Health insurance is one of the most valued employee benefits.¹ By offering small business health insurance, you can help your employees pay for health care expenses and cover some of the medical costs in the event of an accident or illness. And offering a more competitive benefits package could have a big impact on employee satisfaction, recruiting and retention.
1. Forbes, “Top Ten Most Valued Employee Benefits.” Oct. 22, 2022
When you have health insurance, the insurance company pays a portion of your medical expenses. The amount the insurance company will pay, and the services that are covered varies by plan. Your employees portion, including co-payments and any other expenses your employees may pay, are referred to as out-of-pocket expenses. Some plans may also have co-insurance, which is the percentage of the bill that you employees are required to pay, in addition to their deductible and co-payment.
A monthly payment called a premium is paid to keep the health insurance coverage active. Generally, the higher the monthly premium, the lower the deductible will be.
You can view a list of common terms you may encounter while enrolling in small business health insurance or visit Just Plain Clear® to reference thousands of health care and insurance terms in plain, clear language.
Generally, you must have between 2 and 50 full-time equivalent employees, which is defined as one who is working 30 or more hours per week on average. Your part-time employees’ hours will contribute to the required full time equivalent. This could change depending on specific state regulations, so please contact one of our representatives to discuss this in further detail.
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