Park City, Utah (PRWEB) October 29, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on affordable startup health insurance.
According to Zane Benefits’ website, many startup entrepreneurs feel daunted by the task of taking full responsibility for health insurance for themselves and their employees. Startups with limited capital may be tempted to forgo health insurance and pay the individual mandate fine.
Here are five tips for startups on finding affordable health insurance options.
1. Work with a Health Insurance Broker
Purchasing a policy through a broker doesn't cost any more than purchasing it on your own, as most health insurance brokers are compensated by the insurance carriers.
2. Don't Elect COBRA from Your Last Job, Unless You Really Have To
COBRA provides certain former employees the right to temporarily continue their health insurance. In order to participate in COBRA, you'll probably pay the full cost of the premium plus up to a 2% administration fee.
3. Consider Group Health Insurance vs. Individual/Family Health Insurance
Individual health insurance is a type of health policy that you purchase for yourself, or that employees purchase for themsleves directly - just like car insurance. For plans starting in 2014, no medical questions are asked and you can't be charged more or denied coverage because of health reasons.
Group health insurance is a type of health policy that is purchased by an employer and is offered to eligible employees of the company, and to eligible dependents of employees. With group health insurance, the employer selects the plan to offer to employees.
4. Evaluate a Health Insurance Allowance Approach
With this option, the startup provides a health insurance allowance to employees to spend on qualified individual/family health insurance plans. The startup simply reimburses employees on payroll, after employees submit proof of their health insurance premium expense.
5. Check Out Options on the New Health Insurance Exchanges
As part of the Affordable Care Act, new health insurance options will become available through new state health insurance exchanges. Most importantly, the key tax credits and tax subsidies will only be available for coverage purchased through a state health insurance exchange.
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.