Traditionally, small business owners have struggled to obtain affordable health insurance for themselves and their employees. Oftentimes, working for a small business meant going without important benefits such as health insurance coverage. Thankfully, there is now a beneficial option that is allowing more and more small business owners to gain access to the health insurance they require. This option is the use of group health insurance plans. In this article, you can learn more about how this insurance option works and how it can be so beneficial to small business owners.
Benefit #1: Even The Smallest Groups Can Qualify For Discounted Health Insurance
The main obstacle that small business owners typically face when trying to obtain affordable health insurance is that they do not have enough employees to qualify for traditional employer-sponsored healthcare plans. This is not a problem with group health insurance. This is because these types of insurance plans work with groups of all sizes. This means that even a group of just a few people can qualify for the coverage that group health insurance plans offer. This makes group health insurance ideally suited to the needs of small business owners.
Benefit #2: Lots Of Opportunities To Expand Group Size
While small business owners can obtain a group health insurance plan with just a few members, the fact remains that the larger the group is, the more affordable your rates will be. That is why it is so beneficial to expand the size of your insurance group whenever possible. Thankfully, group health insurance plans provide lots of opportunities to expand. This is because there is no rule that says your insurance group must be defined by a member's affiliation with a specific employer. As long as all group members share a common trait, this trait can be used to define the group for insurance purposes. For instance, small businesses can join together to create a larger group that is defined by the city they live in.
Benefit #3: Group Health Insurance For Small Business Does Not Require Employer Contributions
Another major obstacle for many small business owners is the financial inability to contribute to an employer-sponsored health insurance plan. With many small businesses operating on a tight budget, it isn't always possible for small business owners to make these types of financial contributions. Since group health insurance plans do not require employer contributions, these plans are ideal for small business owners who still want to offer their employees access to affordable healthcare but cannot afford to financially contribute to an employer-sponsored health insurance plan.
Contact a service provider to learn more about group health insurance for small businesses.