GHQ was created by small business owners for small business owners. The simple user experience that we’ve developed, lets you to compare quotes side by side, and see your free health insurance quote in just minutes. Beyond our easy to use platform, we also have a variety of useful resources to help the everyday business owner.

In this blog, we’ll discuss some tips and tricks to make finding health insurance for you and your company a bit less stressful.

Determine Your Health Care Needs And Budget

Before you start looking for health insurance plans, you need to determine your health care needs and budget. You should consider factors such as your age, health issues, and the level of coverage you require. You should also think about how much you can afford to pay for health insurance premiums, deductibles, and copays.

Understand The Types of Health Insurance Plans Available

There are several types of health insurance plans available for small business owners. The most common types include:

1. Preferred Provider Organization (PPO): A PPO plan allows you to see any doctor or specialist without a referral. However, you will pay more for out-of-network care.
2. Health Maintenance Organization (HMO): An HMO plan requires you to choose a primary care physician who will coordinate all your care. You will need a referral to see a specialist, and you will be limited to in-network care.
3. Point of Service (POS): A POS plan combines features of both PPO and HMO plans. You will have a primary care physician who will coordinate your care, but you can also see out-of-network providers for an additional cost.
4. High Deductible Health Plan (HDHP): An HDHP is a plan with a high deductible, which means you will pay more out of pocket before insurance kicks in. These plans are usually paired with a Health Savings Account (HSA) or a Flexible Spending Account (FSA).

Research Health Insurance Providers

Once you have determined your health care needs and budget, you can start researching health insurance providers. You can begin your search by asking other small business owners for recommendations or by using online resources to compare plans. Some factors to consider when researching health insurance providers include:

• Provider network: Make sure the plan you choose includes doctors and hospitals in your area.
• Customer service: Look for a provider that has good reviews on their customer service and is easy to work with.
• Reputation: Choose a provider with a strong reputation for providing quality health care.

Compare Health Insurance Plans

After you have researched health insurance providers, you can start comparing plans. Look at the premiums, deductibles, copays, and out-of-pocket maximums for each plan. You should also consider the level of coverage each plan provides for services such as prescription drugs, mental health care, and preventative care.

Consider Using A Health Insurance Broker

A health insurance broker can help you navigate the complex world of health insurance and find the right plan for your business. Brokers work with multiple health insurance providers and can provide you with a range of options to choose from. They can also help you understand the fine print of each plan and explain the differences between various health insurance providers.

Check For Tax Credits And Incentives

If you decide to shop using the government’s Health Insurance Marketplace you might qualify for The Premium Tax Credit to help alleviate costs. In order to qualify for this credit, you have to file form 8962 with your tax return and meet several requirements such as:

• Household income within a certain range
• File your tax return under any status except “Married Filing Separately”
• Do not be claimed as a dependent on someone else’s return

For more information on this tax credit and its requirements, visit IRS.gov.

The Affordable Care Act (ACA) also provides tax credits and incentives to small business owners who provide health insurance to their employees. You may be eligible for a tax credit of up to 50% of the cost of your employees’ premiums if you have fewer than 25 full-time employees and pay average wages of less than $50,000 per year. You may also be eligible for other tax incentives, such as a Small Business Health Care Tax Credit or a Health Reimbursement Arrangement (HRA).

Affordable Small Business Health Insurance Options

Small Business Health Options (SHOP) Marketplace

With SHOP, the federal government’s database for finding comprehensive health insurance coverage, you can easily compare plans from top-rated carriers. Not only that, but there are built-in filters to help you find the perfect plan, whether you need medication coverage, prescription drug reimbursement, hospital care, and more. Requirements for SHOP vary by state, but in order to qualify most businesses must:

• Have a physical work site within the state
• Employ between 2-50 full-time employees (excluding family members, partners or spouses)
• Offer coverage to full-time employees working 30 or more hours per week, and
• Enroll at least 70% of employees in the insurance plan.

With SHOP, small businesses can access affordable and comprehensive health insurance options for their employees.

The Individual Coverage HRA (ICHRA)

Small businesses looking for a flexible health benefits option should consider the individual coverage HRA (ICHRA). This innovative alternative to traditional group health insurance offers employers the freedom to choose it as their sole health benefit option or as an option for employees who do not qualify for existing group benefits.

One of the key advantages of the ICHRA is its ability to cover both individual health insurance premiums and eligible out-of-pocket health costs. Even better, the ICHRA is suitable for employers of every size—there’s no employee count requirements or participation requirements to worry about.

Qualified Small Employer HRA (QSEHRA)

With QSEHRA, employers can give their workers tax-free reimbursements for a variety of healthcare expenses, such as premiums and coinsurance payments. But, to be eligible, your business needs to:

• Have less than 50 full-time employees
• Provide the same arrangement to all full-time employees
• Not offer a group health plan or a flexible spending account (FSA)

With QSEHRA, the employer determines how much they want to contribute within an IRS-set limit, and employees can submit payment receipts for reimbursement from the program. Employers also don’t have to wait for open enrollment to offer a QSEHRA. Any time is a good time to provide this benefit to your employees. Just give them a heads up 90 days before the plan year starts.

Self-Funded Health Insurance

By choosing a self-funded plan for employee health coverage, employers take on the responsibility of covering medical costs directly instead of relying on an insurance company. This can lead to more affordable rates and greater control over the plan. However, there is also the risk of potentially expensive claims, as there is no cap on annual claim liability. If your business is comfortable with this revenue management approach, it could end up saving you money in monthly fees and lead to savings if claims are lower than anticipated.

Concerned about taking on too much risk? Invest in stop-loss insurance. This type of coverage gives you a safety net by setting a maximum limit on the amount you’re responsible for paying towards your employees’ medical bills. Any costs beyond that limit are usually covered by the policy. By adding stop-loss coverage to your plan, you’ll be able to protect your wallet from unexpected expenses.

Conclusion

Good health isn’t just important for your personal wellbeing, it’s also crucial for making sure that your small business can continue to thrive and succeed. That’s why finding the right health insurance plan is so critical. Here, we outlined several tips and tricks to help small business owners make the right decision when searching for health care plans. All that’s left now is to make a decision! But don’t worry if you feel a bit overwhelmed—we are here to help. Give us a call at 888-571-0291 or enter your zip code in the bar above to find a plan that works for you and your budget. Together, we can get you one step closer to total peace of mind about your health insurance.

The post How To Find Health Insurance For Small Business Owners appeared first on Group Health Quotes.

If your business participates in the Small Business Health Options Program (SHOP), you may qualify for the Small Business Health Care Tax Credit.

As a small business owner, you might qualify for The Small Business Health Care Tax Credit, worth up to 50% of your employees’ premiums, but of course, it’s essential to double-check with an accountant before claiming any deduction – not all costs qualify.

Small tax-exempt organizations can also take advantage of this great opportunity, but their credit is worth up to 35% of employees’ premiums.

How To Qualify For The Small Business Healthcare Tax Credit

The tax credit is available for businesses that fit all of the following criteria:

• There are fewer than 25 full-time employees
• The average employee salary is $56,000 or less
• You offer coverage to all of your full-time staff members
• You pay at least 50% of employees’ premium costs

The federal tax credit is highest for companies with fewer than 10 employees who are paid an average of $27,000 or less. The smaller the business, the bigger the reward!

How To Claim The Small Business Health Care Tax Credit

As a small business owner, you can take advantage of the credit for health insurance premiums by filing Form 8941. This tax benefit will then be included in your general business credit reported on Form 3800 and ultimately shown as one single figure on your 1040 return. To ensure any available credits are applied to their fullest potential don’t forget to file both forms with your taxes!

Which Employees Count Towards Eligibility?

Full-time employees (FTE) are counted towards the tax credit and employers need only count seasonal workers as full-time employees and factor them into their wage calculations if they work more than 120 days out of the tax year.

One full-time equivalent employee works 2,080 hours per year, or 40 hours per week. This differs from The Affordable Care Act which considers 30 hours/week employees as being FTEs. Any number of part-timers making up a total annual working time over 2,080 marks them as an FTE too. However, don’t be fooled into thinking that increasing someone’s weekly shift count beyond 40 hours will gain you another valuable FTE – anything more than this won’t get counted!

Guidelines For Tax-Exempt Employers

The Small Business Health Care Tax Credit can be worth up to 35% for tax-exempt employers. The tax credit is nonrefundable, although it can be carried towards either the following or prior year’s taxes if there are no taxable incomes within that time frame as long they don’t exceed what has been paid in both Medicare tax liability and income tax withholding. For more details, be sure to check the IRS guidelines.

Tax-exempt organizations can take advantage of this tax credit by claiming the amount on line 44F of Form 990-T. Though not normally required, filing this form is essential for accessing this financial relief opportunity.

Conclusion

If you’re a small business in search of group health insurance, we can help! Our licensed brokers provide personalized assistance and guidance to find the perfect plan for your company. We have options available nationwide with no hidden middle man fees, making it easy and affordable to get quality healthcare coverage for yourself and your employees. Plus – if you meet certain requirements outlined above then tax credits may be available – so don’t miss out on this opportunity; speak to one of our licensed agents today about how best to take advantage of these savings while also getting great care at an unbeatable price!!

We can help you find out if your company qualifies for The Small Business Health Care Tax Credit and other deductions that could save you money. Apply to get up to $26k per employee in tax credits with RefundsPro

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