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Is Small Business Health Insurance a hindrance in starting a business?
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Employees value health insurance. It is a fact and it is no secret. Employees usually rank health care coverage as the most important of all their benefits. To attract future employees and to encourage present workers to stay in your company, you have to offer group health insurance benefits. This is the problem faced by tens of thousands of people in the United States who wants to start a small business of their own. The cost and difficulty of obtaining health insurance in the United States prevents them to start a new business…
Indeed, finding affordable health insurance benefits for your employees is getting tougher every year, adding one more headache to managing a small business in these challenging times. "Premiums have gone up tremendously in the past year," says John Kimbrell, principal and owner of Kimbrell Associates in Orange, California. Aging populations, increasing drug prices and a backlash against managed care have all contributed to recent price hikes. So many are thinking that tracking down affordable small business health insurance is like finding a needle in a haystack. But believe it or not, you do have choices.
When we say small business we refer to those businesses which have a small group. Small-group refers to the number of employees in a given company. It can be as many as 100, but is most often two to 50. In this market, health insurance prices have traditionally been based on two factors: Projected cost of medical services in a given geographic area and Projected utilization of services. Cost projections are fairly stable across the country. But insurance companies estimate utilization of services probability on factors ranging from the medical history of your employees and their dependents to age and gender. These details affect plan premiums to you and your employees. The group will usually pay a higher premium for insurance coverage if one or two of your member has greater risk.
A process called underwriting has been used by majority of small-group health insurance companies. In this process, a person caller underwriter is assigned to analyze risk factors (including the medical history of each individual and to estimate potential claims and determine a group's insurability). What is the insurer's goal? To offer coverage at a fair price and to ensure adequate income to pay future claims and expenses.
Regardless of whether your company is small or a member of large company’s in the country, you want to make sure you are getting your money's worth out of a health plan. So it is important to consider all the possible things that will count in selecting a plan. It's important to weigh the pros and cons. Ask which type of plan is best for your company. Small business health insurance policy can be at your advantage if you just carefully examine it. There are various tax incentives available to you and to your possible employees or to your present employees when you participate in a group health insurance plan.
Small business commonly chooses to be covered through “Managed Care Plans”. Of the Americans who obtain health care through their employers, 70% are enrolled in a managed care plan. Whether Preferred Provider Organization (PPO), Health Maintenance Organizations (HMO) or POS. A POS is an HMO with indemnity-like out-of-network benefits. Managed care plans share some of the same basic characteristics: Comprehensive health care services offered through arrangements with selected doctors, hospitals and providers. Financial incentives for recruiting members and convincing them to stay within the network Formal programs for quality assurance and utilization review.
Remember that there are lots of health insurance plans for small business too. It should not be a hindrance in starting or in developing a business. Rather, it should be one of your armor to attract employees and let them stay in your company. All you have to do is to research for best health insurance policy, weigh and decide to your company’s and employee’s advantage.
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