Small Business Health Insurance

How does small business health insurance work?

Getting coverage through a small business health insurance plan can be more affordable than buying coverage by yourself. Here’s what you need to know:

• Coverage is generally guaranteed issue
• You need at least one employee to qualify
• You must contribute toward employee premiums
• And you can shop for coverage at any time of the year

Assess your needs

First, determine what your small business needs in a health insurance plan. Consider the following:

• Who will be covered? Consider the needs of your employees and their dependents to find a plan that will suit the diverse medical and financial needs of the group.
• How much cost sharing can you afford? Premiums for small business health insurance are paid by the employees and the employer. Make sure consider how much cost sharing makes sense for your business.
• What kinds of benefits are important for you and your employees? While federal privacy laws prohibit employers from inquiring about employees medical history, it’s important to ask your employees which types of benefits are important to them.

Compare small business health insurance options

There are a lot of factors to consider when weighing your small business health insurance options. At eHealth, we recommend using the following 5 criteria to find plans that best match your needs:

• Monthly premiums: Know what you and your employees will be able to pay on a monthly basis.
• Deductibles, copayments and coinsurance: Ensure these types of payments will be manageable for you and your employees when you receive medical care.
• Medical provider networks: If you already have a preferred doctor or facility, make sure they’ll be included in your new coverage.
• Prescription drug coverage: Use eHealth prescription drug comparison tool to see which plans cover costs of certain prescriptions.
• Coverage add-ons: With eHealth, you can add things like vision and dental care to ensure your employees are fully covered.