Park City, UT (PRWEB) October 23, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on small business health insurance questions.
According to Zane Benefits’ website, small businesses face important decisions about employee health benefits, especially as the Affordable Care Act (ACA) creates new regulations, and new opportunities, around small business health insurance options.
1. Should a small business offer health benefits, or not?
Health benefits can be a cost-effective and tax-free way to boost employee compensation. An employer with fewer than 50 full-time equivalent employees, will not pay a fine for not offering a health plan in 2015 under the ACA 'employer mandate' requirement. In the last few years new health insurance solutions for small businesses have emerged that make health benefits more affordable.
2. How much can a small business afford to spend?
A business that currently provide employees health benefits, may already have a budget for health benefits. But, for the 65% of small businesses (< 50 employees) who do not offer health benefits, it may be the first time considering options.
According to Zane Benefits’ website, many small businesses decide how much they can budget for health benefits and look at options from there. Other small businesses assess current rates to build their budget.
A group health insurance premium is usually shared between the employer and employee, and less expensive rates may be found through the appropriate state SHOP Exchange.
Small businesses also look at and compare the cost of individual or family health insurance rates. A small business can pair individual health insurance with a defined contribution offering (discussed more below).
3. Which strategy a small business owner choose?
Group Health Insurance Plan: Also called employer-sponsored health insurance or job-based health insurance, a group health insurance plan usually covers all employees and their family members. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.
Defined Contribution Health Plan: Rather than paying the costs to provide a specific group health insurance plan, employers can fix their costs on a monthly basis by establishing a defined contribution health plan. Defined contribution health plans by themselves are not health insurance plans, employees receive a healthcare allowance to spend on their own personal health insurance policies.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHealth") for defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about Zane Benefits, visit http://www.zanebenefits.com.