As an entrepreneur in this competitive landscape, you need to make every effort to attract and retain employees.
The health of your employees should be your utmost priority.Not only do you want to make sure that they are working under safe conditions,you should also be able to cover costs if any health issue does occur.
Having health insurance is one way you can provide a kind of safety net to your employees. You have quite a few options when it comes to health insurance plans.
Individual Health Insurance
You might be a freelancer or a consultant operating individually. Even as a solo entrepreneur, you have got quite a few choices in health insurance. Visit the healthcare.gov website and explore the different options available.
Here are some aspects you need to keep in mind when researching different health plans:
- Prescription medicine,
- Personal and family medical history,
- Monthly or yearly visits to the doctor,etc.
Small Business Health Options Program(SHOP)
Small Business Health Options Program,or SHOP,is part of the Affordable Care Act. Each state has its own set of rules and regulations regarding SHOP.
Generally, if you have employee sranging from1 to 50, you can opt for one of the plans from your state’s SHOP marketplace.
Once you have chosen a plan, your employees can have access to the marketplace and they can choose their own plans. This gives them a sense of control in their health insurance.
Private Health Exchanges
Private health exchanges are a kind of customized version of the SHOP market place.For instance, you might only want to pay a fixed amount to employees or you might want to offer medical coverage for limited medical issues.
Although you do not get a vast array of choices with private health exchange program, this is a more affordable option.
Direct purchase, as the name suggests, involves getting health insurance from a private provider.
Although it is a more cost-friendly option, there might be some down sides to this.
For instance, many insurers do not sell directly, so you already have limited choices.
You might also have to take care of all the paperwork including billing details, eligibility criteria, etc. This could mean spending quite a bit of time on work that’s not related to your actual business.
Gregg Marcus is a philanthropist and commercial lending and insurance professional. With immense experience in the field, he has helped many small business owners choose the right plan. Learn more about Gregg.