Starting your own company is not easy even for the most ambitious entrepreneur. Finding the best health insurance for the company is one of the things you need to do as a small business owner. It’s normal to have lots of questions in your head about the best strategy for health insurance for your business.
Small businesses with fewer than 50 employees are not legally required to offer health insurance to employees under the Affordable Care Act (ACA). On the other hand, businesses with 50 or more employees are legally required to provide affordable health insurance.
So how does small-group insurance work?
The cost of a group health plan is shared by everyone in the group, and by the employer and employees. In other words, these plans cost less because there are more people in them.
There are four things every small business owner should know about how small business health insurance works.
1. Coverage is generally a guaranteed issueBY Davalon “How Does Small Business Health Insurance Work?” December 12, 2019
2. You need at least one employee to qualify
3. You must contribute toward employee premiums
4. And you can shop for coverage at any time of the year
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop, and Quickbooks Enterprise.
For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy. We’d love to hear from you!