Health coverage is a serious decision for small business owners. You need to review a number of factors thoroughly before making a selection, including costs to the business owner, employee healthcare costs, and which healthcare services are covered. You may want to seek advice from a licensed agent to help you sort through the various options and find the right plan for your business. Meanwhile, below is an overview of several options.

Group plans

Small business group insurance plans are certainly one option. Unfortunately, they tend to be one of the more expensive ways to go.

Short term health insurance

Short term major medical plans were designed to fill gaps in healthcare coverage, like when someone is between jobs. The coverage typically lasts from 30 to 180 days and may be renewable. These plans may have limitations on the types of services covered (e.g., maternity coverage), and they may not be in compliance with the Affordable Care Act (ACA). On the other hand, they tend to offer a larger network of doctors and hospitals than the ACA.

Health Reimbursement Arrangement (HRA)

Small businesses may choose to pay for employee medical expenses by offering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). With HRAs, employers reimburse employees only for approved medical expenses. In other words, no funds are paid out until a medical expense is incurred. The business sets the limit of the allowance, and it decides the monthly tax-free amount they will offer employees.

Tom Miroballi Independent Agent is a Chicago-based business that provides guaranteed acceptance for HSA plans to small businesses and to those under 65, with Medicare supplements as low as $51.00 a month. We are experts in this field and will work with you to find the best plan that fits your specific needs. To learn how I can help you find the plan that’s right for you, click here to learn more about my services or call 630-863-3477 today for a free consultation.