It is not only mandatory by the law, but it is also a humane thing to secure your business and your employees with good health insurance. In this way, your workers will be covered and you will avoid legal consequences. But, there is always a question about whether and insurance broker is presenting the entire insurance plan with all its advantages and disadvantages. Small businesses are usually the ones that usually need good health insurance plans.
Brokers or SHOP?
When small businesses and insurance plans for them are concerned, we need to say that brokers may not be the best solution in this case. Why? Well, larger insurance companies, health plans made for smaller groups and SHOP (Small Business Health Options Program) are actually the ones that provide the best insurance plans to small companies. The reason for this may be found in the fact that they have greater access to multiple carriers and markets.
On the other hand, brokers stick to the tradition and group plans that are usually offered in these cases. Furthermore, brokers are usually connected to several insurers, but not to the variety of them so they can actually offer a limited number of insurance plans to their customers.
Best broker near me should provide me with the best service. What does this mean? As in any other business, brokers sell their products to customers and those customers expect that they would get the full service from their providers. This is why brokers should monitor and support their customers.
A good broker should be the one who would be a kind of an advisor and partner that will discuss the benefits and costs on one hand and type of coverage on the other. It is of utmost importance to find a broker that will well-educated in the filed he/she is working. Apart from this, he/she should know what is the best coverage and when.
Not Covered Well – Fined Good
As it has been already said, it is of utmost importance to have good and proper coverage for your employees. If this does not happen you may have a problem with IRS. This may happen if you do not have a policy that ensures your business and employees but have some kind of funding for this. The fines can be even $100m per employee.
It needs to be added that every coverage has to be affordable and it should not be more than 9.5% of the income that an employee makes. This is only one of the requirements, there are a plenty of them. But, it is a broker’s job to know all this and to inform an insured about this.
Safety of your business and employees is of outmost importance. This is why your employees need to be covered and you would need a good broker for this. The choice of a good broker may save you more money than you would pay if you have a bad one. So, make a careful and bets decision for you and your employees.