26 Feb What Is the Cost of Small Business Health Insurance in Pasadena?
Health insurance is a benefit that can assist your company in recruiting top talent and retaining your highest-performing employees. Knowing how much small business health insurance costs in Pasadena will help you to expand your offerings to your employees without breaking the bank.
After years of hard work and frugal saving, you have finally achieved your goal of branching out and beginning a small business. Congratulations! But what comes next?
When small businesses begin new ventures, most prepare for basic expenses, such as office spaces, utilities, supplies, and labor. These are the bare bones of a small business. They are, of course, essential, but businesses made up of these components alone fail to impress new hires and struggle to attract customers.
Small business health insurance costs–or insurance costs at all, for that matter–are forgotten all too often when planning a new business. Other times, business owners who plan poorly find themselves scraping the bottom of the bucket and cutting expenses in order to keep the lights on.
Health insurance, which many are quick to label as an “extra” expense, might be cut. Truthfully, though, group health insurance is essential.
Here’s what you need to know about the cost of small business health insurance.
Why Do I Need Group Health Insurance?
There are many benefits to group health insurance. The following benefits may not seem to have much in common and might, at first glance, appear to have little to do with insurance costs. However, they all affect your bottom line. That’s what counts.
Assemble Your Dream Team
If your business offers health insurance as a benefit, it’s easier to bring on highly skilled employees. Once you hire new recruits, you’re more likely to keep them, too, with small group health insurance.
In fact, you’ll likely have trouble hiring the best in your industry if you don’t have health insurance available. When a potential hire has many job offers, health insurance is often what seals the deal.
Sometimes, you have to spend to save. So, how can small group health insurance plans save you money?
For starters, the money you pay towards your employees’ health insurance plans is tax-deductible. On top of that, group health insurance plans often end up costing less per person than separate insurance plans for each employee.
Boost Morale in the Workplace
In the last few years, employers have come to realize that treating employees like family boosts mood, which affects productivity and customer relations.
Having a group insurance plan is one way you and your staff can bond, as everyone plays a part in paying for the plan and you all share the same health benefits.
Small Business Health Insurance Costs
As with any kind of insurance, costs vary significantly depending on a wide range of factors. Unfortunately, that makes it impossible to render an exact quote right here. Here is some virtual information to know before getting a small business health insurance quote.
The Basics of Group Insurance Costs
You’re probably familiar with insurance premiums and deductibles as an individual, but how do they work for businesses?
The insurance premium is split between you and your employees. You pay towards it each month and they generally have their portions automatically deducted from their paychecks. Typically, the premium per person on a group plan is lower than it would be for each employee to buy their own insurance.
Deductibles work about the same way they do for individual plans. Each person benefiting from the plan has their own deductible to reach. On average, group insurance plan deductibles are also lower per person than those of individual plans your employees can buy.
What’s the Difference?
You may be wondering what accounts for the differences in cost per person between group and individual plans.
The short answer is that with an individual plan, there are risk factors that cause insurance premiums to rise. Age and pre-existing conditions are a couple of common examples.
In a group plan, because the risk is looked at collectively, high risk is balanced out through the group’s natural variation.
Group Health Insurance Quotes in Pasadena
Now that you know more about small group health insurance, the benefits are obvious. With a small business health insurance plan, you and your employees can all save money while fostering team spirit. What’s better than that?
If you were hoping to get exact numbers from this article, your frustration is finally over. It’s just about time to find out what your exact small business health insurance costs will be.
All you need now is a quote.
When looking for an insurance broker to help you set your business up with a small group health insurance plan, look no further than Mercado Insurance Services. We’re a group of trusted insurance agents bringing together the best of both worlds.
We know the insurance industry better than anyone and we truly understand where you’re coming from. Unlike our competition, we’re not so caught up in the insurance world that we’ve lost touch with our community. That’s why we’re the best choice for small businesses in the Pasadena area.
Get in touch today and we’ll help you get a great price on the perfect insurance for your small business’ needs!