Small business owner’s guide
May 27, 2017
The merit is not limited to medical treatment. From health insurance and commutation benefits to 401k savings accounts and life insurance, we can offer various benefits to employees and help to attract and retain employees. High quality talent.
1. SHOP exchange: Health program for SME
SHOP Exchange was founded by affordable law as a way for small business owners to provide health insurance and dental insurance to employees. Some states have their own SHOP, and in other states they use the federal website. Individuals can also use SHOP for their health insurance purchases if they wish in some states.
The SHOP exchange is ideal for companies with 5 to 50 employees who want to guarantee themselves and / or teams. If your business has fewer than 25 employees and you have the same SHOP Health Insurance as your employees, you can get a tax deduction of up to 50%. You will pay a SHOP Exchange donation from your state or federal government.
Although there is no recommended retail shop for SHOP exchange, you can know whether your country has its own SHOP website in the SHOP exchange guide.
Insurance company or broker
Insurance companies and private brokers are generally more expensive for smaller companies than insurance companies. In many cases it is a better choice for large companies. However, if you are a member of PEO or you are using personnel software or payroll software that offers advantages, you can gain the power of those numbers and gain access to a big insurance company.
If your business is growing rapidly, or if you have a relationship with a major insurance company or HMO, you can negotiate directly as a service provider. However, keep in mind the cheap options that HR software and PEO can offer.
Independent insurance brokers and insurance companies can offer all kinds of insurance including health insurance, dental and vision insurance, life insurance and disability insurance. Also, some offer SMEs with financial services, providing retirement plan and 401K service. Following this path, you will learn options such as FSA, HRAs, SSAs, cafeteria plan, commuting benefits. However, insurance companies can not manage your PTOs and vacation like personal software or PEO. You still need to manage deductions by payroll calculation.
Fit Small Business currently does not recommend major insurance companies. Please contact stakeholders in the country such as United Healthcare, Aetna, Humana who provide health insurance for small and medium enterprises or consider looking for “Small Business Health Insurance” on the Internet.