Cost of Group Health Insurance for a Small Business

Wednesday, March 13, 2024 03:34 Posted by Admin

Small business owners find that offering their employees affordable group health insurance is a surefire way to help their business grow. Luckily, the ACA and other laws make sure that the cost of healthcare is kept low and reasonable. As a small business owner with group health plans, you’ll notice how advantageous caring for your employees is for your company.

Cost of Group Health Insurance for a Small Business

To determine the cost of your group health plan, your company’s location, industry type, plan category, local laws, and employees’ demographics will all matter. Most insurance providers have their plans and rates listed on their website but this isn’t necessarily an accurate total. It’s smart to do research and compare rates and providers before calling around for estimates.

The monthly premiums for a group health plan are split between the employer and the employee. On average, an employee may pay upwards to $550 a month on health insurance. Group family health plans will increase in costs with every dependent included on the policy. Try to keep the monthly premiums as low as possible without compromising the quality of the group health plan.

About the ACA and How They Help Control Health Insurance Costs

The ACA (Affordable Care Act) sets the standards and restrictions regarding healthcare. They believe in providing affordable healthcare options to everyone regardless of their income and demographics. For businesses that adhere to the ACA’s regulations, they’ll receive annual tax breaks and other incentives.

The main goal of the ACA is to make health insurance more affordable for anyone with little to no coverage. The act changes often and your business must keep up with any transitions. An insurance broker will monitor your plan for the duration of your policy. Brokers are always on top of healthcare reform and any laws regarding the insurance agency.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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