Startup entrepreneurs may be afraid of taking full responsibility for the health-insurance benefits they choose for themselves and their employees. The costs associated with this can be scary, since it is quite a large amount of money for an individual or a family. A lot of startups may be tempted to skip getting coverage and just pay the fine that goes along with it. These startup companies have a lot at risk when it comes to this decision, because they have invested a lot of time into their company and one big problem could mean the end of the business.
There are more options than you think when it comes to being a startup company and getting affordable health-care coverage.
- Work with an Insurance Broker. This is a great resource to use when it comes to covering all of your budgets and needs. It will not cost you more to work through them since the insurance companies are the ones that compensate the broker for you. The broker should specialize in small-group policies and individual policies to assist you when it comes to finding the right options for your small, startup business.
- Do not go with COBRA. If you are offered COBRA, you should not take it. It is expensive and temporary. There are other options that you can take when it comes to choosing the right health-insurance plan for you and your small business. Finding something affordable and long term is a must.
- Consider Signing up with Group Insurance Instead of Individual Insurance – Not only will you be covering yourself, but you will also be able to cover your employees. The costs can be less compared to individual insurances where you only cover yourself and not other people.
- Evaluate the Insurance Allowance Approach – You should offer a health-insurance allowance if you’re thinking of going with an individual health-insurance plan. This provides a fixed amount for each of the employees to have, as well as yourself. It does not cost more to have this type of coverage compared to others.
- Look at Options from the New Health-Insurance Exchanges – Obamacare offers many options that you can choose from. This provides you with more to work with depending on your current situation and what you qualify for.