Small Business Health Insurance

Small Business Health Insurance- If you are a small business owner or employee, you will likely need to think about health insurance.

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★☆★ABOUT THIS VIDEO★☆★

0:00 Intro
0:56 S.H.O.P.
1:34 Tax Credits
3:44 Marketplace Insurance
5:49 Short Term Medical
7:06 HSA & FSA
7:20 Final Thoughts

If you have over 50 FTE, you are required to provide health insurance. However, many small business owners and small business still need options. As a small business owner, you may want to consider offering benefits to entice the best possible talent.

What is SHOP

SHOP stands for small business health options programs. If you are a small business owner with less than 50 FTE, you may be able to offer these plans to your employees.

Employers with more than 50 full time employees are required to provide health insurance. If you have less than 50 full time employees you may wish to do so anyway. A recent study indicated that 56 percent of U.S. adults with employer-sponsored health benefits said that whether or not they like their health coverage is a key factor in deciding to stay at their current job. And 46 percent said health insurance was either the deciding factor or a positive influence in choosing their current job.

So, if you wish to attract top talent, you may wish to consider health insurance even if you are not legally obligated to do so.

Am I Eligible

In order to be eligible for the SHOP, you must have between 1-50 full time employees. At least one of these employees cannot be a business owner or partner or spouse of the business owner or partner. Additionally at least 70% of your employees must elect to take part in the program.

Marketplace Plans
If you don’t choose to provide health insurance for your employees OR if you yourself are an employee of a small business there are still options. The first of which is marketplace insurance.

Marketplace plans must offer the 10 essential benefits
You can choose from HMOs, EPOs and sometimes PPOs
You cannot be charged more or disqualified based on a preexisting condition
There are four metal tiers to choose from

Another important facet of marketplace plans are premium tax credits. Based on your income and household size, you may be eligible for a premium tax credit. This is basically a tax credit paid upfront which is reflected as a highly discounted monthly premium. Premium tax credits can save you , quite literally thousands of dollars per year.

Short Term Medical & Private Insurance
Another option is private insurance, specifically short term medical plans. There are pros and cons

Pros:
Inexpensive
PPO coverage
Customizable
3 year terms
Many conditions covered in 2nd year

Cons:
Medical underwriting
Many conditions not covered
Not ideal for all
Not available everywhere

As a business owner, even if you are unable to offer full coverage, you may want to offer some type of assistance to employees seeking their own plans. For example, many employer choose to contribute to their employees’ HSAs or FSAs

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[pplywnt]

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This YouTube channel is very informative and effective.

[EveaGornall]

Do you have any videos that explain the benefits of a zero deductible plan? I’m a self-employed caregiver and the family I work for has offered to pay $250 towards my health insurance every month. I can contribute about $60-$80 a month of my own so that puts me in the $300-$330 range which seems great because I found a few Gold and Platinum plans though Covered California I never thought I would be able to have and the low co-pays and $4500 OOPM are very appealing. However, a lot of these say zero deductible, so does that mean coinsurance starts just immediately until I hit the OOPM and then I don’t pay anything? Because that just seems too good to be true but maybe that’s just how it is when you actually have money. Thanks!