How to Find Affordable Group Health Insurance for Your Small Business
As a small business owner, you know that offering competitive benefits is key to attracting and retaining top talent. One of the most valuable benefits you can provide is group health insurance. However, finding an affordable plan that meets your employees’ needs without straining your budget can be challenging. At JHW Insurance Partners, we help small businesses find the right health insurance in Missouri, making sure you get the best coverage at a price that fits your budget.
Why Group Health Insurance Matters
Providing health insurance isn’t just a perk—it’s a crucial investment in your workforce. A comprehensive benefits package improves employee retention, boosts productivity, and positions your business as a desirable workplace. Additionally, in Missouri, small businesses with fewer than 50 full-time employees are not required to offer health insurance, but doing so can provide significant advantages, including tax incentives.
Also read: Protect your Small Business with Group Insurance Solutions
Cost-Saving Tips for Small Business Health Insurance
At JHW Insurance Partners, we’ve helped countless businesses in St. Charles and St. Louis find affordable group health plans. Here are some strategies to keep costs manageable:
1. Consider Level-Funded or Self-Funded Plans
Instead of traditional fully insured plans, many small businesses opt for level-funded or self-funded insurance plans. These plans provide more control over costs, potential refunds for unused claims, and lower premiums over time. If your workforce is relatively healthy, this option could save your business thousands.
2. Utilize the Small Business Health Care Tax Credit
If your business has fewer than 25 full-time employees and pays at least 50% of their health insurance premiums, you may qualify for a tax credit through the Small Business Health Options Program (SHOP). This credit can cover up to 50% of your premium costs, making coverage more affordable.
3. Compare Multiple Carriers and Plan Options
Different insurance carriers offer different pricing, coverage, and benefits. Our team at JHW Insurance Partners takes the guesswork out of selecting a plan by comparing multiple providers and negotiating the best rates for your business.
4. Offer a High-Deductible Health Plan (HDHP) with an HSA
A high-deductible health plan (HDHP) paired with a Health Savings Account (HSA) allows employees to save pre-tax dollars for medical expenses. These plans typically have lower monthly premiums, reducing overall costs for employers and employees.
5. Consider Group Association Health Plans
Some industries or business associations provide Association Health Plans (AHPs), which allow small businesses to pool together and access lower rates typically available to larger companies. We help business owners explore whether this is a viable option.
6. Encourage Preventative Care and Wellness Programs
Many insurance providers offer discounts for businesses that implement wellness programs. Encouraging employees to participate in preventative care, wellness screenings, and fitness incentives can reduce long-term healthcare costs.
Finding the Right Plan for Your Small Business
Choosing the right group health plan requires careful analysis of your workforce, budget, and coverage needs. At JHW Insurance Partners, we simplify the process by:
- Conducting a full benefits assessment tailored to your business
- Identifying the most cost-effective insurance plans
- Ensuring you maximize available tax credits and savings options
- Providing ongoing support to help manage plan adjustments as your business grows
Let’s Find the Best Health Insurance for Your Business
As an independent insurance agency in St. Charles, we work for you—not the insurance companies. Our goal is to provide affordable group health insurance for small business that protect employees while keeping costs under control.
If you’re ready to explore your options, contact JHW Insurance Partners today. Let’s build a plan that fits your business and budget.