Many people assume that individual health insurance, which is insurance you purchase on your own, is more expensive than group health insurance, which is a policy an employee gets through their company. So how much does individual health insurance cost? How does it stack up against company-based group health insurance? Data shows that individual health insurance is, on average, more affordable than group coverage. Furthermore, the passage of a new federal law in 2016 created a third health insurance option for small businesses to offer their employees that can help businesses fix their health benefit costs.
You probably already know that the cost of living varies greatly from region to region. Where you live dictates how much you pay for just about everything, from housing to the cost of dinner at your favorite restaurant. But did you know that your zip code also plays a role in the cost of group health insurance? According to a recent survey conducted by United Benefit Advisors (UBA), geography was one of several factors that affect the cost of health insurance.
Navigating the waters of group health insurance can be frustrating for small business owners. Not only are premiums expensive, but they are also constantly increasing, and the regulations are difficult for many small businesses to keep up with. If you are struggling with group health insurance, we have good news: There’s another option.
It’s becoming increasingly common for small businesses to drop their group health insurance coverage in favor of reimbursement plans like Health Reimbursement Arrangements (HRAs). If you’ve already elected to offer a group policy in 2017, it might not be too late to change your mind. You’ll just need to make sure you mind the details of your current contract and and get setup to administer your reimbursement plan with benefits software.
Many small business owners want to offer health insurance assistance, but aren’t sure how to do so. This desire leads to a common question among entrepreneurs: “Can I offer a health insurance stipend to my employees?” Healthcare regulations have changed quite a bit in the past few years, so let’s clear up some of the confusion surrounding stipends and healthcare reimbursement arrangements (HRAs).
Every small business owner ready to offer employee health benefits has to decide between offering group health coverage and letting their employees purchase their own individual health insurance plans. For many, it’s a difficult and complicated decision. There are many factors to consider when determining the best course of action for your company, but time and money are both finite resources. Here are some pros and cons of individual insurance reimbursement vs. group insurance to help you decide.
There has been a lot of discussion recently about the rising cost of individual health insurance plans on the Obamacare exchanges. Some Marketplace shoppers are facing double-digit increases in addition to having fewer options to choose from with the exodus of Aetna, Humana, and UnitedHealth; however, the individual health insurance market is not alone. Prices are up across the country for group health plans as well—and this trend seems to be sticking around.
Over the past few years, Americans have been increasingly frustrated over the rising cost of group health insurance. While employees see their take home pay shrinking, not many stop to ask themselves how this affects their employers. Perhaps they believe that the cost is being passed along to them, but how will they know if business owners don’t tell them?
Small businesses who offer formal health benefits generally offer a group health plan. There are different types of group health plans and there are certain requirements all plans must follow. This article provides the definition of a group health plan and answers frequently asked questions about how they work.
Despite the market shifts in the United States toward individual health insurance coverage, the majority of nonelderly Americans (56 percent) still receive group health insurance coverage through an employer. The coverage rate, however, has decreased slowly from 67 percent in 1999. This is according to a new study by the Kaiser Family Foundation (KFF) that analyzed offer and coverage rates in 2014.
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.