Small businesses are not just the backbone of Loveland, Fort Collins, Longmont, Windsor, Greeley, CO, and the surrounding areas, but also of the entire country. Small business health insurance is an important offering that our team at Volk Insurance Benefits deals with on a daily basis. As we have all experienced, the cost for basically everything continues to rise, and small business health insurance is no exception. As an independent insurance agency, our team can shop the market and find you the best rates along with the best coverage for your needs. Because small businesses don’t have the kind of leverage that large corporations do, it is important to take advantage of every opportunity possible to control these costs. Contact our team today to have us help you with controlling these costs.
What Options Does an Organization Have
While there are different options available for small business health insurance, not all of them are affordable or practical. One option that has recently come along provides for a business to effectively provide funds to their employees without actually providing them health insurance. ICHRA, the letters that stand for Individual Coverage Health Reimbursement Arrangement, provide this mechanism for a small business to help their employees get health insurance coverage.
This new option for small businesses came about just as Covid was emerging on the scene. It provides a way for a small business to provide pretext dollars to their employees, who in turn go and purchase their own health insurance that suits their needs. The benefit to the business is that it simplifies what they need to do related to health insurance, and it allows the employees much more flexibility in finding the right plan that fits them.
Still Challenging with This New Option
Small business health insurance is still a challenging aspect even with the above new option now in place. While providing health insurance as part of the overall benefit package for employees is a way to attract and retain quality candidates, some prospective candidates prefer a more flexible approach so that they can design the health insurance coverage that best fits their unique needs. Because this small business health insurance landscape continues to change, working with our professionals can help to make the path forward clearer.
Small businesses will continue to struggle to develop the right approach to small business health insurance in Loveland, Fort Collins, Longmont, Windsor, Greeley, CO, and the surrounding areas. At Volk Insurance Benefits, we can help to clear through the clutter and provide clear answers for your business team. Contact us today to learn more about all of your options for small business health insurance.