Small Group Insurance Considerations for the Owner/Operator

With the advent of 2010’s Patient Protection and Affordable Care Acts(Obamacare),many small business owner/operators abandoned their support for group life/health/disability insurance plans and opted to have their employees enroll in individual guaranteed issue health insurance policies instead. Doing so relieved the company owner from paying out substantial group insurance premiums every month and, in many cases, allowed former group insurance covered employees to shift some of their health insurance premium costs to the tax payers through insurance premium credits based on former employees’ yearly incomes.

Spring forward to 2019…Affordable Care Act premium costs have vaulted into the stratosphere forcing those former small business employees to add crushing annual deductibles to their already over-priced health insurance plans in an attempt to shoehorn them into their household budgets.

As a small business owner, ask yourself how much it costs you to find and keep a quality employee…then find his or her equally qualified replacement, while your business suffers through the void caused when that person leaves you to work at a place offering group health insurance? Re-establishing a small group health,life and disability plan might be worth its cost to you in the long run. The vital employees you must keep will be much less likely to leave you for work at your competitor’s shop down the street if you offer group insurance as a benefit.

Think about it.

Carpe Diem

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