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Because the traditional costs of group health insurance have been rising for over a decade now, the small business owners have turned to new, affordable options - a being defined contribution (also known as specific health plan contributions). To see if your small business is a good fit for defined contribution, we have set up a quiz. After completing the quiz, read on for additional resources based on your results
Quiz -.? Are you an ideal fit for defined contribution
Resources contribution plans for your small business
If your small business is a candidate ideal for defined contribution, you need to understand what, exactly, is defined contribution. The general strategy of a particular health plan contribution is that
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The employer implements an Article 105 medical repayment Plan to give each employee a fixed monthly health allowance to spend on a plan of individual health.
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[family employees select and buy the individual or their health plan choices. Employees can purchase their own policy directly from any health insurance company, through a broker, or insurance markets health.
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The employer reimburses employees up to the amount of their allocation defined contribution.
Defined contribution health by themselves are not insurance plans. defined contribution plans give the control of the employer benefits while giving employees the option and a great advantage. defined contribution benefits include:
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No minimum contribution The company determines its own contribution amounts and controls all costs
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No minimum participation. The company sets its own eligibility criteria.
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Easy administration. a business owner spends less than five minutes per month and no annual renewals.
What's next?
, you conclude that a defined contribution health plan for your small business, but where do you go from here? You can start by diving into details on Defined contribution health by downloading our eBook " Defined contribution health services for small businesses " or by reading our other great resources.
Pros and cons of defined contribution schemes health
Why use a defined contribution program?
Conclusion
to defined contribution is an alternative to traditional insurance group health for small businesses. Many small business owners use defined contribution as a way to provide their employees with affordable health benefits, save time, and also to save the company money. We hope our quiz and resources to help you decide if defined contribution is right for your small business.
What questions do you have about defined contribution? Comment below and let us know!
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