Health insurance purchase options for small businesses and the self-employed
There are several different health insurance purchase options for your small businesses. We offer all these options. Your business can save up to 40% by selecting the right platform to buy your insurance. Here is the list of purchase options available to your small business.
1. Buying direct from an insurance company. This option is suitable for many businesses that can qualify. Buying direct usually requires 60% of your full time employees enrolling after valid waivers are considered.
2. Buying from a Professional Employer Organization ( PEO ) - This option is suitable for businesses with at least 4 employees. PEO's use fully insured plans from top national carriers. Your business can save up to 40% compared to buying direct from an insurance company. Businesses that typically get the lowest rates from PEO's are tech and finance businesses with young professionals. Many Businesses can benefit from the PEO arrangement. PEO's become your businesses HR partner. They will take over your payroll, Workers Comp. and workplace compliance. PEO's do charge a fee for their service, however, for the right businesses the savings on health insurance costs and workers comp costs can far out way the service fee.
3. Buying from a union or association - Unions and associations are great buying alternatives for small businesses and the self-employed. They can offer much better insurance products than the individual "Obamacare" market. Self-employed individuals or families will have the ability to purchase national PPO plans through these entities.
4. Private exchanges - Private exchanges allow your small business to buy from several different insurance companies through one entity. This allows you to offer your employees many different health insurance options and have simple administration. Exchanges will also manage COBRA administration for you.
Please contact us to discuss which option is right for your business.