Whether you’re one of the many Americans looking to start your own business, or a part of the recent displaced workforce, access to affordable health insurance is top of mind, especially during the COVID-19 crisis.
In general, health insurance plans are offered by employers to insure themselves and their employees. However, many folks do not know that you can be as small as a 1 person group, meaning only one enrolled owner or employee. Businesses with 1 to 50 folks can access the same coverage options, allowing small corporations, partnerships or sole proprietorships to qualify for group coverage.
Several carriers offer options in the 1 to 50 group market. These options are 30% less money than the full priced individual market options. The plans offer robust national networks, lower out of pockets, and better bells and whistles like copays all while being less expensive. The plans are also a qualified expense for a business which is great for lowering tax burden.
If you want to participate in group health insurance, you can access the market in three ways: COBRA from a prior employer, through a current employer giving you benefits, or by creating your own group plan. You can access small group health insurance plans directly from an insurance carrier or via a broker. It is the same price to go direct to the carrier as it is to work with a broker. You can also sign up anytime, not just during open enrollment. Group plans can start on the 1st or 15th of any month.
If you own your own business, you may not even realize the options available to you when it comes to health insurance.