Quick Guide to Group Health Insurance for Small Businesses in Texas
Whenever possible, we want our employers to offer a health insurance
option. No one knows when an emergency might happen, and insurance
is our safety net to keep us from financial disaster. Since the
single biggest reason that Americans file for personal bankruptcy
is unpaid medical expenses, we all need insurance to keep us out
of the red. Group insurance is always cheaper than individual
plans, even when purchased in small groups. Small businesses in
Texas that want to offer benefits to their employees will include
group health insurance access. It can be hard to know which plan
to choose, though, or where to start.
To get a quote, you’ll need a census of the employees.
This information include the number of employees, birth dates,
genders, and the birth dates of any dependents they might have.
You’ll also need to provide the date you founded your company
and the date that you would like coverage to start. Be aware that
if some of your employees are not interested in group coverage,
you could have problems getting a plan. Some insurance providers
require you to get coverage for all employees.
Group health insurance is valuable part of an employee compensation
package that will make your workers feel valued and more loyal
to you. Insurance coverage makes you more likely to retain existing
employees and attract new ones. Plus, businesses that offer insurance
can benefit from special tax incentives. You can generally deduct
100% of the premiums paid on a qualifying group health plan. By
offering insurance as part of your benefits package, you may also
be able to reduce your payroll taxes. Employees value health insurance
coverage almost as much as their paychecks, so offering the benefit
of group health insurance is a great incentive for them to keep
working with you.
You’re eligible to offer group health insurance if you
are a legitimate business entity. Full time employees of any small
business that reports wage taxes can partake in its group health
insurance package. Since insurance providers increasingly rely
on in house sales representatives, instead of traditional insurance
agencies, you may have to go looking for a good affordable health insurance plan yourself. Many small
businesses don’t hear about the group plans that are available
because the in house representatives tend to focus on larger businesses.
Fortunately you can get online quotes from many insurance companies,
making the process of going to them that much less painful. There
are also some sites online which have tools available to help
small business owners compare various plans and decide which one
is best for them and their companies. These tools can revolutionize
the way that small businesses provide their employee benefits.
Any small business with full time employees can benefit from providing
group health insurance plans. You’ll be seen as a good employer,
and inspire worker loyalty if you can offer them affordable insurance
benefits, as well as enjoying tax incentives. With a little shopping
around, you’ll be sure to find the best policy for your