When it comes to health insurance coverage, a small business is generally considered an employer with one to 50 employees. This excludes the owner, their spouse, and any family members.\u00a0<\/p>\n\n\n\n
Health insurance helps individuals pay for routine check-ups, preventative care, and medical emergencies. Health benefits consistently top the list of desired job perks, and workers commonly rely on employer-provided coverage for themselves as well as their families.<\/p>\n\n\n\n
Many small business owners provide their employees with group health insurance as a way to attract and retain talent. You can use the Small Business Health Insurance Options Program (SHOP) to find ACA-compliant group plans, which you can offer to employees by purchasing coverage with help from an agent or broker. A SHOP plan is the only way to qualify for the Small Business Health Care Tax Credit if you meet the eligibility requirements. <\/p>\n\n\n\n
If you can\u2019t find a plan on the SHOP marketplace, you can find one directly through insurance company websites.<\/p>\n\n\n\n
If you offer SHOP coverage, you must offer it to all full-time employees and have an office or worksite in the state where you\u2019re applying for coverage. Not all providers offer SHOP plans, and they may not be available everywhere. Whether you decide to enroll in a SHOP plan or another group health insurance plan, you\u2019ll want to choose a reputable company that prioritizes your employees and their healthcare needs.\u00a0<\/p>\n\n\n\n
Hence, if you\u2019re looking for a health insurance provider for your small business, navigating the sheer number of plans, policies and industry jargon may seem daunting at first blush. Business Yield has evaluated companies based on the benefits they provide and their third-party ratings, so you can choose the right health insurance partner for your small business.<\/p>\n\n\n\n
With coverage in every U.S. ZIP code and a variety of national networks to choose from, Blue Cross Blue Shield can meet the needs of almost any business. However, since BCBS is a group of companies, benefits vary by region, as do customer satisfaction ratings. This is why it is important to evaluate your BCBS company for issues like customer complaints.\u00a0<\/p>\n\n\n\n
BCBS workplace wellness programs vary by state. For example, BCBS Mississippi trains company leaders to teach fitness classes and offers a significant reduction in health insurance premiums for employees who commit to working out at least twice per week. Other benefit offerings vary by region as well, but Anthem offers 24\/7 virtual care, a convenient mobile app, a variety of plan types, and the option to bundle health coverage with dental, vision, life, and\/or disability insurance. <\/p>\n\n\n\n
The Blue365 discount program provides your employees with robust discounts on wellness-related products and services.<\/p>\n\n\n\n
Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n UnitedHealthcare (UHC)\u00a0is the largest health insurance provider in the nation, offering plans for group coverage in all 50 U.S. states. Here are just some of the reasons why it is one of the best health insurance companies for small businesses:<\/p>\n\n\n\n Overall,\u00a0UnitedHealthcare\u00a0offers effective group coverage options for many small businesses.<\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n Available in 14 U.S. states, Anthem is the largest for-profit managed healthcare company in the Blue Cross Blue Shield Association. It has one of the country\u2019s most extensive networks, meaning that many of your small business employees may already have their doctors within the Anthem network.<\/p>\n\n\n\n With\u00a0Anthem, you and your employees benefit from the advantages of a major medical network, as well as resources that help with managing your group\u2019s medical plans.<\/p>\n\n\n\n Oscar makes it easy for employees to request virtual care from a convenient mobile app, and with most plans, there\u2019s no cost to talk to a doctor online. Employees can also use the app to refill their prescriptions, message their care team, track their deductibles, and even get rewarded for meeting their step goals. <\/p>\n\n\n\n What\u2019s more, Oscar has partnered with Cigna to give members access to the company\u2019s national and local provider networks. You can give your employees two network options, both of which don\u2019t require specialist referrals and which include the Cigna Behavioral Health Network.\u00a0<\/p>\n\n\n\n However, availability is limited to a few different states, cities, and metro areas: Georgia, Tennessee, Connecticut, select Arizona counties, select California counties, the Philadelphia metro area, Kansas City, Chicago, and St. Louis.<\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n Humana is one of the largest health insurance providers in America and one of the best health insurance companies for small businesses due to its many group coverage plans. As a small business benefit provider, Humana\u2019s plans generally include these benefits:<\/p>\n\n\n\n Humana\u00a0offers a variety of affordable small business health insurance plans for small employers and their employees. If you\u2019re looking for the best health insurance for small business, it\u2019s another contender.<\/p>\n\n\n\n Offering health insurance in eight U.S. states and the District of Columbia, Kaiser Permanente is a major health insurance company that provides quality group health plans to its members.<\/p>\n\n\n\n For employers looking for one of the best small business health insurance companies for managed care services,\u00a0Kaiser Permanente\u00a0group coverage plans are among the top options.<\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n If you\u2019re looking for more plan flexibility and the possibility of greater savings, Aetna is a top pick for\u00a0self-insured\u00a0funding options. Self-funding with Aetna can save you as much as 25% on monthly costs, plus the insurer returns 50% of the surplus to your business. At the same time, stop-loss insurance protects you from unaffordable costs. <\/p>\n\n\n\n HSA accounts are also available to employees, as are $0 copays for many MinuteClinic services. However, keep in mind that some fully insured groups don\u2019t get the same benefits.\u00a0<\/p>\n\n\n\n Aetna also offers a suite of tools to members of self-insured plans, including a convenient mobile app that can provide rewards for reaching personalized goals, virtual care through Teladoc, and virtual fitness classes. The company also has an A (Excellent) financial strength rating with AM Best, and an average 3.3 NCQA star rating for its commercial plans, which indicates above-average member satisfaction. <\/p>\n\n\n\n You can get group dental coverage through the provider as well. But Aetna\u2019s group plans aren\u2019t available everywhere.<\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n For small business owners looking for a more affordable option,\u00a0ICHRA\u00a0(Individual Coverage Health Reimbursement Arrangement) plans may be a good choice. With this plan, employers give their workers a set amount to be used towards buying healthcare. After buying their own health plan, they are reimbursed with pre-tax money from the employer.\u00a0<\/p>\n\n\n\n Small business owners may prefer ICHRA plans because these programs are often more competitively priced than traditional employer group plans. On the other end, employees may prefer this option because they have the flexibility to choose the plan they want and can decide how they want to spend the reimbursement money.<\/p>\n\n\n\n You can also use insurance brokers like eHealth to find the right group coverage for your small business. It offers free health quotes, with no obligation and no broker fees. The\u00a0eHealth website<\/a>\u00a0lets you compare plans for group coverage from multiple providers all in one place. This empowers you to find the best small business health insurance for your company and employees.\u00a0<\/p>\n\n\n\n To find affordable small business health insurance plans in your area, enter your ZIP code and number of employees on the eHealth\u00a0small business health insurance page\u00a0to get instant access to free quotes. You can also speak with one of their licensed insurance agents, who can assist you with finding the optimal health plan for your business. Our trusted licensed insurance agents have years of experience under their belt and are ready to help you with any questions you may have.<\/p>\n\n\n\n\n
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UnitedHealthcare<\/strong><\/h3>\n\n\n\n
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Anthem<\/strong><\/h3>\n\n\n\n
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Oscar<\/strong><\/span><\/h3>\n\n\n\n
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Humana<\/strong><\/h3>\n\n\n\n
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Kaiser Permanente<\/strong><\/h3>\n\n\n\n
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Aetna<\/strong><\/span><\/h3>\n\n\n\n
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How to get affordable small business health insurance<\/strong><\/h2>\n\n\n\n
Recommended Articles <\/strong><\/span><\/h2>\n\n\n\n
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