health insurance for small business owners in arizona
Build flexibility into your group health plan
Health care coverage can be an integral part of your benefits strategy, helping you attract and retain top talent.
UnitedHealthcare offers a variety of group health options, and the plans below emphasize the shared responsibility of employers and employees in getting access to quality care while controlling costs.
Each type of plan offers a different approach to care and coverage. Talk to a UnitedHealthcare representative or health insurance broker to understand your options and to find the plan that best fits you and your employees.
The rising costs of health care aren’t just a problem for individuals– they’ve also impacted businesses that make health benefits a priority for their employees.
Small businesses have been particularly vulnerable. Over the last 15 years, the cost to cover one employee under group health insurance rose nearly 200 percent– from $2,196 to $6,435.
These unsustainable costs, coupled with the hassle and one-size-fits-all nature of traditional group benefits, have caused many small businesses to drop health benefits.
As we’ve covered previously, this is a losing strategy for 2019. In 2019 and beyond, small businesses will face a competitive war for talent in which health benefits are vital if these businesses are going to succeed.
Fortunately, there are more small business health benefits options today than ever before.
How to get health insurance for small business owners
Options for health insurance for small business owners depend on the size of your business. Solopreneurs can get coverage from the following sources:
• Individual marketplace. Choose this option to buy an individual plan through healthcare.gov. You may be eligible for premium tax credits depending on your income and location.
• Private individual plan. Many major health insurance carriers sell individual plans directly to individuals. You won’t be eligible for government health insurance premium subsidies with this.
• Trade association plan. Professional trade associations allow members to buy into a group health insurance plans. This can potentially save versus private individual plans.
• Medicare. Medicare provides health insurance coverage for seniors. Your age and Medicare tax contribution history will determine whether you qualify for this.
Multi-person businesses can get health insurance for small business owners from the sources below:
• Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). With a QSEHRA, a small business allocates a monthly healthcare allowance for each employee. Then, they reimburse each employee for healthcare expenses when the employee submits proof of the expenditures. Businesses must have fewer than 50 employees to qualify.
• Small Business Health Insurance Program (SHOP) marketplace: You must operate a small business within the state in which you want to offer a SHOP plan and your business must have 1 to 50 full-time employees (other than you or a spouse, family member or owner) to be eligible for a plan. You must offer the SHOP coverage to all full-time employees, and at least 70 percent must enroll.
• Private group plan: Many major health insurance carriers sell group policies to businesses of varying sizes.