From new model of the Ford Fusion Honda Accord or the Toyota Camry, we can not help it - we love 
the saying "with the old with the new." Even with our homes, we see our kitchens and living rooms screaming 1984 and get an itch to tear everything and update it from the ground up
and as the update is often necessary -. you can not drive your Camry 1980 forever - your small business "health care benefits need some serious remodeling, too. So let's open the toolbox, get the hammer, skill saw, and all other necessities and get to work. I will guide you through the aspects of your health care benefits need to be renovated and why.
First, what do you suggest?
to learn how to remodel your health care benefits, we need to establish what you are currently offering.
is a list of current health care delivery types you might offer:
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individual health insurance
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SHOP market
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Private Health exchange
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Co-Op
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private small plane group
Evaluate what you offer
now that we've established what you are offering, we will take a look at some questions you should ask yourself when evaluating your care benefits current health.
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my current benefits-they are costly both for my business and employees?
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Are my employees limited to a plan?
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are my health care benefits limiting?
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am I only offer my current profit because I'm not sure what other options do I have?
If you answered yes to any of these while thinking about your current health care benefits, it is time for a good remodeling. Why? New options, affordable and flexible are available for your small business.
Knowing this, we will go in our remodeling process.
know what your employees need
We smashed the walls and clean the place, now it's time to rebuild. First, we need to identify what are the health benefits that work best for your small business. Let's review some qualifying questions before putting up new walls and complete your remodel.
Who will be covered by the plan? Have you planned to cover you, employees and dependents? Or only certain employees (full time and part time)? If you are looking for a plan that will you and your family, as well as employees and their dependents covered, then with a group health insurance plan, you'll want to evaluate the coverage that is affordable for all participants and costumes medical diversity and financial needs of everyone.
Or, you may find that if employees already have coverage under individual health plans, defined contribution approach that would be welcomed and meet the objectives of the business.
Cost Sharing How can you allow sharing requirements costs? (If any) vary with the type of health benefits you decide to offer.
With a group health insurance plan, monthly premiums are usually paid by the employer and employees. In most states, employers are required to cover at least 50% of the monthly premium for their employees. Keep in mind that the business can afford, and also that employees can afford. Premium rates may also increase every year.
With defined contribution approach (eg health insurance benefits), there is no sharing of costs or minimum minimum contribution amount. The plan could provide a $ 0 / month flat for employees, and employees would cover any remaining amount of their bonus. With defined contribution the company could also offer different amounts for the class of employees. For example, the plan could provide $ 300 / month for the CEO and managers and $ 150 / month for part-time office staff. As the classes are based on employment criteria bona fide, this is allowed.
What benefits are important to you and your employees? It is important to discuss coverage options with your employees ask. They prefer full coverage at a higher cost? Do they prefer a high-deductible plan with an HSA? Do they prefer a health insurance allowance to use towards a plan of their choice?
Similarly, what kinds of benefits are most important? While federal privacy laws prevent you from asking employees to information about their personal medical history, you can always about what kinds of benefits they see as the most valuable request.
Three healthcare benefit options for your business Small
on the basis of your questions above, you are ready to decide what type of health care benefits your small business needs. This step is where you put up the drywall, making electricity, insulation, and you are ready to paint.
And as an entrepreneur will recommend products to use as you remodel your house, we recommend three health benefits that you can offer your small business.
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traditional insurance small business health (or a small group plan).
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Health insurance allocation to reimburse employees for individual health insurance coverage (Defined Contribution aka or health Plan Reimbursement ).
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not offer health care benefits.
for a comparison of these plans, see Small Business 101 -. Health Insurance vs. Group Individual Health Insurance
The final step to reshape your health care benefits
Once you have chosen the benefits of care health suitable for your small business best, you are ready to put the finishing touches on your remodel.
Because the implementation of each type of health care delivery for your small business should be done through a series of steps, we gave you the jist of each with a link to learn more.
- Shot in small groups: To provide a traditional plan small group, working with a broker or explore your options on exchange SHOP . Plans Store can be explored on HealthCare.gov
- Health Repayment Plan :. To implement an HRP as provision of health care in your small business, you can just download a free eBook The Painless Guide to HRPS . The eBook provides five simple steps to set up a HRP
- offer no benefit health care :. If you have chosen not to offer health care benefits because of limited funds, you can still educate your employees about health insurance options in your state of House the health insurance market .
for details on each option of health benefits, read our article two minutes Guide related to small business health insurance options.
Conclusion
Remodeling can be a lot of fun. It brings new life into your life. And in the case of your health care benefits for your small business, a new approach to health care benefits may be exactly what you and your employees need.
Do you need to remodel your health care benefits? If yes, what questions do you have? Comment below.
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