|
Business Health Insurance
Owners of small businesses face special
challenges when looking to obtain business health insurance.
Responsible owners desire to provide affordable insurance benefits
for their employees, yet find it very difficult to locate affordable
business health insurance. Add to this the burden of actually
running the business, and the owner is often dissuaded from
providing health insurance for his or her employees.
The savvy business owner, however, realizes that providing health
insurance is key to retaining valued employees and attracting new
recruits. Plus, growing businesses might not have the option to
exclude health insurance for their employees under many state laws.
Despite the challenges, business owners do have options when looking
for health insurance. Many companies and organizations offer
collective clout for negotiating and obtaining better business
health insurance coverage options. One company in Atlanta, Georgia,
for example, offers extremely competitive business health insurance
rates online because of its collective bargaining power with health
insurance companies. They affiliate with over fifty insurance
carriers and consolidate their base of business clients to form one
large entity. This large entity commands far better business health
insurance rates than just one small business in the eyes of the
fifty carriers.
In California, a similar purchasing alliance exists to assist
entrepreneurs with obtaining business health insurance. With just
one account, a company's employees can choose among different
business health insurance plans, or even insurance carriers. They
also give the option of additional benefits for employees. With this
alliance, a small business owner with as few as five employees can
offer them a choice of up to 9 Health Maintenance Organization
networks, which is often more than some major corporations.
The benefits of these types of plans are many for the entrepreneur.
Cost control and guaranteed rates for one year provide
budget-certainty. After purchasing business health insurance, the
benefits continue. Online account management provides simple
administration to the already-overburdened business owner. As well,
a strong support program provides assistance for both the owner and
the employee.
In some states, similar plans can be found that are funded by local
or state governments. New York City, for example, sponsors an
initiative called Health Pass, which resembles the privately-funded
programs in California. The State of Wisconsin is also planning
initiatives to assist entrepreneurs with business health insurance
based on that same model.
To locate these purchasing alliances, a good source of leads is the
local chamber of commerce. Even still, it pays to research the
different options as thoroughly as someone buying a used car. There
can be many plans available for business health insurance, and
budget-conscious business owners could end up overpaying when a
lower-cost alternative might be better suited to the situation.
|
