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Health Insurance Fundamentals for Business Owners

by | Nov 9, 2022 | Articles, Health Insurance | 0 comments

Guest contribution by Derek Goodman

As a business owner, you have a lot of balls to keep in the air. 

From marketing and sales to HR and finance, there’s a lot on your plate. And while it might not always seem like it, one of the most important things you need to keep track of is your team’s health insurance. 

This article explains why and provides some practical tips for getting your team covered.

Why Is Health Insurance So Important for Your Business?

Your employees are your most important asset. They’re the ones doing the day-to-day work that keeps your business running. 

And if they get sick or injured, it can have a major impact on your bottom line. Not only will you have to worry about finding someone to cover their shifts, but you’ll also have to deal with lost productivity.

Then there’s the cost of medical care itself, which becomes more expensive by the year. By offering health insurance to your employees, you can help them cover those rising costs. 

More Reasons to Consider Getting Health Insurance:

Attracts and Retains Top Talent

In today’s competitive job market, top talent is in high demand. And one of the things that can set your business apart from the rest is a robust benefits package that includes health insurance.

Helps You Avoid Penalties

Under the Affordable Care Act, businesses with 50 or more full-time equivalent employees are required to offer health insurance to their employees or face potential penalties. In other words, not having insurance in place can cost you!

May Offer Tax Incentives

Depending on the size and structure of your business, you may be eligible for tax breaks if you offer health insurance to your employees. And you might be surprised at how much those breaks can benefit your company budget!

Gives You Peace of Mind

Running a business is stressful enough without worrying about your team’s health and well-being. When you have health insurance in place, you can rest assured knowing that your employees are taken care of.

Keeping your health insurance documents organized can relieve even more stress. Not only will you know where to find everything when you need it, but you’ll also be able to quickly and easily update your records as changes occur.

The best way to keep everything organized is to use an online tool to convert Word documents to PDFs. That way, you’ll have a permanent, searchable copy of all your records that can be accessed from any device. Do a bit of online research if you need to know how to convert Word to PDF.

Tips for Getting Health Insurance for Your Business

Now that you know why health insurance is so critical for business owners, let’s take a look at a few tips for getting coverage for your team:

Shop around. There are many different health insurance providers out there. It’s essential to shop around and find the policy that best meets your needs and budget.

Consider a group plan. If you have 50 or more employees, you may be able to get a group health insurance plan. This can often be more affordable than buying individual plans for each employee.

Work with a Concierge Health Insurance Advisor. If you’re unsure where to start or what plan is right for your business, I can help. I’ll work with you to understand your needs and find the perfect health insurance solution for your business!

Conclusion

As a business owner, it’s essential to keep track of your team’s health insurance. 

Not only will it help you attract and retain top talent, but it will also help you avoid the high cost of absenteeism and medical care. 

If you don’t already offer health insurance to your employees, now is the time to start shopping around for plans. Your team — and your bottom line — will thank you for it.

Would you like to read more helpful content or learn about my health insurance advisory services? Visit DrNoorHealth.com today!

If you’re looking to evaluate your current health plan or in the market for a new health insurance policy, let’s connect to find off-market health plans that suit you. 

Schedule a FREE 15-minute consultation today.

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