It has been over five years since the Affordable Care Act was signed into law, 
and while the subject has calmed somewhat in the general public, it remains as hot-button than ever for small business owners.
traditional group health insurance and small business health options (SHOP) program often do not correspond exactly to the needs of small businesses with fewer than 25 employees, so companies are taking innovative measures. They look to individual health insurance for health benefits for small businesses.
Yet many question the effectiveness of individual health insurance for health benefits for small businesses. Is this a viable option - and companies can afford to try
Considering the challenges associated with traditional plans and customizable Store and potential benefits of individual insurance, perhaps the question should be: "How can small businesses? afford not to try? "
challenges Employees Insurance for small businesses
Although it is not mandatory, many small businesses believe strongly in providing health insurance benefits . their employees is a matter of fairness and to attract excellent team members - members of the team who often want coverage to suit their individual needs group health insurance plans are. problematic for small businesses in a variety of ways:
- most providers derive their estimates from a composite that is supposed to reflect the use of medical services of the average employee's. resulting bonuses are unfair relatively health conscious employees who rarely use their insurance.
- Often, employees must pay 100 percent of the cost of adding family members to the plan.
- Every year premium adjustments are based on the group the previous year expenses. The massive use of insurance by some employees pushed up premiums for everyone in the company.
- If the employer decides to change plans, employees are directly affected, but without any voice in the matter.
BOUTIQUE, a government program for small businesses to provide health insurance through the Affordable Care Act, was supposed to be a welcome respite. Instead, it was a constant source of frustration for many small businesses.
For most, SHOP was marred by technical problems, the complexity of the process, and costs relative to individual health plans. In other words, it was not the medical benefits to small business solution that many hoped it would be.
Individual Health Insurance appears to be Viable
The companies that have tired of complex insurance options pan out employees who are increasingly choosing a much more modern approach. They ask employees to enroll in individual health insurance plans, they are creating a monthly stipend - based custom factors -. And reimburse employees for health-related costs, their account balance
These Defined contribution health plans are a viable option for a number of reasons, not the least of which is affordability . According to an article in Entrepreneur, "The average premium group insurance is about $ 6,000 per year for a single person and $ 16,000 per year for a family. On the retail market, the average premium is $ 984 per year ($ 82 per month) after subsidies. "
A large contributor to cost savings facilitated by these plans is the flexibility offered to employees. They have the option to pay for a customized plan that meets their specific needs -. Not the needs of a host of collaborators
If this is not a viable option for small benefits of the company's health, we want to know what is.
What questions do you have on individual health insurance? Ask us a comment below.
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