I just started a small business with less than 10 people and I want to offer health care benefits. I want to offer good coverage but also keep costs down. What should I do?
There are several solutions that may work well for you. First, you would need to find a broker that can gather all of your data and then present to you all the various plans available to you of which there are a multitude of offerings. For example, there are HMO’s, PPO’s, H.S.A. plans as well as HRA plans. Given the constraints of space here, a good broker can delineate for you how to find the best coverage for you within your budget. Finally, you, as the employer, will also have to determine the amount you are willing to pay for each employee, either on a fixed dollar basis or a percentage of costs and then the employees, with that knowledge in hand can choose from those plans that come closest to what you are willing to pay or can “buy-up” meaning pay the difference between what you will contribute and what the monthly premium is.