You’ve finally turned your dream into a reality. Your business is up and running. You hire employees to help you manage your venture. You’ve checked your inventory, your staff, but you neglect to purchase small business health insurance. Are you making a grave mistake or a savvy business move?
Should you or shouldn’t you?
Purchasing small business health insurance can be both a blessing and a curse. What if a sudden illness sweeps the small office and everyone has to take time off from work? Where would that leave you? You may have to put that “for rent” sign back on the building you’re renting.
On the other hand it could save you and your business money. But how can you be sure all of your employees will remain healthy for long stretches at a time. You can’t.
Even a small wave of illness or an unfortunate accident on the job can ruin small businesses. Many small businesspersons believe they cannot afford to purchase health insurance. This is a fallacy. Other small business owners don’t regard lack of insurance as a gutsy business move; they simply don’t know where to look. There are many options available to you. You just have to know where to look.
What you can get
Many insurance companies offer group packages for small-scale businesses. If you have a business, you must first determine if you are a small business. If you have at least two
employees (including yourself), you are eligible for small business health insurance, just as long as the number doesn’t exceed 100 people.
Small businesses that do purchase health insurance usually purchase two types of insurance. “Traditional” medical insurance or fee-for-service insurance is the most popular insurance because it pays for general doctor’s visits. HMO or managed care insurance packages help those with a chronic, long-term, or specific illness.
What to look for
If you decide to purchase small business health insurance, you need to be very careful. There are a lot of swindlers out there. To be sure that your insurer is legitimate, you should be able to do the following:
- Does your contract guarantee renewal?
- Does your intended company refuse to carry a small amount of employees as opposed to a larger staff? That’s a red flag.
- Your provider cannot override any conditions that you or your employees have set forth. That’s another red flag.
If you are still unable to find a decent provider, there are other options available. Check with industry or trade unions. Some of these insurance plans are very costly, so delve deeper. Try to contact your local chamber of commerce to receive help. You can also expand your search to include organizations. Askmrhealthinsurance.com believes you can contact the National Federation of Independent Business (NFIB) to take up your cause. This group tries to help small businesses obtain affordable health insurance.
If you do succeed in purchasing health insurance for your small company, you shouldn’t stop there. Small businesses need other types of insurance, like disability, life, and worker’s compensation.
Protect yourself and your budding company.
By Michelle Presbury