If you’re a small business owner, one of the most important considerations that you have to make will deal with the type of insurance that you offer to your employees. Not only will there be situations where you cannot or should not offer coverage, but it’s also important to keep in mind that you cannot reimburse for individual health plans. There are a number of different types of business insurance that are available for you to choose from depending on your needs.
Business Health Insurance Don’t: The “One Size Fits All” Plan
No two employees are created equally – this is never more true than it is when you begin to take their health into consideration. Each employee (and their respective family members) will have their own unique considerations, which is why it is important to NOT opt for a “one size fits all” plan from your provider. Instead, engage your employees and take their feedback into consideration. Try to find a plan that you can custom design to fit the needs of the group, instead of trying to force the needs of the group to work within the confines of the plan that you’ve selected after the fact.
Health Savings Accounts
One type of business insurance that has become increasingly popular over the last two decades is the health savings account, or HSA. For individuals who are enrolled in an HDHP, or “high deductible health plan,” they can open a medical savings account with a number of tax advantages that they wouldn’t get from other types of plans. Deposits into the account can be made by either the employee in question or by the employer and can be made on a pre-tax basis. The money in the account is then to be used to pay for things like medical bills and other unforeseen expenses related to their health. One of the primary advantages is that the money continues to roll over each year and does not “expire” in the event that it goes unused for any specific period of time.
If you run a small business with two to 20 employees and are looking for the best and most cost effective business insurance plans around, please call Bernardini & Donovan Insurance Services today for more information. We’ll help cut through all of the confusion and unnecessary information so that you can have the peace of mind that comes with knowing that your employees are well protected in the event that something unfortunate should unexpectedly happen.
