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.
The year is still young, but a survey conducted at the close of 2016 indicates that small business owners are confident about growth in 2017. According to data gathered by the National Federation of Independent Business (NFIB), optimism among small business owners increased by 7.4 points in December 2016—the biggest single jump since 1980 and the highest surge since 2004.
For many small businesses, employee retention efforts include offering comprehensive health insurance benefits. However, rising health costs have caused some businesses to cut certain aspects of their health-related coverage, including spousal benefits.
As 2017 gets underway and a new political administration takes over, businesses across the country are likely to confront a variety of changes in the workplace, including shifts in the employee benefits sector. In its 14th Annual U.S. Employee Benefit Trends Study, MetLife identified five areas businesses should keep an eye on as the year progresses.
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.
Health insurance costs have increased sharply in 2017. The effects of the increases have been widespread, reaching both group health policies and affecting costs on the individual market. If you didn’t encounter rate hikes yourself, you probably know someone who did.
A common question among small business owners is whether they can offer employees a stipend to help pay for the cost of individual health insurance. Business owners also wonder if a health insurance stipend is a better choice compared to other options, such as a Health Reimbursement Arrangement (HRA) like the Small Business HRA.
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.