Did you know small businesses are the least likely to offer group health insurance?
According to the Kaiser Family Foundation (KFF), just 39 per cent of businesses with 3-9 employees offer it compared to 91 per cent of organizations with 50-199 employees. Moreover, just over half (58 per cent) of those with 10-24 employees provide group health insurance, while almost three-quarters (73 per cent) do so.
Small businesses can shop for and pay for health insurance in a few different ways:
Through a broker: Small business owners can work with a health insurance broker who can help them compare plans and find the right coverage for their employees. Brokers can also help with enrollment and provide ongoing support.
Through a private exchange: Small business owners can use a private exchange to shop for health insurance. Private exchanges are online marketplaces where businesses can compare plans from different insurance carriers.
Through a government-run exchange: Small business owners can also shop for health insurance through a government-run exchange, such as Healthcare.gov or a state-run exchange. These exchanges offer a variety of plans and subsidies for qualifying businesses.
Small businesses can also access groups like the chamber of commerce or industry groups or trade associations
When it comes to paying for health insurance, small businesses typically pay a portion of the premium and their employees pay the rest. The amount that the business pays can vary depending on the plan and the company’s budget. Additionally, some small businesses may be eligible for tax credits or other financial assistance to help offset the cost of health insurance.
