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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.They can be good for younger, single, healthy workers who don’t expect to get sick much.
If you are a small business with 50 or more full-time employees or, counting part-timers, you have the equivalent of 50 full-time employees, you already have had to offer health insurance as of this year or face penalties under the Affordable Care Act.
Companies with 100 or more workers had to comply with the rules a year earlier, on Jan. But what about your small business of fewer than 50 full-time employee equivalents?
And oddly, while you have to count part-time workers’ hours toward your full-time tally, you don’t have to offer them health insurance, even if you have more than 50 workers.
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.
CDPHP Health Plans for Small Business Choosing a health plan for your employees is a critical part of the benefits decision-making process.
Home Based Business Plan - Business Health Plans
CDPHP is committed to providing small businesses like yours the plan options, benefits, wellness programs, and service you and your employees need to stay healthy.You aren’t required by law to offer health insurance but you may be exploring your options.Your business has several choices when it come to buying a group health plan for your team.There is typically about a 30% to 40% price difference between a bronze plan and the highest-level plan, platinum, which costs more but covers more of the cost of care, about 90% by law, on average across all enrollees.Silver and gold plans: Employees with young families or several dependents often prefer these plans because they typically covers more of the cost of their often frequent doctor visits, even though the premiums are higher.A calculator to figure out your full-time equivalent count is available here.Just be warned that a full-time employee is one who, in the past calendar year, averaged just 30 hours a week in a month.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.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.Learn more or talk to your CDPHP representative for details.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.