How Do You Know When It Is Time To Find A Group Health Plan

As a small business owner, you face a bewildering array of decisions

. One of the most important decisions you will make has to do with purchasing a group health plan. How do you know when it's time for a group plan?

Your business is growing, and you need to hire more people. A growing business is a good thing, but it brings along with it a lot of complex decisions. If you are in a growth phase, chances are you will be hiring new employees. To set your business apart as an employer people want to work for is by offering good health insurance as a benefit. Research proves that the companies with the most success at hiring are companies that provide good health insurance plans.

You want to save money on personal insurance costs. There are many features offered by group plans including cost-saving that are perfect for small business owners. At the most basic level, many states allow self-employed individuals to purchase group coverage for just one employee -- yourself. By purchasing "group" health insurance for one person, you will save money compared to the price of purchasing an individual policy. The larger the group, the lower the overall premium will likely be. Even though paying the monthly premiums for all employees in the group sounds like it will be a financial loss, the fact is that 100% of the premiums you pay are tax deductible which means an overall financial gain.

You want to save money on business health costs. If you've dealt with trying to work with individual policies, you know how expensive health care costs can be. Group insurance plans were created not only to provide healthcare to more people, but they were also created to help small business owners save money. Other alternatives to group plans are expensive, complicated and can leave you confused as to why insurance costs are so high. You want healthcare, but not at the expense of your business bottom line. All in all, going with a group plan should save money instead of killing your finances. A well-chosen group plan will help your revenue in the long run, which is precisely what your small business needs.

You have had difficulty attracting and retaining qualified employees. As alluded to earlier, providing some form of health insurance makes your company a more likely choice for new recruits. If you have experienced close-hires or have lost employees due to insurance-related concerns, you should seriously consider a group plan.

You plan to stay below 50 employees. Laws about health insurance are different in each state but they have a common goal. A small group is usually any number below 50 employees. Once an employer has more than 50 employees, essentially all the rules change. If you are intent on staying below 50 employees, you're in the right ballpark for selecting a group health policy.

A group health plan is a good way to keep good employees, hire good employees and to ensure you have health insurance for them. The success of your business, and the welfare of your employees may depend on it.

by: Royce Vangoff

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