Small business health insurance

Think you can't afford health insurance for your employees? Think again. Insurance providers offer a range of small business health insurance programs designed to meet the needs of all kinds of small businesses, from 2 to 50 employees. Here are some things to keep in mind as you shop for small business health insurance.

Who are you covering?
To get small business health insurance quotes, you'll need to provide detailed information on your employees, such as:

• age
• health condition
• workplace and occupation
• tobacco use

The answers will determine your overall premiums. It's important to note that insurers can't deny you coverage for any reason, provided you meet their minimum requirements. Many states also regulate the rates insurers can charge.

What kind of coverage do you need?
Small business group health insurance plans usually provide fairly simple coverage – around 90% of small businesses offer only one plan. You'll choose one type of provider, most often a PPO, HMO, or POS. You'll want to choose a plan that has good coverage in your area, so review lists of participating hospitals and doctors.

You'll also be able to choose from extras like vision and dental coverage and family coverage. While not required, these types of extras can be an inexpensive way to give a small business health insurance plan a big company feel.

How much will you have to pay?
You'll have to pay a portion of your employees' premiums. The exact percentage will depend on state law and the specific policy you choose. You can choose to pay more of the premium, as well, but be cautions – your employees will appreciate it, but the cost can add up quickly as your small business grows.

According to AHIP, the average premium for small business health insurance in 2006 was $311 per employee per month, or $3,730 per year. Of course it varies widely based on geography, the size of your business, and the type of plan you choose.

On average, small businesses pay 65% of the cost, or around $2,400. While the cost adds up as your company grows, it's a small price to pay to attract and retain the best employees. The cost is also tax deductible for most businesses, which reduces the financial burden.

How to find small business health insurance
Once you gather the basic information, you'll want to find a small business health insurance broker who can help you research the available plans and help you get the coverage you need. BuyerZone's free request for health insurance price quotes service lets you quickly get in touch with brokers in your area.

Once you've found several potential brokers, ask them detailed questions about how they can help you get the right health insurance for your small business. The right broker can help you with your health insurance needs now and in the future – even when your small business isn't so small any more.