The online marketplaces offer a set number of plans from private insurance companies that are geared to the pocketbooks of small businesses. The marketplaces offer four plan levels established by the affordable care act: bronze, the least fancy plan, and silver, gold and platinum.A small business can enroll any time during the year as long as enough of its employees participate in its plan or have coverage elsewhere. Otherwise, your small business can sign up during open enrollment between Nov. Bronze plans: These typically have a lower monthly premium but a sky-high deductible.
But there is a lot of variation on how an insurance company can design a plan to meet the coverage levels.
Insurance companies: You also can contact an insurance company directly to see if it offers plans in your state.
Small business health insruance is a big beneift for a company to provide, but one that makes more sense than ever as competition for talent heats up.
Health insurance is the most popular employee benefit for most workers and it’s no wonder: it can have a real impact on their financial health as well as their overall well-being.
Many brokers now work with the federal and state marketplaces and can help walk you through the process.
Under the affordable care act, all small-group health insurance plans whether sold through a marketplace or not have to offer the four levels of coverage, from bronze to platinum.Marketplaces in California and Colorado are open to businesses with 1-100 employees.A calculator to figure out your full-time equivalent count is available here.Your business has several choices when it come to buying a group health plan for your team.Insurers have to offer plans that cover at least the “10 essential health benefits and services” legally required under affordable care rules, which include maternity and mental health care.On average, silver plans are often the most popular because they strike a balance between cost and benefits.As a small business, you can decide which plan, or combination of plans to offer your team.That’s because the price will be based on how an employee’s age, location, and tobacco use.To buy insurance on the marketplaces your small business has to cover at least 50% of the cost of health insurance for your employees (not their families) On average, the premium for employees at small firms nationwide was ,163 a year, which equals 3.58 a month, according to a Kaiser Family Foundation report earlier this year.These plans can be purchased in a variety of ways at a variety of price points, so we’ll walk you through all of the options below.These marketplaces, including the federal Small Business Health Options Program, or SHOP, are typically available to small businesses with 50 or fewer full-time equivalent employees.