If you’re like the millions of small-business owners across the country concerned about health insurance, you’re probably a bit confused and concerned about the ever- changing laws and seemingly never ending increase in cost. If you’re deciding whether or not to offer your employees insurance in 2014, here are a few suggestions to consider.
Take into account the nature of your business. Small businesses made up of primarily owners, such as physician and dentist offices, architecture firms, and accounting practices, will most likely find that it still makes sense to offer their employees insurance, possibly including some sort of life insurance option. Adversely a dry-cleaning shop or mom-and-pop restaurant that hires minimum-wage or unskilled workers may find that it makes more sense to skip group coverage.
When considering the health insurance issue for you employees, keep your employees in mind and what they might want. Employees newly required to have health insurance under the law may want to get it from their employer. With that in mind, employers may feel encouraged to offer some sort of coverage.
When trying to decide whether to get a group policy, don't forget that your employees might be better off buying an individual health insurance plan through a state policy, especially if they qualify for a federal subsidy. Ask yourself, "If most employees could qualify for premium help through the individual exchange, am I doing my workers any favor by offering group coverage?"
Maybe the best advice when considering whether or not to offer you employees health insurance coverage is to wait and see how all of this ends up shaking out. You’ve got some time, but you should at least be seriously thinking about it right now. Don’t wait until the last minute or when it’s too late. Do your homework and fully understand the laws and the various options for your company’s insurance needs. After all, you need to do what’s best for both your employees and your business.