You are rocking your dream. You started your own business and spend your time creating content, working social media, and pampering your clients. However, you have that lingering voice in the back of your head. You worry about how to get coveted health insurance. Maybe you even have employees and are worried about how they are going to get health insurance. You also wonder if it is even possible to have affordable health insurance as an entrepreneur; let alone if that is something you could ever offer your team.
Benefits is a complex undertaking, and I recommend working with a human resources advisor if you want to offer health benefits to your employees.
However, I love learning and think you do too. So here are your options.
If it is only you
This option is for those of you rocking it solo. This means that you have zero employees. If this is you then you can get health coverage through the Individual Health Insurance Marketplace (this is that Obamacare thing you heard about).
The marketplace offers several heath care options from plans with low premiums that only cover worst-case-scenario needs to plans with high premiums and low out-of-pocket expenses. When you go to the marketplace you input your information such as projected net income and zip code. You then see all the available health care plans, their coverage, and their cost. You will also see if you qualify for tax credits, other savings, Medicaid, and CHIP. Remember that most Americans need to have some type of health coverage or pay a penalty.
To learn more or get started click here.
If you have a few employees
This option applies to small businesses that have 1 to 50 employees, offer coverage to all full time employees (those are employees who work 30 hours or more a week), have at least a 70% participation rate, and have an office or employee work location in the state of the heath plan selected. If this applies to you (or if this is the goal you want from your benefits program) then your option is the Small Business Health Options Program (this is another Obamacare thing).
This option is a little harder to implement then the last option; because, you cannot just go to the marketplace, pick a plan, and sign up. You can go to the marketplace to confirm your eligibility and learn about available plans, but you need to sign up for a plan using one of the below options.
Go directly to the insurance company you want to use.
Go through a registered agent or broker. You can search for a registered agent or broker here.
To learn more or get started click here.
Because repetition is key to learning:
I recommend you work with a human resources advisor if you want to offer health benefits to your workforce.
A broker or agent is great for helping you get the plan you want. However, a human resources advisor can help you set up a full program that includes establishing goals, conducting a needs assessment, communicating to employees, and evaluating your program.
To recap - if you want to offer health benefits to your team:
Go to the above link to check you eligibility and explore plans;
Consult a human resources advisor;
Use a registered broker or agent (or go directly to the insurance company) to select and setup a plan;
Implement your new benefits program; and
See employee happiness and engagement improve.
We can always get on a free 15 minute chat to talk about your unique items.