctor, copayments and deductibles may be higher.
You can receive UnitedHealthcare small business healthcare plan specifics for your state here.
