Small Business Owners: Get Employee Health Insurance Through an Insurance Consulting Firm

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The changing healthcare landscape made health insurance an important fringe benefit for employees. Federal guidelines required employers with more than 50 full-time employees to offer health insurance benefits. If you are a small business owner with less than 50 full-time employees, your business is not required to provide health insurance. But still, lack of an employer-sponsored health plan may spur high employee turnover—as much as 43 percent of job seekers have turned down offers because of the high cost or absence of quality health coverage.
Here’s what happens to employees when companies don’t offer health insurance: employees could get help with paying for insurance by qualifying for a federal subsidy, also known as a tax credit. However, this benefit is based on household income level. If the household income is too high to qualify for a tax credit, then the family must shoulder the entire cost of private insurance, which can cost as much as $1,500 a month.
That’s why the lack of a company-sponsored health insurance is among the top reasons that job seekers to turn down an opportunity. If current employees lack company-sponsored insurance, then they are more likely to look for another job that offers benefits. Simply put, providing health insurance is an important aspect of employee wellbeing
What is a Benefits Consulting Broker?
As mentioned before, health insurance benefits can make the difference in employee satisfaction. So how do you get started with obtaining health insurance when you have less than 50 employees? Meet with an insurance consulting firm, also known as a benefits consulting broker. This type of company creates and manages employee-sponsored benefits on behalf of a company.
If you need an affordable group health insurance plan that is also an attractive package for your employees, then a health-insurance benefits broker can help you get a special deal with insurers. The demand for health-insurance brokers increased in the recent years, so it’s important that you select a broker that meets or offers the services or coverage that your business needs. Here are some tips on how to select an insurance broker for your small business:
What Other Insurance Services are Offered?
When selecting an insurer, you want to understand the level of service the firm can offer. For example, the broker may be able to help you create a health insurance plan, but can the firm create benefits packages or help with workers’ compensation and liability insurance?
Can the Broker Create Custom Health Plans?
Health plans are not a one-size-fits-all. You need a broker that will take a look at your employee demographics, income levels, job descriptions and more to determine the benefits that you should offer to your employees.
Is the Broker an Effective Communicator?
An insurance plan is only worth its weight if your employees use it. That’s why you need a broker who can effectively communicate to your employees and answer questions about the benefits package.
Employer-paid health insurance is a benefit that small businesses need to recruit and retain employees. One of the ways small business owners can purchase a health insurance plan is going through a broker. Firms that offer insurance and benefits for businesses can structure insurance plans that meet the needs of the company and the employees.  These tips help companies to know what to consider when selecting a health insurance broker.