Monday, October 24, 2016

Healthcare plans for small business

From Healthcare Trends Institute:

Entrepreneurs and small businesses may still be looking at first quarter results and getting a feel for how their year will go. But that’s not the only thing they should be considering at this point, they need to start thinking about health insurance and not wait until the fall.
Open enrollment always has a way of creeping up fast and taking the time to reconsider your health plan or consider offering health insurance for your group should be explored now.


Health insurance continues to consume a large portion of a business' money and often payroll is the only expense that tops it. According to the U.S. Bureau of Labor Statistics, in March 2016, health insurance benefits cost small businesses (with less than 50 employees) an extra $1.61 for every hour worked by an employee. Multiply that by a 40 hour work week, and that comes out to almost $65 a week, $260 a month or over $3,000 a year, per employee.

In other words, health insurance costs small businesses a lot of money, and businesses more than ever need to gain a clear understanding of the issues driving costs and how best to manage them. So when small businesses consider healthcare plan for 2017, they should take more factors into consideration.

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