As a small business owner or a self-employed worker, one of your responsibilities is finding health insurance for yourself and your employees. With so many options on the market today, that can be a daunting task, especially for people who are just starting their companies. In order to make their lives a bit easier, we have compiled a list of best health insurance plans that suit their needs.
Self-employed people are, under the Affordable Care Act, free to claim health insurance expenses as deductible on their tax forms, but only if they fulfill several conditions.
That is good news for many people out there, who now don’t have to worry about picking the cheapest plan on the market in order to make ends meet when the bills come. In case you have missed an open enrollment window, you can go with one of the short-term plans, just to bridge the gap.
Small Business Health Insurance
They are a bit more expensive, but since they are meant to last only a few months, it won’t be that big of a deal. Before making a decision, you should check if you are qualified for Medicaid healthcare coverage since that can save you a pretty penny. Finally, you can opt for self-funded health insurance, which offers you the most flexibility on choosing the best health plan for yourself.
Small business health insurance can have different definitions as to what constitutes a “small business”, depending on a company that offers health plans, but in general, if you have between two and 49 employees, your enterprise falls into this category. Here are your best options.
With a market value of 38 billion in 2014, Aetna is the third largest health insurance company in America. They offer several plans for small businesses who employ between 2 and 50 workers, Open Choice Plan, Traditional Choice Health Insurance Plan, and Aetna Health Fund One-to-One Employer Overview. Open Choice Plan is the most flexible one, allowing you to visit any doctor you choose, although that will increase your out-of-pocket fees.
Traditional Choice Health Insurance Plan requires you to pay for all your expenses and get a refund after submitting a claim.
Aetna Health Fund One-to-One Employer Overview can be merged with any other small business plan offered by Aetna.
Kaiser Permanente is an excellent choice for managed care. They are present in states of Colorado, Georgia, Hawaii, Maryland, Virginia, Washington, D.C., Oregon and Washington. They offer several plans for small business owners, including Traditional HMO Plans, Deductible HMO Plans, HRS, and HAS-Qualified Plans and Deductible HMO with HRA Plans.
Deductible HMO Plans is one of the most affordable options on the market today, offering higher deductibles, but also lower premiums while maintaining a quality level of health coverage.
HRA and HSA-Qualified Plans are consumer-directed health plans with tax-free funds. This makes them great for self-employed people, who will have the same coverage as people who bought traditional HMO plans.
United Health Care
United Health Care is a member of United Health Group, the largest health care provider in the country. This also means that their network is among the biggest ones, offering plenty of options for quality diagnose and treatment.
Humana is often praised for the tax saving their plans offer. They operate in all 50 states, but their plans differ from state to state. They are Humana Simplicity, Level Funded Premium, Self-Funded Plans, High Deductible Health Plans, Copay Plans, and Coinsurance Plans. Each offers different levels of out-of-pocket expenses, deductibles, and copayment.
The Blue Cross Association is one of the largest health companies not only in the United States but worldwide. They operate in more than 170 countries. In America alone, they have almost 100 million clients.
Their small business plans are extremely well developed, offering more than 30 options, each with different deductibles, out-of-pocket expense, coinsurance, copayment, and preferred provider options. Their network of doctors and hospitals is one of the largest in the country, offering their clients various options for quality treatments.
BlueCross/BlueShield network consists of 39 different organizations, providing excellent coverage throughout the United States. All of them have excellent (A+) financial rating. They also offer several wellness and fitness packages, like Blue365 and Walking Works.