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Business Health
Texas small businesses have several options when it comes to providing employees with health benefits – from group health insurance to HRAs, to health sharing plans, and more. Here we’ll cover the pros and cons of various strategies, as well as details on the best health insurance and health sharing plans available in Texas.
Best Small Business Health Insurance Plans in Texas
Small Group Strategy Do Nothing – Leave Your Employees to Fend for Themselves
If you have fewer than 50 employees, you’re not required by law to provide any coverage, so why should you bother?
Well, I just touched on one of the most important reasons. If you don’t do something, your current and potential employees may not hang around very long. They’ll find an employer who cares enough to offer at least something in the way of healthcare coverage.
Why does access to healthcare matter so much to employees and job hunters today? There are many reasons, but the most important include:
Costs – Access to medical care has never been more costly. All it takes is one unexpected illness and you could find yourself facing tens or even hundreds of thousands of dollars in hospital and doctor bills. Going without health insurance just isn’t an option any longer.
Access – While the Affordable Care Act did a lot of good for a lot of people (mandatory coverage for preexisting conditions comes to mind), it didn’t necessarily completely level the playing field. Buying health insurance through the exchange can be incredibly costly. Most people prefer to work with their employer to obtain health insurance to ensure that they get the coverage they need for a rate they can afford.
Complexity – Obtaining health insurance is more complicated than ever before, particularly for those trying to do it on their own. By offering a plan of some sort, whether that’s through small group insurance, a small group health sharing plan, or an HRA, you help your employees tame the chaos in their lives and build both goodwill and loyalty, leading to a better brand image, as well as improved talent retention.
So, as you can see, doing nothing isn’t really an option. The good news is that even very small, cash-strapped companies can afford to offer something in the way of healthcare coverage. Your three real options are small group health insurance plans, small group health sharing plans, and health reimbursement arrangements, but they’re not the same. I’ll help you understand all three and what each offers your business (and your employees).
