February 3, 2014 7:58 AM
How healthy are your employees? If you are a small business owner looking to save money on your healthcare, let’s hope they are all vegetarian non-smokers training for a marathon, right?
While that would be great, for your small business what matters more for your bottom line is the type of healthcare plan you provide. You have two choices: a fully insured plan or a self-insured plan.
November 26, 2013 1:21 PM
The news channels are flooded with updates on the trials and tribulations of the Affordable Care Act's website and accompanying registration process. Politics aside, the implementation of this piece of legislation could mean big changes and larger financial challenges for your health benefits plan.
Most small business owners today are able to provide some form of health insurance coverage for their employees through large commercial healthcare plans. However, with the Affordable Care Act, these plans will come at a cost for business owners. In fact, Ohio businesses are expected to see a 71% increase in these premiums.
These high increases may force you to reduce or eliminate the health benefits you are able to extend to your employees, forcing them to buy insurance from the government’s healthcare marketplace.
October 29, 2013 12:35 PM
With the waters of healthcare becoming murkier every day, employers and employees abdicate many of the cost-auditing responsibilities regarding their healthcare to their insurance company. Unfortunately, placing this level of trust in your company’s health insurance carrier leaves the proverbial fox to mind the hen house.
Those who purchase health coverage through a commercial provider mistakenly believe their insurance company is actively advocating for them and monitoring the costs incurred for healthcare services. While this is far from the case, the shocking part of this reality is that the insurance companies are forcing you to pay more than you should for your company's coverage.