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Health Insurance for Business: Which Options Are Available?

Community members have always, for the sake of prudence, collectivized resources in order to counter a major pitfall. Health Insurance for pressure washing contractors or other businesses are modified version of such a pooled saving. Quite few employers cannot grasp the complete picture regarding Health Insurance for Business. There are certain regulations in health insurance legislation that further complicates things.

The major aim of any business is to maximize profits. Simultaneously, employers also try to give the best benefits to their employees. It’s like a juggling act. And not an easy one! The main aspect of this game is to remain cost-effective.

There are some restrictions regarding Health Insurance for Business. Insurance cannot be sold across different states. It is being suggested in the congress that cross-states sales of insurance be allowed so that employers have a wider choice of insurance plans from a bigger pool. Taking this into view, legislatures are suggesting that cross-state health insurance should be allowed.

The very collective nature of health insurance suggests that bigger companies have more chances of finding a cost-effective health insurance plan for their employees. A research in 2006 revealed that 90% of companies with more than 50 employees provided heath insurance to their employees whereas the percentage for smaller companies was just 48%. If a smaller company does provide health insurance for its employees, its cost can sky rocket in case a single employee goes through a major mishap. If you want to keep low premiums, you must accept higher deductibles. But keeping high deductibles is also not an easy option.

One way is to use Health Savings Accounts which can let employees save money for future medical need. The good thing is that it is tax-free. Another way is to tap into every possible venue of insuring employees. Those employees who are older than 65 years are eligible for Medicare so employers turn down health insurance for such employees. If an employer cannot afford to insure an employee and his whole family, he can refer his employees to another health insurance plan that does insure more number of children. There are federal and state level organizations that provide insurance to low earning families.

While striving to provide Health Insurance for Business, it should also be kept in mind that those companies that, due to financial constraints, cannot provide health insurance to their employees can provide health savings accounts. Employee contributions to HSAs are not taxable and interest on HSAs is also exempt form income tax. An HSA account is mobile and can move with the employee. If these funds are not utilized, they can build into a large savings over the years. HSA makes a very good option for small businesses that want to provide health insurance to their employees.

There is another viable option for providing Health Insurance for Business: SHOP or Small Business Health Options program was introduced in 2008. There are three basic elements of SHOP.

  • In order to spread risk and minimize premiums, it allows smaller businesses to stick together
  • It provides tax credits to small business so that they can be off-set against insurance premiums.
  • It shields employers against bigger increases in premiums if an employee falls ill.

SHOP is a good option regarding Health Insurance for Business. Though Congress is still deliberating on it, there are good chances that it will soon become part of the legislation.


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