Keep in mind that premiums also vary greatly by state.
For example, Alaska pays almost 76% more in premiums than New Mexico, which pays below the national average.
What we can do is share insights about the kinds of organizations that can provide your small business employees with affordable health insurance plans and provide a glossary explaining what some of the confusing healthcare jargon means.
Disclaimer: Please note that this article contains general information only, so please consult your own legal, HR, or insurance professional before making any decisions about whether and what type of health insurance to provide.
If your business has 50 or more FTEs, the ACA requires you to provide health insurance for your employees or pay a penalty between $2,000 to $3,000 per employee when you file your taxes.
The ACA requires companies with 50 or more FTEs to do these three things: The largest costs of offering health insurance are the premiums that you and your employees pay.Small businesses have several options from which to choose a partner in providing health insurance.They may prefer to work with a local licensed insurance agent or broker, a professional employer organization (PEO), online software services, or the Small Business Health Options Program (SHOP) marketplace.Many insurance service providers manage small business health insurance for owners and their employees at affordable rates.Companies with as few as one staff member can offer health insurance benefits similar to what corporate enterprises provide.On the downside, your employees have a co-employer, and that may confuse them.Furthermore, a PEO, with a large book of employees, has more buying and negotiating power with health insurance providers than you have as a small employer.In fact, the best health insurance for small businesses is often available through companies offering human resource and payroll services.If you have a business with fewer than 50 employees, providing health insurance to your staff is optional in most states—except Hawaii.Additional cost information can be found in our article on healthcare costs.Because health insurance plans and their costs vary so widely by state, there’s no one plan we can recommend for all businesses.