The terms of Business provided health insurance have been altered since the Affordable Care Act (ACA). If you have more than 50 full-time workers, you must offer health insurance to them that is affordable. The threshold set in the ACA is that they cannot spend more than 9.5% of their earnings for an insurance plan. If these laws are not abided by, business owners have to pay penalties to the IRS.
Even if your business does not have 50 workers, there are numerous reasons why you should consider offering health insurance. These include employee motivation, tax incentives, ease of recruiting etc. Finding the right plan for your business, however, may be tricky. This article aims at assisting small business owners in finding the best insurance plans for their needs.
3 Best Health Insurance Plans For Small Business Owner:
Small businesses with lesser than 50 hands don’t need to offer health insurance, but delivering hands with some type of health content can help you get and retain quality hands.
In this article, we will give you the report containing the best health insurance options that you would give to your employers to get the advantages that you want to attain.
Health Insurance Options:
There are various well-renowned insurance agencies that offer alternatives to traditional plans as customized plans to fit your needs. Agencies such as Mira can easily protect the necessary services at very affordable pricing.
MIRA
- Without violating laws of labor, this can be recommended to part-time Employees and Contractors.
- Costs more than 10x less than traditional plans
- This is very useful for contractors or short-termed employees because the transfer is very easy, you can easily transfer one employee license to the other.
- $300 is very little as compared to the $50000 per year traditional insurance plan.
Another best network recommended for a small business owner is United Health Care.
United Health Care:
United Healthcare is a huge insurance provider that is currently catering to many small business owners and has over 1.2 million providers listed within their network. Around 2 years ago in February 2019, a civic judge passed a ruling that the company was treating cerebral health and substance use treatments ineffectively. Since this, United Health Care has taken many steps to improve its services by launching virtual behavioral health care services.
All 50 states of the world have United Health Care and it is operating worldwide. Their database consists of 5600 health care clinics and they provide access to over 2.5 billion healthcare co-workers.
UHC started its business in 1977 and has a high rating. Their operations have been nothing short of excellent with customers posting raving reviews on all online channels. With their commitment to constantly improve, they spend every year nearly about $3 billion on research and development. The program of small business the company contains very unique tools.
If your business consists of 3-50 employees, this may be the best option for you. All the relevant information is readily available online. You can get access to reports, FAQs and recommendations! Be sure to check out the services and prices in your location, as it varies from location to location. Reach out to a representative to discuss the needs of your company, and you’ll get an affordable tailor-fitted insurance plan in no time!
Pros:
The following are the pros of the United Health Care:
- This company is very transparent and you can easily compare plans online.
- Costly contributor network
- Creative Health care mechanics
Cons:
The following are the cons of UHC:
- Customer Services might be very difficult to reach
- Mental health reports have had issues in the past
The next provider that we’d recommend is HUMANA. It is an excellent option for small business owners looking to buy affordable policies for their employees.
Humana:
Humana is also included in the insurance provider list that gained a top mark in that list. Humana is an American Insurance company found in Louisville, Humana is the company that made remarkable rank in the health insurance companies of Kentucky, i.e. 41 out of 500. Humana is also present in 50 states of the world and numerous companies have Humana as their main insurance provider. The customers of Humana are very happy with its services because of the extra advantages that it offers over other insurance companies.
Pros:
· Extensively present across the country:
Humana is present mostly in every country. The advantage is that you can find Humana’s insurance in every state
· Humana’s Pharmacy:
J.D.POWER appreciated the pharmacy of Humana and labeled it the number one pharmacy in insurance companies.
· Superior quality plans:
Humana never compromises on quality. 90% of Humana’s centers are ranked 4 stars out of 5 online.
· Low cost of Humana at Walmont:
Humana offers the best prices for prescriptions at Walmont when members buy.
· Powerful Customer Services:
Their customer services are renowned worldwide. Issues and queries get resolved instantly.
Cons:
- There are some plans that don’t offer coverage for prescription drugs:
While there are numerous Humana Medicare Advantage plans that provide coverage for prescription drugs, not all of them do. You should ensure that the plan you get covers your prescription needs. If not, you may need to bear extra costs to get your prescriptions
- Plans For Special Needs Are Not Available In All States:
Although they have widespread coverage, not all 50 states have special needs plans. According to research conducted in 2020, only 20 states offered special needs plans. Reach out to a representative to confirm whether your location has access to special needs plans according to your requirements.
- Not All Areas Offer Zero Premium Plans:
One major incentive for individuals to choose this agency is the ability to purchase a plan with zero premium. However, many states do not offer this option, As there is limited availability of these plans in different locations, it is recommended to review each plan carefully to see if you’re getting the best deal before signing up.
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