4 Mistakes to Avoid When Selecting Health Insurance for Your Business

malden solutions health insurance for business

Don’t make these mistakes when selecting health insurance for your business.

Whether working in a start-up or a seasoned small business, choosing the right health insurance is vital to your benefits package. However, the process can be very intimidating, particularly if you haven’t managed it before. Aside from not working with an expert like Malden Solutions, what other mistakes should you avoid when selecting health insurance for your business? 

Choosing a Bare Bones Plan

Small businesses and companies with only a handful of employees sometimes opt for bare-bones health insurance to use as little money as possible while still offering coverage. Unfortunately, this can be a significant turn-off to highly skilled employees that you’re looking to attract. It’s best to look at a wide variety of plans before choosing one, as numerous plans offer twice as much coverage as another for the same price. 

Choosing a Comprehensive All-Inclusive Insurance Plan

On the opposite side of things, you might choose to offer your employees too much health insurance. A policy that covers 100% of costs for your employees can be a great perk initially, but it is very challenging to walk back a policy like this as you expand, and doing so may be cost-prohibitive. 

Not Understanding Your Potential Benefits

Beyond the benefits you’ll receive from offering health insurance to your employees, you can also be eligible for tax credits and other rewards due to offering policies at your company. For example, the Small Business Health Care Tax Credit can help you recover up to 50% of what you pay toward your employee insurance premiums. We can help you learn about the potential rewards your business can receive for offering health insurance at your business. 

Doing It on Your Own

While there are plenty of aspects of your business that you can take care of on your own, there is no need to tackle health insurance for your business by yourself. Working with an experienced health insurance broker will ensure you know all your options and make the right decision for your needs. The healthcare industry can be very confusing, and working with someone to help you simplify things is always a great idea. 

Get the Right Insurance Broker Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, July 28th, 2023 at 11:21 am. Both comments and pings are currently closed.