Business Medical Insurance in Rock Hill & Throughout the Carolinas
As a business owner, you know it well: medical insurance for your team’s well-being isn’t just another expense. It is a key investment you make in the long run. You invest in productivity and ultimately your company’s success.
Protect Your Team and Strengthen Your Business
How do you balance costs with comprehensive coverage? At Carolinas Insurance & Investment Group (CIIG), we understand the pressures you face as an employer. Rising healthcare costs may sometimes stop you from offering benefits that attract top talent to work with your organization.
Here’s where we step in. Our team specializes in helping businesses like yours find budget-friendly health plans that work for you and your employees. You don’t have to sacrifice your bottom line. Benefit from our expertise to build a healthier, more resilient workplace.
What is Business Medical Insurance?
Businesses offer health insurance to give employees quicker access to diagnosis and treatment, access to comfortable facilities, and more choice over their healthcare through the private system. If an employee needs treatment for a new, short-term condition that comes up after the policy’s start date, they can submit a claim, and the insurance will typically cover some or all of the hospital costs. Most employees stay on the company’s health plan until their work contract ends.
For you, as an employer, offering medical insurance isn’t just about ticking some employee benefits’ box. It’s about making sure your workplace is a healthy, productive environment, things that will reduce turnover, boost morale, and help you meet legal requirements if your company reaches a certain size. In other words, it’s a win-win for both you and your team.
Types of Business Medical Insurance Plans
Under the Affordable Care Act (ACA), only businesses with 50 or more full-time equivalent (FTE) employees are required to offer affordable health benefits that meet minimum essential coverage (MEC) and value standards. If they don’t, they could face a tax penalty.
Even if you’re not legally required to provide health benefits, doing so can still be a big advantage.
And if you do decide to offer health coverage, it doesn’t have to be a traditional group plan. Health reimbursement arrangements (HRAs) are a great way to give employees access to healthcare without going the traditional route.
Benefits of Business Medical Insurance
1. You Can Attract and Retain Top Talent
In a survey by Glassdoor, 48% of job seekers reported that health benefits are among their top considerations when evaluating a job offer.
2. You Foster Employee Wellbeing and Productivity
Employees who feel supported in their health and well-being tend to be more engaged.
3. Your Business Has Various Tax Benefits
Medical insurance premiums paid by employers are often tax-deductible, reducing taxable income, even qualifying for other tax incentives.
Top Talent
Productivity
Tax Benefits
Group Health Insurance
Group health insurance is one of the most popular options for businesses, as it provides employees with shared risk coverage at a lower cost than individual plans. These plans typically cover various medical needs, from preventive care to emergency room visits. They are partially funded by both the employer and employees through payroll deductions.
Traditional group health insurance can be a solid choice for small businesses. It’s easy to set up and most employees are already familiar with how it works.
That said, premiums can get pricey. In 2023, employers paid an average of around $6,575 per year for each employee’s single coverage and roughly $17,393 for family coverage.
As an alternative, you might qualify for the Small Business Health Care Tax Credit, which can help with premium costs.
Health Savings Accounts (HSAs)/ Flexible Spending Accounts (FSAs)
HSAs and FSAs offer your employees various ways to set aside pre-tax dollars for qualified medical expenses. These are both solutions that can help with managing out-of-pocket costs.
As valuable long-term saving options, HSAs are linked to high-deductible health plans and allow funds to roll over year after year. FSAs, on the other hand, are much more flexible. However, the funds must be used within the calendar year.
Self-Insured Health Plans vs. Fully Insured Plans
In a self-insured plan, you, as the employer, assume direct financial responsibility for your employees’ medical claims. This may be a potentially more cost-efficient solution if you are a larger company with a younger workforce and predictable healthcare usage.
In opposition to the self-insured plan, a fully insured plan involves paying a fixed premium to an insurance carrier that assumes the financial risk of employee health claims. For a smaller business, a fully insured plan can be more effective and a lot more straightforward.
Network Options for Your Business Insurance
A Preferred Provider Organization (PPO) or a Health Maintenance Organization (HMO) will allow you to control costs more efficiently while keeping your while meeting employee preferences. PPOs offer greater flexibility in provider choice, while HMOs often come at a lower cost but require using network-specific providers. Carolinas Insurance & Investment Group can help you find the best network for your team’s needs.
Key Considerations for Selecting a Plan
Finding a plan that fits your company’s financial needs is essential. When deciding what plan works best for your organization, consider a few of the following:
As a small company, you can use a cost-sharing plan. Larger companies, on the other hand, may consider a more extensive option.
Why Choose Carolinas Insurance & Investment Group for Business Medical Insurance?
Our team will always prioritize your business interests, while providing unmatched expertise in business medical insurance. With us, you have a wide range of benefits.
Small Business Medical Insurance vs. Large Business Medical Insurance
Small businesses may face higher costs per employee due to smaller risk pools, but federal programs like the Small Business Health Options Program (SHOP) offer financial support to help offset these costs.
Large businesses, with larger employee pools, often have more plan options and may even choose self-insured plans for added control.
Our team works with businesses of all sizes. We help you identify the most effective options for your unique circumstances.
How Business Medical Insurance Works
The process is simple: you select a health insurance plan or combination of plans and contribute toward the premium. Depending on the type of plan you have selected, your employees cover the remainder through payroll deductions. With group plans, businesses benefit from lower premiums and streamlined administration.
Our team at CIIG will assist you throughout the entire selection process. We’ll make sure that your chosen plan works effectively, providing support every step of the way, from selection to implementation.
Get the Best Policy for Your Business
For more information about medical insurance options for your business. Contact our experts today.