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Starting a New Business? Get Group Health Insurance for Your Employees
Leaving corporate America to start your own business and be your own boss is the American Dream. More time with your family. More time for yourself. The efforts that you put into your business will be for your financial security instead of someone elses.
And when taking this big step there are many things to consider. And a huge one is the group health insurance benefits that you enjoyed as an employee will disappear.
And for the same reason that you wanted group health insurance as a part of your compensation, your new employees will want the same. And if you expect to compete for the best employees you will have to offer it as part of your benefit package. This will help to insure that you get and keep the best people for the job. People that will help your business grow and prosper.
Because you will be paying the largest portion of the group health insurance package, you will want to shop around and get the best deal. The most coverage for the least amount of money. And with the ease of doing research via the internet, competition is greater, benefiting you in the form of better deals.
Now if you are starting your new business by yourself, hoping to add employees later, you may want to consider some other options first. This will also give you more time for research into the different options. Let’s take a look at some ways to delay getting the group health insurance through your new company.
The first, most common, and most obvious is to get in on your spouses group health insurance plan if available. This could keep you and any other family members covered until you get your own group health insurance through your new company. This option could save you a lot of money.
The next option would be COBRA. This is a plan where as the group health insurance provider from your prior place of employment would insure you temporarily. It is highly unlikely that your former employer would pay their part, but it could happen as part of a severance package. But even if they didn’t, it would still be cheaper than trying to get your own individual insurance policy. And of course there would probably be a time limit on would long they would insure you.
Another option might be to see if there are any coops or organizations of small business owners that would let you join. These groups are usually self employed or business owners would pool their resources to get a better deal on low cost group health insurance.
And the last option would be for you to go ahead and get started on your own group health insurance plan. Some insurance companies will help you out with lower rates when starting hoping that you succeed and bring them even more business. This statagey might also encourge some small business owners to get the group health insurance even though they may have thought that it was too much of an expense.
To be qualified for this last option your business would have to be registered, have at least 2 employees but not more than 50, and all employees would have to be permanent. Temporary or contractual employees would not count towards this number.
So the bottom line is that if you want to start your own business and be successful, you will most likey have to offer group health insurance to your employees. It may seem like a hardship, or unessessary expense at first, but it will pay off in the long run.
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Tags: Group Health Insurance