There are numerous factors to consider when determining if you should buy Small Business Health Insurance, then it comes down to which plan is best for your business. The cost of obtaining health insurance for yourself and for any employees depends on the age, location, and size of your workforce. It will also depend on what, if any, premium cost-sharing arrangement you have made with your employees to help reduce costs. If you have 50 or more employees you are required by law to offer your employees insurance. However, there are also many other factors that are really beneficial to having Small Business Health Insurance, for both the business owner, as well as the employees.
There are many benefits available within group coverage and small business insurance. Firstly, and importantly for business owners with employees, it provides trust, job satisfaction, and respect for business when you are recruiting new hires for starters.
Employees without access to affordable health insurance tend to miss more work as they don’t have the resources to health care or treatment without insurance. Many people do not receive or seek proper treatment for injury or illness due to lack of money or resources, or simply put, a lack of Health Insurance. Therefore, Small Business Health Insurance ensures that your employees stay healthy and provides them with a financial base for their sickness or injuries, in turn resulting in less sick days taken by employees.
Statistically, your employees will be happier if your company provides them with Health Insurance. This is because it will instill a feeling that your business cares for it’s employees. This results in building trust within your organization, in turn, making employees happy.
Small Business Health Insurance for your employees also ensures that they are able to maintain their health, which increases productivity, and prevents too many sick days from work, as they will have proper coverage for treatment and medications. This ultimately leads to more profits for the business as their employees are generally more healthy, happy, and miss less days of work with better productivity on workdays. This creates a strong sense of job security for your employees and is a significant factor in keeping your employees satisfied with their working environment. Many times an employee will choose a lower paying job, if that job offers a benefits or health insurance package, especially in cases where employers share some of the cost.
As a business owner with a Small Business Health Insurance policy, you would receive tax benefits as well. Yes; many entrepreneurs enrolled in a qualifying health insurance plan for small business owners qualify for one or more health insurance tax deductions or credits. These include:
- Self-employed health insurance deduction: You can generally deduct 100 percent of the premiums you pay for health, dental and long-term health coverage for yourself, your spouse and any dependents aged 26 or younger if you qualify for this health insurance deduction. To qualify, you must have been a self-employed worker with a net profit, a partner who received income on K-1, an individual who used one of the IRS-defined optional methods to figure your self-employment tax or you received wages from an S corporation in which you were a shareholder who held more than 2 percent of shares.
- Small business health care tax credit: You are eligible for this credit that amounts to 50 percent of the costs you pay for your employees’ premiums (35 percent for non-profit employers) if you offer a SHOP plan. But you must have fewer than 25 full-time employees (each making $50,000 or less), and you must cover 50 percent or more of your full-time employees’ premium costs.
- HSA deduction: If the plan you enroll in is eligible for a health savings account (HSA), and you contribute to that HSA account, your contributions are also deductible (up to $3,450 for an individual or $6,850 for a family in 2018). Usually, only high-deductible healthcare plans come with health savings accounts.
There are plenty of Insurance companies offering you various options for your Small Business Health Insurance. If you would like to get a quote for Small Business Health Insurance please click the link below and get a direct quote, or contact us at (623) 889-7600 and speak to one of our licensed trusted advisors regarding obtaining or renewing your Small Business Health Insurance.
————> Get A Direct Small Business Insurance Quote Here. <—————