One of the most significant factors in employees leaving to go work elsewhere in Longmont, Windsor, Loveland, Greeley, Fort Collins, CO, and the surrounding areas is the health insurance offered. Rather than continually investing in employee training and hiring, work with Volk Insurance Benefits to get the right small business health insurance in place and keep those employees in your building. While it might not be required for small businesses with less than 50 employees to offer small business health insurance, it can have a dramatic impact when it isn’t offered. From fewer applicants for open positions to lower quality of candidates and higher turnover, the cost of not providing health insurance could be the same, or even higher, than the cost of providing it. Contact our team today to learn how you can offer small business health insurance for your team.
Major Offerings to Consider
Surprisingly, there are a number of different options out there for small businesses to offer health insurance coverage to their employees. A common option is do to what many other larger businesses do, and that’s to offer a group health insurance option. There are small group health plans that might fit this bill. Another option is for a business to self-fund a health insurance plan, but this is relatively uncommon for small businesses due to the risk of large medical bills.
Another option that is gaining in popularity is the individual coverage health reimbursement arrangements, or ICHRA plans. The downside is that this is only for individual health coverage, but it allows the employees flexibility in where they get their insurance. Qualified small business health reimbursement arrangements and health stipends are other options that might work for your small business.
Which Is the Right Answer
Like most things in life, the right answer is the answer that works best for your situation. Flexibility in health insurance is trending, so ICHRA plans are growing in popularity because of this. Health stipends could be a nice benefit to your team, however there are tax implications that come along with this option. When you work with our team and review all of these different options, you will have your questions answered and a clear winner will emerge.
Offering small business health insurance with your small business in Longmont, Windsor, Loveland, Greeley, Fort Collins, CO, and the surrounding areas is a challenging task, which makes it smart to work with an independent insurance broker like Volk Insurance Benefits. We can answer your questions and provide you with the needed information to make a sound decision. Enhance your business by offering small business health insurance and contact our team to schedule time to review your options.