In today’s economy, small business owners are often faced with a trade-off that they”d rather not face: Pay their workers a decent wage or offer business medical insurance. Given the rising cost of health care and the high cost of medical insurance, many small business owners simply cannot justify a medical benefit plan for their employees. Offering a medical plan would probably mean reducing wages or downsizing the number of employees. But are there small business medical insurance options that would not require such drastic trade-offs?
Making the Case for Offering Business Medical Insurance
Employer-provided business medical insurance certainly increases an employer’s cost of doing business. However, healthy employees are more productive and less likely to require sick days. Employees who have medical coverage for themselves and their spouses and children will be more invested in their work and less worried about their family’s future medical needs. Employees with health care coverage are more likely to stay on the job for a longer period of time before seeking other employment, preserving the benefit to your business of all of the training provided to these employees.
For many decades now, large employers in both the private and public sectors have recognized the productivity benefits of offering business medical insurance to their employees, and these benefits are no different for the smaller scale employers. Increasing employee productivity by offering business medical insurance is the same whether the employer is a Mom-and-Pop shop or a Fortune 500 company.
How to Find Affordable Small Business Medical Insurance
A quick Internet search of “small business medical insurance options” comes up with over 8,000,000 results. Many of these are informational sites; many others are sites dedicated to assisting employers find cost-effective small business medical insurance options. In choosing a business medical insurance plan that works for your small business, keep in mind that your cost will depend on many variables, such as the number of your employees to be covered, the percentage of employee contributions to the premium cost, whether your employees’ dependents will be covered, and whether your employees will make additional contributions for such family coverage.
The type of business medical insurance can also affect the cost to your small business. Generally, HMOs and PPOs are less expensive on a group basis, but even the costs of traditional indemnity plans can be reduced by adjusting deductibles, life-time maximums, and the types of medical services to be covered.
A small business owner who is both concerned about his employees’ job satisfaction and their productivity while at work cannot avoid considering the available business medical insurance options. Even in the face of rising health care costs, these options can often make good business sense without breaking the bank for the small business owner. Consider the productivity benefits, review all the available options for small business medical insurance, and find a plan that meets the needs of both your business and your employees. For more information on business medical insurance, request a quote from us today.