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Health Insurance 101: How to Choose Small Business Health Insurance

Picking small business health insurance in Arizona is a big decision. Check out this easy to read guide for choosing the best small business health insurance.
Monday, 29 April 2019
How to Choose Small Business Health Insurance How to Choose Small Business Health Insurance Shutterstock

One of the core services is helping Arizona companies find the best small business health insurance for both their employees and the company's budget.

Employee health insurance is a significant operating expense for small businesses in Arizona. In fact, small companies shell out roughly $3,100 a year on the average employee.

Both federal and state governments have laws in place to govern employer-provided health insurance. For example, small businesses with 50 or more employees are legally required to provide group health insurance.

Quality health insurance plans are a critical factor in the recruitment and qualification of employees. Without affordable insurance, your best employees are likely to move on.

Read on for a comprehensive guide to small business health insurance. Explore topics such as the importance of quality insurance and how to select the best plan.

How Important Is Health Insurance to Your Employees?

Guide for Choosing Small Business Heath InsuranceEmployee surveys repeatedly show that health insurance is an essential benefit to the Arizona workforce. In one national study, more than half of employees indicated that quality health insurance was most important to job satisfaction.

Many Arizona employers mistakenly believe that salary is the most critical recruitment factor. However, providing high-quality small business health insurance at an affordable rate is equally valuable.

Another employee study said that 60 percent of job applicants are willing to take less salary for quality health insurance. Given this data, small business owners and human resources alike should seek competitive quotes for the best plans.

Finding the best Arizona group health insurance plan for your business is sure to help recruit and retain great employees. Quality health insurance also improves each employee’s health condition and overall happiness levels.

What Do Employees Want?

Employees seeking a new job or career upgrade do not have the time to read each health insurance plan’s brochure. Instead, their eyes are trained to focus on a few different factors.

The Monthly Premium

The first is the biweekly or monthly premium. This is the amount deducted out of the employee’s paycheck. Savvy Arizona employees realize that their take-home pay is higher with an affordable health insurance plan.

It would be a mistake for employee’s to focus solely on a health insurance plan’s premium. A health plan may be cheap because it has inadequate coverage or a high deductible.

Deductible Limits

Therefore, the next thing employee’s should be looking for is a low deductible. The deductible is an amount set by the health insurance plan.

The average deductible level is nearly $1500 for individuals and $2800 for families. This means that coverage does not set in until the employee reaches this level in out-of-pocket expenses.

Co-insurance Costs

The next factor that employees look for is the co-insurance rate. In general, both the health insurer and employee share the cost of health expenses.

Co-insurance refers to the ratio between the insurer and employee’s payment responsibility. For instance, the insurer may pick up 80 percent of the medical claim. This leaves the employee with a 20 percent co-insurance rate.

Want Help? Speak with an Arizona Health Insurance Broker

Quality health insurance is critical to employee recruitment and retention. Once you recognize how vital group health insurance is to employee satisfaction, it is time to start searching for a group health insurance broker near me.

An Arizona health insurance broker can help you find quality plans at an affordable rate. If you need help shopping for small business health insurance, contact us for assistance.

Call us to schedule your free consultation.

Call (480) 607-7049

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