A Quick Look into Small Business and Employee Benefits Health Insurance Options Every small business organization can benefit from having a well-thought-out small business health insurance plan that supports both employees’ and employers’ needs. Businesses will also receive a tax advantage that allows them to deduct plan contributions, including health insurance, life insurance, and retirement plans. However, providing benefits that both meet employees’ needs and mesh with all the laws, isn’t cheap, but is one of the greatest investments a business can make in terms of attracting terrific staffers, and building and keeping a great team. Therefore, it is vital to get the most from...
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This opinion column was submitted by Matt Morning, founder and director of photography at Kimera Collective, a full-service production agency in Reno. Excitement, fear, hope, apprehension — those are all emotions you feel when you start a small business. At least, that’s how I felt when I started mine, and I’ll be the first to admit that the last thing on my mind when I started Kimera, my video production company in Reno, was health insurance benefits. I was what the insurance industry calls a "young invincible" — I am relatively healthy and thanks to the Affordable Care Act, I had been able to stay on my parents’ insurance until I was 26. After that, I was...
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Do Small Businesses Really Need to Offer Health Insurance? Small businesses are the backbone of this country, employing more than 47 percent of the U.S. private workforce, or 60 million people. Chances are, you are part of a small business. And like many startups and small businesses, health insurance is likely a topic of conversation, with the cost of plans being the focus. At some point, every small business was in your shoes. They had to determine what to do for health insurance. According to the SBA, almost 50 percent of small businesses with 3-9 workers offer their employees health insurance benefits. Approximately 71 percent of small businesses with 10-24 employees offer health...
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Offering Health Insurance for Employees: What are the Best Options? Many in the workforce count on their employer to provide access to affordable health insurance. In today's health care marketplace, even the smallest employers wishing to offer this important benefit can find plans to help meet the needs of their employees. With so many different choices available, understanding the process of setting up a health insurance plan can be difficult. But with the right support and resources, it can become a welcome addition to your company's benefit offerings. Importance of offering health insurance for employees In a tight labor market, a potential employer's benefits package can be one of the...
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BLOOMFIELD, Conn. and NEW YORK, June 23, 2020 /PRNewswire/ -- Small businesses have been significantly hurt by the COVID-19 pandemic. According to new research from Cigna and Oscar, 70% of small businesses have seen a decline in their revenue, and 52% have laid off or furloughed employees. As small businesses begin to reopen, the majority of decision makers reported that providing health insurance to employees is a higher priority in their budgets (66%), and that access to affordable solutions that support employee health and well-being (88%) – physical and mental – will be more important going forward. Today, Cigna and Oscar are announcing that Cigna + Oscar, a new affordable and consumer...
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Challenges for Businesses Implementing Group Health Insurance Plans in 2018 We’re still at the start of 2018, but if this coming year is anything like the past couple of years, it’s going to be a big one for small business. For example, the number of new job seekers taking it upon themselves to start their own business at the end of 2016 was the highest it had been in four years in the United States. More recently, Bloomberg reports that tech startups are nearly 48% stronger today than they were just a year ago. It seems more investors are willing to put forth capital for new business ventures, and absent investors credit is now relatively cheap for those with solid business plans. The...
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Perhaps an unlikely partnership, Cigna and Oscar Health teamed up to jointly launch small business health plans. On Tuesday, they named the first markets where they plan to offer the new service. The new plans, dubbed “Cigna + Oscar,” will be offered in Atlanta, the San Francisco Bay Area, and across Tennessee. All of the plans are still pending regulatory approval, but the companies hope to make them available in the fourth quarter. Both Cigna and Oscar have been looking to expand their footprint for small group plans, which apply to businesses with 100 employees or fewer. Oscar, a New York-based insurance startup known for its tech-savvy approach, could also benefit from Cigna’s footprint...
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The Old School way of Offering Benefits Change is inevitable—and with health insurance it's become predictable. For the first few years after the Affordable Care Act was implemented, it was more cost effective to give your employees dollars to shop individual health insurance exchanges instead of offering employer sponsored health insurance. There were multiple carrier options to choose from, plans were lower in cost and individuals were potentially eligible for a subsidy meaning the government would pay a portion of their plan so their employer didn’t have to. There was an ease of employer administration. Employers would hand their employees money and the weight was off their shoulders...
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Whether an entrepreneur, dentist, lawyer, accountant or even a marketing professional, as a small business owner working to win over clients and make your business a success, it’s absolutely vital not to lose sight of protecting your most valuable financial asset – yourself. While big companies generally have a succession strategy in place to ensure continuity should the unexpected strike, as a small business owner you hold the reins. You therefore need to consider how best to protect your personal and business circumstances should you be unable to work, and ensure that you and your loved ones will still be provided for. Life doesn’t stop when you are ill or injured – you will still need...
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Health insurance is a common perk for full-time employees. But where does that leave small business owners, freelancers, independent contractors, and other self-employed individuals? Trying to get health insurance as a small business owner is more difficult—since you’ll have to do all the research and work yourself—and in many cases, more expensive —since you won’t have an employer to help you manage the costs. As a result, most small business owners end up with less coverage than they really need, or worse—with no coverage at all. So how can small business owners get better health insurance? Why Health Insurance Is So Important If you’re in good health or haven’t had a recent need for a...
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