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What Are My Health Insurance Options When Hiring First Employee(s)?

All discussions relating to Business Insurance and Business Finance

What Are My Health Insurance Options When Hiring First Employee(s)?

Postby amaury » Thu Mar 31, 2011 1:06 pm

My 7-year-old small business is about to graduate from being a home-based business to moving into a small commercial office space and hiring its first employee(s).

For the past several years, my company has had a small group plan with BCBS of FL (basically one enrollee with family coverage, including maternity.)

As the premiums are $1,000+/month, there is NO way that my business can afford to pay for even half of that level of coverage for its first employee(s).

That said, I'd very much like to offer some basic level of coverage: perhaps $200/month toward single only high-deductible HMO or PPO level coverage.

What should I be thinking about to be able to (a) keep my own family's coverage unchanged and (b) accomplish my goal to offer/subsidize a more modest level of health insurance for full-time employees?
amaury
 
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What Are My Health Insurance Options When Hiring First Employee(s)?

Postby helaku » Thu Mar 31, 2011 1:17 pm

My 7-year-old small business is about to graduate from being a home-based business to moving into a small commercial office space and hiring its first employee(s).

For the past several years, my company has had a small group plan with BCBS of FL (basically one enrollee with family coverage, including maternity.)

As the premiums are $1,000+/month, there is NO way that my business can afford to pay for even half of that level of coverage for its first employee(s).

That said, I'd very much like to offer some basic level of coverage: perhaps $200/month toward single only high-deductible HMO or PPO level coverage.

What should I be thinking about to be able to (a) keep my own family's coverage unchanged and (b) accomplish my goal to offer/subsidize a more modest level of health insurance for full-time employees?
You need to talk to your business insurance agent about your options - if they don't do health insurance, they can refer you to someone who does.

Legally, there are ways to do this - but the policy WILL be individually underwritten, for the ONE employee.

Offering benefits to employees is EXPENSIVE.
helaku
 
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What Are My Health Insurance Options When Hiring First Employee(s)?

Postby lyman » Thu Mar 31, 2011 1:24 pm

One option is to go with a "mini med". This is not like major medical insurance but for a company like yours that is just getting started it is a good option. Most plans start a 56 dollars a month for individual coverage. I would suggest the Colonial Life plan, it is known as the Colonial Health Advantage.
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What Are My Health Insurance Options When Hiring First Employee(s)?

Postby chadd » Thu Mar 31, 2011 1:30 pm

You should be thinking about moving your business to Canada. Doing what you want is more expensive in the U.S. than anywhere else in the world.

Seriously, you should be asking BCBS how much they will charge if you add the employee(s). Since BCBS charges less per person for larger groups, it will not necessarily cost much more to insure your family and your employees than to insure just your family. For example, if you currently have you, your spouse, and two children, and are paying $250 per person, and adding two employees drops the price to $200 per person, then the monthly total will increase to only $1200, just $200 more than you are paying now.
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