Idaho Small Business Health Plans

Chris Antrim Insurance Brokers here in Boise can help your business and family with all your health plan needs. Over twenty years of serving clients in Idaho and The Treasure Valley. Call one of our office locations today for a quote or review of your current insurance. By the way, we are nice people and easy to work with. Also, we return phone calls. 

In the past, small business owners had to rely on self-funded plans, but now that they can offer group coverage to their employees, many are turning to Small Business Group Insurance Plans. But self-funded plans have several advantages, but they come with a high premium. Those who cannot afford these plans can opt for a level-funded plan. These plans are typically cheaper than a standard plan and can help protect your company from big claims.

Small Business SHOP Plans

The Affordable Care Act has made it possible for businesses to purchase small business health insurance without the help of a broker. To make the process easier, you can compare solo and SHOP plans. For SHOP plans, you can use a private health exchange, otherwise known as a purchasing alliance. These private health exchanges allow small businesses to buy their health insurance through a pool. The costs are lower because multiple companies are in the pool.

Small-Group Health Insurance Plans are available to businesses that have two or more employees, including the business owner. In some states, the business owner qualifies as an employee. These plans are affordable. Although this term means different things to different people, you can still find a plan that meets your budget and will benefit your employees. Fortunately, there are many options available for businesses that need a health insurance plan. It just takes some time and budget.

How To Choose A Small Group Plan

When choosing a health insurance plan, remember that small business coverage is a vital piece of any business. In fact, more than half of small businesses with five to nine employees offer some type of health insurance, including a variety of plans and co-pays.

You can also take advantage of Small Business Health Care Tax Credits. This can cover up to 50% of the premium costs for employees. In general, this tax credit is available only if your company offers SHOP plans. Using a Small Business Health Care Estimator will help you determine if your company qualifies for this tax credit. It is also important to keep in mind that a Small Business Health Insurance Plan is similar to a personal health insurance plan.

Some of the best plans offer a high deductible with no copays. Others include a Special Enrollment Period , which is for existing employees who were not enrolled during the initial enrollment period. While this may be more expensive than a standard plan, a large deductible is a good option for small businesses.

Are Small Group Plans Less Expensive

The average monthly cost of a SHOP plan is about five percent of payroll. With a SHOP, the premium is split evenly between each employee.

It will often pass on some of that cost to its employees, but the employees will be responsible for deductibles and copays. In most cases, a small business will purchase its coverage through an insurance broker or public SHOP marketplace. While traditional group health insurance plans can be expensive, they are familiar to most employees.

Call Chris Antrim Insurance Brokers For Quotes

This Plan provides comprehensive coverage at a lower cost per person. It is ideal for those who do not have the funds to offer full-fledged employee health insurance. It is also beneficial for the business. This type of coverage can be customized to suit your company's needs. It is important to remember that the cost of small business health insurance plans is often significantly lower than the cost of an individual health insurance plan.

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