How Small Businesses Are Affected By Small Group Insurance

By Jeannie Monette


Insurance brings that added protection which is felt by employees. Employees are able to work their best with such coverage while having little to no worries about their overall welfare. Naturally, employers provide their workers with insurance throughout the course of their employment. Nevertheless, with the emergence of the Affordable Care Act, a different scenario can happen with small businesses.

The Affordable Care Act which is also known as Obama Care requires large businesses to provide insurance to their employees beginning in 2015. A business that is comprised of a 51 or more full-time equivalent employee is under the category of a large group. Employers can get into trouble with the authorities unless they provide their workers with insurance. This leaves small business group free from the worries of providing their employees with insurance. That being said, there are many benefits when employers apply for small business group health insurance today.

Aside from the extra protection, employers benefit greatly from the added boost of morale and productivity that insurance brings to their employees. If you have a remarkable and outstanding employee that you want to keep, having them ensured will help seal the deal retaining good people in the long run. In addition, small business group medical insurance offers reduced cost upon application. This adds to that extra incentive for companies as they are able to save a considerable amount of resources with small business medical insurance.

Group insurance has its own set of advantages and disadvantages, just like any type of insurance coverage. As discussed previously, compared to individual coverage, group insurance cost relatively cheaper. Employees are also able to save a considerable amount of time as employers are the ones who will purchase group health insurance.

Disadvantages of group insurance include limited coverage to employees. In an event in which an employee loses his job, coverage will not continue. This can become problematic especially if one did not prefer to be unemployed. In addition, employees have little to no control with regards to their individual coverage. Since this is considered to be a group insurance each and every member's input is required for a change of coverage. Decision making can be much slower compared to individual coverage.

Employees stay happy and well protected and you keep it that way by applying for group insurance today whether your business is large or small. Fortunately, several insurance companies exist today who provide their clients reasonable costs with their premiums. Mercado Insurance is known to provide their clients with insurance coverage on a regular basis. Get in touch with the professionals and have your questions answered as well when discussing your issues and concerns about small business group health insurance to insurance providers.




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