Purchasing group health insurance is often a difficult and complicated process for self-employed LLC owners. Unfortunately, it is a must if you plan on growing your business. Small businesses hiring more than fifty employees are legally required to issue their employees health insurance. However, it can be confusing to select the best package, coverage options, and most importantly selecting the best insurance provider. There are several insurance broker options available to you as an LLC owner. If you are interested, continue reading this post to learn where to purchase group LLC health insurance for self employed business owners.
Consider purchasing individual coverage for your LLC. Typically individual coverages are only feasible if you do not have any employees. With employees, it is often cheaper to obtain grouped insurance packages. However, if you are your only current employee, individual coverages is often the most feasible option. An individual package can provide you with needed prescriptions, and specific attention based on your medical history or practitioner habits. Purchase health insurance for your small business as an individual plan.
Consider purchasing group insurance from the Small Business Health Options Program (SHOP). Every state is required to issue healthcare in accordance with the passage of the Affordable Care Act. To best locate state-sponsored insurance institutions, the U.S federal government established the SHOP system. This system helps you quickly locate small business insurance providers. As an employer, you can choose between tiered platforms with their own unique set of benefits. Health packages typically come in levels of bronze, silver, gold, or platinum. Lower levels may have low-monthly premiums coupled with higher-copays, whereas higher levels offer the opposite. The SHOP program is an additional source for self employed business owners to source group insurance.
Private Insurance Exchanges
In order to source group insurance for your LLC, consider private insurance exchanges. Private insurance exchanges operate similarly to the SHOP program. However, instead of being government operated, these exchanges are fueled by private insurance providers. These are marketplaces specifically designed to bring small businesses together to purchase group packages. Many exchanges pool insurance packages with a number of businesses. Through this system, premium and copay costs are significantly reduced for all policyholders. Even more, you can offer employees different choices in plans and insurance alternatives. Consider private insurance exchanges to provide the best health coverage for your workers and yourself.
Many self-employed business owners have turned to insurance providers directly to acquire LLC group insurance. It can be difficult to locate providers to purchase from directly. However, if you are able to, it will likely save you a great deal of money. Some insurance providers do not sell directly to business owners. Even if you find one who does, you are responsible for maintaining billing, eligibility, filed claims, and enrollments. If you are able to maintain the workload and paperwork assigned with being in direct control of your insurance plan, direct providers can certainly help you save money on your group package. Look directly to insurance providers to obtain group LLC health coverage for your small business.
Professional Employer Organizations
Self-employed business owners can additionally purchase health insurance from professional employer organizations (PEOs). Similar to private exchanges, PEOs pool investors together to drive down associated costs. In pooling funds amongst several investors and businesses, you likely receive a better plan with lower rates. In addition, you can even hire PEOs to manage other administrative responsibilities on top of sourcing insurance. If you are in need of group health insurance for your LLC, consider purchasing from PEOs.
Although a long and tedious process, acquiring group health insurance for your LLC is a must. You have several considerations as you pick a health insurance plan and provider. For business owners, there are several sources where you can obtain group insurance. If you are individually employed, consider purchasing individual health coverage. Consider group options from the government SHOP program or private insurance exchanges. In addition, consider purchasing directly from insurance providers. Furthermore, look to purchase your group coverage from PEOs. If you are looking for where to purchase group LLC health insurance for self employed business owners, consider the points mentioned above.