During these scary times it becomes imperative to save your business and your employees money on healthcare, and just finding an adequate health plan for your business is half the battle! When you are a small business owner you may become a bit overwhelmed with the choices that you have when it comes to health insurance plans for your business, but all you really have to know from the get-go is: Does my business need a Fully-Insured Healthcare Policy, or a Self-Funded Healthcare Plan?
The most famous one of the two categories of insurance would be Fully-Insured plans. These types of plans follow a simple path: You pay a premium to an insurance provider and have all insurance liabilities go through them. This arrangement does insulate your business from claims that can cost a lot and might be a little more simple to set-up, but it can cost more than other alternatives—which brings us to our next category: Self-Funded Plans!
Self-Funded plan are usually the other category that businesses fall into having, and 
these are usually cheaper than a fully-insured plan—and I should add: Cheaper while within optimal conditions! If your Self-Funded plan has a lot of claims and high administrative overhead it might be more than a Fully-Insured plan, but in the end a Self-Funded plan usually comes out to be cheaper! There also is another incentive to keep in mind if you are open to having a Self-Funded plan: they are exempt from most state premium taxes!
It is worth it to take a look at both with your insurance agent and see if your business would benefit from either! If you have a smaller business that might fall under the thresholds to get one of these plans there are alternatives as well! Help your business and your employees by having the best insurance plan for your needs, and at the best price!
If you are buying Health Insurance it is good to have certain pieces of information beyond your personal information at your fingertips—doing so will make your health insurance buying experience a bit better and will help you paint a better picture as to what you need to get!
During Open Enrollment you may have quite a few questions about the process and what can be done during this period of time! There are a few common questions that I have heard each year that I wanted to share and go over so you have a better idea of how everything works!
you with a 6 week window during the year to enroll in health insurance! If you do not enroll during this time you will have to go without until you have a “qualifying life event”, like giving birth to a child or getting a new job! Open Enrollment is a very important time of the year, and it should not be overlooked—even if you have insurance, and especially if you do not, Open Enrollment is a great time to take care of any issues you have with your insurance coverage (Or lack thereof)!
With the changes to healthcare requirements in 2020, we will start to see a larger amount of people who will be going without health insurance since new changes in the law say that there will no longer be a penalty for not having insurance!
your agent about what you can do if you find yourself without health insurance coverage—especially during Open Enrollment, which is happening right now! Financial ruin due to untimely medical issues can be a thing of the past if you set up and keep health insurance coverage for yourself!
Shopping for health insurance can be overwhelming and with the new changes that come each year it can feel like you’re in over your head! Just like last year, 2020 will have some changes that may affect your insurance decision—and it’s always best to know what you are getting into beforehand!
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