Does your small business have less than 50 full-time employees? If so, you could be exempt from the employer mandate and pursue a little-known solution that doesn’t involve the ever-growing expense of a group plan. Now before you envision unhappy employees or dwindling talent, think about the benefits of offering an individual based program rather than group health insurance:

  • By offering personalized, individual plans for each employee, you can supply an affordable, more flexible, and robust insurance program for your small business. In fact, Sheryl, one of our small business customers saved $25,000 on her health insurance costs.
  • Your employees could save money with individual health insurance plans and subsidies. It might even cost less than what they would pay as part of a group plan. As a matter of fact, with the use of subsidies, your employees’ health insurance coverage could be free.
  • You could even offer wage increases to cover the cost of health insurance, helping employees pay for insurance while enhancing employee retention.
  • You could eliminate the hassle of managing your health insurance benefits program, and leave that to an agent who can focus on each individual employee.

Individual health insurance for small businesses could be less expensive than group health insurance, for you and your employees.

In a 2013 report, the Kaiser Family Foundation found that employers spent $3,335 more a year on group insurance plans than they would have if employees purchased an individual plan. For families, this rose to $10,800. The cost savings for not offering group health insurance for your small business could be drastic.

Imagine what you could do with those savings! But don’t worry about your current and future talent. Not offering group health insurance doesn’t mean you’re not offering any health insurance. It just means you’re looking at a smarter approach to boosting your bottom line. Besides, it could end up saving your employees money too.

Think about how those numbers reflect on your business. What are you currently spending on health insurance, both in time and money? With an individual health insurance program, you would be relieved from both of those burdens. Each employee would have the chance to choose their own plan with the help of your agent. And since your employees would have individual plans, they could be eligible for subsidies for the first time.

Subsidies work to lower the cost of health insurance and can come in two basic forms—premium tax credits and cost-sharing reductions. On average, individuals enrolling in health insurance through the Federal and State exchange receive subsidies totaling 76% of their insurance premiums.1 And nearly 90% of those who bought or re-enrolled in a plan in the federal marketplace in 2015 are eligible.

Individual health insurance programs that save time and money.

How does this little-known solution work, and how can individual health insurance save your small business thousands of dollars too?

First, it can save you major time:

  • When you first meet with an agent, you sit down together and discuss your health insurance concerns and needs. Your agent will show you how to help solve your health insurance woes.
  • Then, instead of setting aside time to meet with all of your employees, your agent will meet each employee, individually, for you.
  • Your agent will help each employee select a plan that suits their needs and budget—and the service is free.

How much time would it take for you to sit down with each employee and help them select a plan that meets their unique needs?

Second, it can save you and your employees money:

  • The licensed agent’s services come at no expense to you—it’s free.
  • As found in the Kaiser study, individual plans are thousands of dollars less expensive than group plans annually.
  • With individual plans, employees can choose coverage and benefit levels that match their personal budgets and needs with the help of subsidies.

Individual plans offer freedom of choice.

When individuals are able to shop for their own health insurance, they can find plans that meet their personal budget and coverage needs. For example, HealthMarkets has a portfolio of over 200 insurance companies with thousands of plans available nationwide. When you set up an individual health insurance program through HealthMarkets, a licensed agent is available to sit down with your employees individually, helping them compare between a variety of plans. With this little-known solution, insurance for small business can be an affordable option for you and your employees!

You’re swamped—here’s how an agent can help.

Because running your business is your top priority, you don’t want to waste time or money trying to shop for health insurance alone. By allowing a HealthMarkets insurance agent to help, you could save your business thousands of dollars each year on health insurance. Let HealthMarkets help you find insurance for your small business today by calling us at (800) 976-5818.

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References

1 “Federal insurance exchange subsidies cut premiums by average of 76%, HHS reports”, The Washington Post, June 18, 2014.
Sources: http://www.wsj.com/articles/health-costs-hinge-on-supreme-court-ruling-1432607402?mod=trending_now_2 | http://kff.org/private-insurance/report/2013-employer-health-benefits/

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