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Learn More About Small Business Health Insurance
Small business health insurance, also known as group health insurance, provides small business owners access to coverage for their employees. Whether you have just a few — or more than a few — employees, small business health insurance goes beyond healthcare coverage for you and your company. Small group plans also provide valuable incentives to attract and retain employees.
How Many Employees Do You Need To Offer Small Business Health Insurance?
The number of employees is just one of four requirements to qualify your business for small group health insurance. You must generally:
- Have 2–50 full-time employees1 (other than spouses, family members, or partners).
- Offer coverage to all full-time employees working 30 or more hours per week.
- Enroll at least 70% of the employees in your insurance plan.
- Have a physical work site within the state where you purchase your plan.
What Is The Average Cost Of Small Business Insurance?
The cost of small business health insurance will depend on the type of plan or plans you want to provide as a small business owner. You will need to think of how much coverage is needed for your employees. Consider premiums, out-of-pocket costs, and provider networks when comparing plans.
How Can I Lower My Small Business Health Insurance Costs?
Under the Affordable Care Act, employers who have fewer than 25 full-time employees, who pay average wages of $56,000 or less, or who cover at least half of their employees’ premiums may be eligible for tax credits for their small group health insurance plans. These tax credits can help lower the cost of your small business health insurance.
WHAT OUR CUSTOMERS SAY
“Consoliplex became a participating employer in the SOCA Benefit Plan as of January
1, 2024. Our employee health coverage was previously through a similar program, both
of which provide significant savings over other available programs in the market. The
SOCA Plan through Anthem provided even further savings over our prior coverage.
Anthem’s online Sydney tool has been a huge hit with our employees as well, be it for
wellness rewards or just the depth of information available to read. While financial
savings is a strong driver of decisions for us as a company, working with partners that
share our values and are aligned in our goals as an organization is even more important
to us. SOCA and Anthem both fit that mold as tremendous partners to Consoliplex and
we are proud to do business with them."
“Our company is participating in the SOCA Benefit Plan. We are extremely pleased on
how easy it is to enroll, our broker is very knowledgeable providing us with many
options to pick from and the best part is the savings received compared to other plans."
“We have been thrilled with the Anthem SOCA Benefit Medical plan. It’s an essential
part of our strategy for recruiting and retaining the talent we need for our team. We even
have a significant number of our Chamber member business taking advantage of such
a phenomenal program.”