Providing group health insurance is one of the top benefits a business can provide for employees, especially for small businesses. It’s also one of the most expensive expenses. Cosmo Insurance Agency is here to help businesses of all sizes navigate the health insurance benefits and explain how much it costs for small business health insurance.
What is Group Health Insurance?
Group health insurance is health insurance sponsored by employers to helps employees pay for healthcare premiums. Small businesses can enroll in a group health insurance plan any time of the year then offer benefits to qualified employees. Group health insurance plans reduce the cost of health insurance, which can benefit both businesses and employees.
Average Cost of Small Business Health Insurance
According to a Kaiser Family Foundation 2020 survey, the average annual premiums for employer-sponsored health insurance were $7,470 for single coverage and $21,342 for family coverage. Employers and employees usually share the cost of group health insurance premiums. Most employers contribute to the cost of their employees’ healthcare coverage premium.
Are Employers Required to Offer Small Business Health Insurance?
The Affordable Care Act, also known as the ACA, does not require employers with fewer than 50 full-time employees to provide group health insurance coverage. Businesses with 50 or more full-time employees must provide affordable, minimum essential health insurance.
Benefits of Offering Healthcare to Employees
Businesses can benefit from offering group health insurance by attracting and retaining top talent, and the company may qualify for tax credits and deductions. When small businesses think of employee benefits as an investment rather than an expense, the results can contribute to higher-quality, longer-lasting employees.
Selecting the Right Health Insurance
Finding the best insurance plan that meets your companies healthcare and financial needs is crucial. That’s why it’s essential to navigate the insurance universe with a qualified and experienced employee benefits broker. Cosmo Insurance Agency provides personalized plans and unparalleled services. We guide you and your employees through the process of choosing the best health insurance options for your company.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
