Many small business employees purchase their own individual health insurance through the ACA Marketplaces or private insurance websites. When looking to buy or renew their plan, employees may not know where to turn when they have questions. As their employer, you are a logical place to start. This is especially true if you offer a healthcare reimbursement plan (HRP). With open enrollment starting November 1, here are five tips to help answer your employees' questions about purchasing individual health insurance.
When the Senate returned from their summer vacation, a lengthy to-do list was waiting for them. While they have been able to cross a few things off the list, the Small Business Healthcare Relief Act (SBHRA) hasn’t yet been one of them, leaving many small business owners still awaiting the fate of health reimbursement arrangements (HRAs).
With open enrollment right around the corner, small business owners all over the nation are evaluating health insurance options and comparing the cost of employer-sponsored (group) health insurance plans and Affordable Care Act (individual) plans. A common question is which type of health insurance plan costs more? According to a recent analysis by the Urban Institute, Affordable Care Act (ACA) plans cost, on average, 10 percent less than comparable employer-sponsored premiums.
The Small Business Healthcare Relief Act (SBHRA) is pending legislation that would expand small business healthcare options. If passed, the SBHRA would allow small businesses to once again use a Health Reimbursement Arrangement (HRA) to assist employees with out-of-pocket health insurance and medical costs. A common question from small businesses and advisors is, "how would the Small Business HRA compare to reimbursement plans available today?"
A common misconception about individual health insurance is that it costs more than employer-based (“group”) health insurance. When in fact, on average, individual health insurance costs up to 60 percent less than comparable coverage on the group market. How much does individual health insurance cost? Let’s take a look.
Consumerized employee benefits can be difficult to wrap your head around — not because the idea is complicated, but because it is a shift in how employers offer benefits. For example, most employees have had traditional, employer-sponsored health insurance throughout their careers, but times are changing as new health insurance options are becoming popular that put employees (the consumers) in the driver's seat.
When small businesses consider health insurance options, it's common to weigh offering a traditional group health insurance plan with offering individual health insurance reimbursement. How do individual and group health insurance compare? Here's a concise overview.
As the year draws to a close, many entrepreneurs are looking to renew their small business health insurance. Annual renewals often mean premium increases, leaving a heavier burden on both small businesses and employees. If you are feeling helpless, know there are other small business health insurance options available to you.
If your small business uses a Health Reimbursement Arrangement (HRA) or Healthcare Reimbursement Plan (HRP) to reimburse employees’ health insurance premiums, a common questions is, “What major health insurance companies can I pay for using my reimbursement plan?” The answer is simple. Let’s break it down.
As premium costs increase, many small business owners are looking for ways to save money on their health insurance. Large companies often benefit from scale, but small businesses do not have the same bargaining power with so few employees. Experiencing sticker shock from your renewal notice? Here are five ways you can save money this year.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.