Health Insurance For A Small Business Owner:


If you are a business owner, your employees needs are always a priority. You have the responsibility to ensure your employees are happy and as safe as possible. This will result in them caring for your business and improve their loyalty to you. It contributes to a healthy work environment, and overall satisfaction.


Health Insurance as a benefit:


One of the ways to care for your employees is by taking care of their health. Having reasonable working hours and a nice office environment is one way. Another is offering health insurance as a benefit. For companies below 50 employees, this is not required. However, if you are thinking of providing health insurance, there are some things you will need to consider first. It may or may not be beneficial for them, depending on the situation.


Is it financially feasible?


The first thing to consider is if your company can afford it. Offering them health insurance means you will at least shoulder about half the cost. Is your company prepared to shoulder this cost? The average cost of health insurance is around $6,000. Half of this means you will need to shoulder $3,000 per employee.


Determine if your employees want it:


This can go both ways. Either they will not, or they will want one. There are many factors that will determine if your employees will not want a company issued policy. Below are some possible reasons.

  1. They already purchased their own health insurance policy.

  2. They are already included in their spouse’s policy.

  3. They will lose their subsidy.


On the other hand, here are some reasons why they might want one:

  1. They can not afford one on their own.

  2. They are unhappy with the coverage of their existing policy.


What kind of plan will they want:


If you do decided to proceed with getting insurance for your employees, the next questions will be what plan to get. This will depend on the profile of your employees. The following are some questions you will need to ask:

  1. Are they of varied ages?

  2. Do you have employees that will be undergoing a significant medical treatment?

  3. Is anyone pregnant or have a chronic condition?


Conclusion:


Balancing out your employee’s needs can be difficult. Younger employees will tend to want to pay lower premiums in favor of higher out expenses. Older employees on the other hand will favor higher premiums if It covers the different treatments they will need.


At Vianca’s Insurance & Financial Services, we put our clients first by offering them policies that they can afford. Learn more about our product and services by texting or calling our agency number (619) 799 - 9443.

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