Small Business Insurance Plans

So, what exactly does the Affordable Care Act mandate?If your business is considered an Applicable Large Employer (ALE) with 50 or more full-time employees for more than six months out of the year, then you will need to provide your employees with health insurance as a legal requirement of the ACA.Don’t let that discourage you from finding coverage, however.

Providing health care is not only a choice but also a wise investment in the happiness and well being of your employees, and the government offers tax credits to businesses with fewer than 25 full-time employees who supply health coverage. If your business consists of just you and one other person, you can offer health coverage in several ways.

Can you provide health insurance for your small business if you only have one other employee? However, before you start shopping for plans, it’s important to understand what types of plans will be available to you and what you’ll need to show and prove to start the process.

)Step #5: Compare Quotes Study the numbers and look at the plans.

Sometimes the cheapest plan may not be in your best interest as a small business owner.

Before you call an agent or a broker, make sure you have gathered and prepared the proper documents.

Most often, you’ll need to provide your: Step #4: Start Shopping Whether you pass along your information to a broker or head to the SHOP site or other online sites for your state, now you’re ready to actually start shopping.Insurance companies have a specific definition of an employee.If you are looking into acquiring group health insurance for you and an employee, first you’ll have to prove that you actually have a single employee while you are filling out applications.According to the definitions, a common law employee cannot be you (the business owner) or your spouse.An employee is defined as someone whose workload you control, both in what that work is and how that work is performed — and that person must also be working at least 30 hours a week.Many of those people were sole-proprietors, independent contractors, and small business owners.Better known as “Obamacare,” the health mandate extended to employers and required businesses of a certain size to provide health insurance.Decide if you want to choose the broker approach or head out on your own.(If you decide to outsource to a Professional Employer Organization, they will take it from here!Step #2: Know What Plan & Benefits You Need What kind of coverage are you hoping to offer?Go prepared to your first meeting with a provider or broker with an idea of what kind of policy would benefit your employee the most.