From eliminating employer commitments for certain businesses to custom self-funded arrangements, SMBs have plenty of options to make group health insurance work better for them – even in light of increasing scrutiny, lobby pressure, and last-minute legislative updates.
Businesses looking for group insurance aren’t having it easy.
Insurance costs are spiking and there’s increased uncertainty over Medicare legislative updates – due in no small part to the 2024 US presidential elections, which bring extra scrutiny on both payers and healthcare providers. Finding insurance deals that make financial sense is becoming more and more of a Holy Grail, notes insurance broker John Thornton of Insurance4Dallas – but businesses should still be able to find policies that meet their needs without breaking their budget.
Thornton recommends 3 group health insurance opportunities for SMBs that continue to be available under current legislation:
1) Small Business Health Plans – Without Employer Commitments
For smaller groups under 50 employees, businesses can access small business health plans that eliminate the need for employer commitments.
These give employees access to optional dental, vision, and life insurance while opening up possibilities for insurance subsidies – and business owners can opt into them without the pressure of securing coverage for an entire company.
2) Accessing ACA Tax and Benefits Compliance Plans – Without Tax Penalties
Larger groups over 50 employees now have access to ACA Tax and Benefits Compliance plans that eliminate the $2,000 per employee tax penalty enacted by the Affordable Care Act. These ensure minimum essential coverage with preventative care included – and experts note that premiums are competitively priced compared to marketplace alternatives.
3) Self-Funded Arrangements – Without Risks
In addition to this, self-funded arrangements administered through third-party providers give access to quality care without the customary risks. Customization allows for control over health plan benefits to attract and retain employees – and as third parties assume the risk, there is no exposure for the business itself.
And while recent Medicare news continues to raise concerns over the possibility of savings – not least due to increased pressure from hospitals – finding affordable group health insurance remains possible for small and medium-sized businesses across the US.
This content is provided in partnership with Insurance4Dallas and is intended for informational purposes only. The views, opinions, and advice expressed in this article are solely those of Insurance4Dallas and do not necessarily reflect the views or policies of any other individual, organization, or entity.
Company Info:
Name: Insurance4Dallas
Organization: Insurance4Dallas
Address: Dallas, TX, 75225, United States
Website: https://insurance4dallas.com/
