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The Search for Small Business Health Insurance

Updated on April 15, 2011

I have been a small business owner for most of my life. As I’ve matured I have seen the need for health insurance something that was not in the forefront in my younger years.

 I suppose when it came to health insurance because it was not mandatory like windstorm or flood insurance I decided I could put it on the back burner. Add to that all the controversy about medical care rip-offs and health insurance rising costs and I really had no desire to find out anything else about it. I was healthy then and still am now, thank the stars above, but as we get older for some reason worst case scenarios start popping in and out of our heads. Not any different for me . Doom and gloom had set in.

What if I get sick or end up with some terminal illness? How will I help support my family? Who will take care of me? How would I pay my household and medical bills?

 

Rising Costs

On and off my husband and I have had individual coverage for our family. The only problem was the premiums kept rising steadily and consistently for three years in a row. It got to the point it was no longer affordable.

 Our kids being older now, were dropped from our policy, and the premium after 3 years was more for my husband and myself than it was when we originally purchased the plan, which included our family of four, and that was without ever having to use it. This was a major medical plan with a high family deductible so if one of us got sick and went to the doctor we paid out of pocket.

Can I afford to do without

After a trip to the hospital emergency room, for nothing more than a nervous stomach set me back forty five hundred dollars, I finally realized I shouldn’t put the inevitable search off any longer . I’m finally ready now, I see the real importance of medical coverage and so I embark on the search for the best health insurance plan I can possibly afford. I talk to my payroll company and get several quotes from different carriers. I found out the following :

  • As a small business owner you are eligible for small group health insurance which is much more affordable than an individual heath insurance plan.
  • I never realized that these health plans were available for small businesses like mine. I thought you needed to have a certain number of employees to qualify for small group coverage. Not so, you need a certain amount of your own employees to participate in the plan . And you as a business owner need to contribute a certain percentage to the plan.
  • Every insurer has a variety of plans with different prices. None of the insurers have plans similar enough to compare. In other words you won’t find Insurer A with the same exact deductible, co-payments and benefits as Plan B. Comparing them is impossible. This is very frustrating but I’m sure intentional . I think its designed exactly so you can’t figure what the best health insurance plan for your money is and which plan a better value.
  • You need to fill out company information and all employee applications before you can get a quote.
  • Health insurance contributions are tax deductible expenses for employers .
  • Where you live determines how much you will pay for health insurance. Certain zip codes are more expensive than others.
  • Family quotes are the same no matter if you have one or more children.
  • Discounts are available for healthy groups.

Within the group plan health quotes, I selected one that fit my companies budget and offers the basic coverage that I needed for myself and my employees. As an employer I decided to pay 100% of my employees premium . They have the option of adding on family members at their expense. All in all I am pretty satisfied thus far on how smoothly the process went and kick myself for not seeing the light sooner. I figure having had the health insurance plan sooner would have saved me 60 percent of the last hospital bill. We are a healthy group and I hope we will continue to be . Life being what it is , full of unknowns, I certainly sleep better at night knowing that I have some coverage now.

 

Online insurance quotes

Getting online individual health insurance plans and quotes are a breeze but online quotes for small businesses are a little trickier.

Yes you can request a quote online but you won’t get one, instead you will get half a dozen health insurance agents soliciting for your business.

 If you go to einsurance.com the process for individual health plans is so much easier .

You can fill out one application that return numerous individual health coverage plans from different insurance companies. Just fill out basic personal details for the company and employees and you have yourself several quotes instantly.

All the definitions for unfamiliar terms and q & a are there for you to lookup and help you decide on the best product for your business. You can view which doctors and hospitals are part of a network. You can view the full medical plans outlining the deductibles, co-payments, and benefits.

 You decide the premium you can afford to pay and choose the best plan to fits your needs within that budget. After approval and verification you may apply online and provide a credit card if you like to charge the monthly health premium.

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