As a small business, health benefits are an important part of your overall recruiting and retention strategy. And yet, budgeting for health benefits can feel like you’re walking a tight-rope. That’s because with the wrong approach, health insurance can be unstable, expensive, and restrictive.
However, the first step to taking control of your health benefits budget is to understand your options. In this article, we'll discuss small business health insurance options, and how to take control of your health benefits budget.
Note - This article is an excerpt from our free resource, “10 Budget Pitfalls of Small Business Health Insurance.” To download the full resource, click here.
Health Benefit Options for Small Businesses
Perhaps you’ve offered health benefits in the past, or maybe you want to offer benefits for the first time. Either way, you may feel like traditional group health insurance is the only way to offer quality health benefits. However, assuming group health insurance is the only way to offer health benefits is a major budget pitfall.
That’s because there are new, more affordable, health benefit options available to small businesses, including:
Individual Health Insurance (with or without a premium reimbursement contribution)
The SHOP Marketplace and Small Business Healthcare Tax Credits
Co-Ops or PEOs
Take Control of Your Health Benefits Budget
For many small businesses, having complete control over health benefits costs is game changing.
That’s because when you have unpredictable cost increases year after year, budgeting for health insurance is hard - if not impossible.
But, when you can’t budget for health insurance reliably, you also can’t confidently tell employees you’ll be able to offer coverage in the long run.
Small businesses can take control of your health benefits budget by switching to individual health insurance and a premium reimbursement plan.
With this model of health benefits your company can:
Set any contribution amount toward employees’ healthcare (there is no minimum contribution).
Change your budget on your terms only.
Reliably budget for health insurance in the short-term and in the long-term.
Small businesses are often on tight budgets when it comes to health benefits. But, that doesn’t mean you don’t have options.
By adopting new affordable health benefit solutions, such as individual health insurance and a premium reimbursement plan, small businesses can take full control of the cost of health benefits.
What small business health insurance challenges are you facing? What options are you exploring? We’d love to hear from you. Leave a comment or question below.