Best Health Insurance Programs for Startups & Small Businesses

Have you wondered about the best health insurance programs for startups and small businesses? You likely have many questions if you have been considering adding a health insurance plan to your startup or small business. That is why we are breaking down exactly how small businesses can benefit from health insurance and how to choose the right type of program for your business.

​​Best Health Insurance Programs for Small Businesses: FAQ

When considering elevating your startup or small business, you must consider healthcare. A good health insurance program can make a startup or small business more competitive.

What Must Small Businesses Legally Offer for Health Care?

Under the Accordable Care Act, also known as ACA or Obamacare, applicable employers with 50 or more full-time equivalent employees are legally required to offer affordable health benefits that meet the minimum essential coverage (MEC). Those that do not are subject to a no-coverage penalty. 

However, those with less than 50 employees have different standards.

A business is not considered an ALE, or applicable large employer, if there are less than 50 full-time employees during the previous calendar year or, due to seasonal workforce, if there are no more than 50 full-time employees employed more than 120 days during the calendar year. If that describes your business, you do not have to offer healthcare – though you may still want to.

Just because a business is not legally required to give health insurance does not mean you should not consider offering it to eligible employees.

Why Offer Health Insurance as a Startup or Small Business?

There are many benefits to offering health insurance to employees, no matter the size of the business. Some advantages of giving employees these benefits include:

  • Attracting new employees
  • Encourage employee retention
  • Up job satisfaction
  • Making your business stand out
  • Creating a healthier workforce
  • Reduce absenteeism
  • Boosts company morale 
  • Saving money longterm

It is no secret that employees want a good benefits package. One survey found that 82% of employees believe the benefits offered can play a major factor in whether or not they accept a job offer. When a startup or small business can provide healthcare, it shows that they are financially stable enough to invest in employees and care enough to do so.

Of course, giving employees health insurance allows you to save money in the long run as well. With healthier employees, they spend less time out of work and are more productive overall. And because employees are more likely to stay with a company that offers benefits, you also have to spend less time and resources dealing with employee turnover. 

Finally, depending on what kind of plan you offer, you can save on taxes by providing a health plan to your employees. 

Why Health In Tech Has the Best Health Insurance Programs for Startups and Small Businesses

With thirty years of experience, Health In Tech is dedicated to constantly updating, using state-of-the-art technology, and listening to what small businesses need to create some of the best health insurance programs for small businesses. 

Total Transparency

Transparency is essential when creating the best health insurance programs for small businesses. Healthcare systems of all kinds can feel overwhelming. This often puts even the best-informed individuals on guard if they feel their healthcare partners must offer complete transparency. 

At its core, transparency is being dedicated to sharing the inner workings of a business with clients and team members. With more transparency comes better trust, stronger relationships, and higher levels of regulation. We want to make healthcare accessible for everyone, which is why we know that transparency is essential.

Staying Up to Date

The world is constantly changing, and healthcare needs to change with it. However, we’re not following the crowd but setting the trends. Another core value of Health In Tech is the disruption of the norms and figuring out how to do the unexpected or never been done. 

Speedy Returns

We understand: time is money, and startups and small businesses often need help to afford to sit around and wait for quotes. 

One of the most important aspects of the eDIYBS system is that these self-funded plans are meant to be fully accessible for small groups, giving them full autonomy and personalized proposals in just minutes. You no longer have to wait days or weeks to hear back about your health insurance options. Now, it can take less than thirty minutes to start considering plans.

Application Requirements

Health In Tech has one of the best health insurance programs for startups and small businesses because there are almost no participation requirements. Most companies ask that 50% or up to 75% of eligible employees participate in their health plan to prevent adverse selection. This standard can mean smaller employers are limited in their options.

However, only five eligible employees need to enroll with Health In Tech. This low enrollment requirement gives employees more flexibility and agency, which makes a happier and more productive team. In addition, most companies require all members to complete IHQs, while at Health In Tech, we only ask that less than 9% of members fill out an IHQ.

Best Health Insurance Programs for Small Businesses: Learn More Today

It is easy to see why Health In Tech should be a strong contender as your choice for one of the best health insurance programs in small businesses. 

At Health In Tech, we value your time, and with a small business, we understand that it is vital to have that fast turnover to keep things moving. Most importantly, Health In Tech values your employees, so we believe in making healthcare easy to navigate for all.

Contact us to learn more about Health In Tech and why we are one of the best health insurance programs for small businesses.

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