When you own a small business, it seems like there's a million decisions you have to make. One of the most important decisions you will make has to do with purchasing a group health plan. Another decision you have to make is when to transition over to a group health plan. Here are some clues as to when:
• Your business is growing, and you need to hire more people. Knowing your business is growing is good but it brings a lot of complex decisions with it. If you are in a growth phase, chances are you will be hiring new employees. To set your business apart as an employer people want to work for is by offering good health insurance as a benefit. Research proves that the companies with the most success at hiring are companies that provide good health insurance plans.
• You want to save money on personal insurance costs. Group plans provide attractive and cost-saving features for small business owners. At the most basic level, many states allow self-employed individuals to purchase group coverage for just one employee -- yourself. Being able to class yourself as a group you'll save a lot of money in comparison to the price of virtually any individual policy. The larger the group, the lower the overall premium will likely be. Paying health premiums for employees sounds like a financially daunting prospect, but there is some good news: 100% of health premiums are tax-deductible.
• You want to save money on business health costs. If you've made some wrong decisions on health insurance plans, you know how expensive these mistakes can be. Group insurance plans were created not only to provide healthcare to more people, but they were also created to help small business owners save money. The alternative to group health insurance is expensive and complicated insurance options that leave you gasping and wheezing financially. You want healthcare, but not at the expense of your business bottom line. All in all, going with a group plan should save money instead of killing your finances. A well-chosen group plan will help your revenue in the long run, which is precisely what your small business needs.
• You have had difficulty attracting and retaining qualified employees. Being able to offer a prospective employee some form of insurance makes your company a lot more attractive to work for. If you have experienced close-hires or have lost employees due to insurance-related concerns, you should seriously consider a group plan.
• You plan to stay below 50 employees. State health insurance laws vary from state to state, but the basic idea is the same. A small group is usually any number below 50 employees. Once you get above 50 employees, all the rules for health plans change. If you are intent on staying below 50 employees, you're in the right ballpark for selecting a group health policy.
If you've nodded your head to any of these statements, you would be well advised to consider a group health plan. The success of your business, and the welfare of your employees may depend on it.
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One of the major challenges small businesses in Colorado face it finding the best Colorado group health plans and knowing when to consider them.When it comes to small business group health plans, Royce Vangoff has found that RMHP can answer questions and help walk him through the decision making process. Visit http://www.rmhp.org/employer-groups/ to find great group health care plans.
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