Health Insurance and Your Business or Profession

It's no big secret. High insurance premiums - particularly employee health insurance - can drive business owners to distraction. I cannot tell you how many times I have talked to a small business owner, and a rise in group premium has left him with a huge dilemna. He either needs to cut his health insurance contribution, cut the quality of his health care program, or maybe even fire somebody to contain costs. One serious health problem in a small business can raise his group premium beyond all expectations - sometimes 80% increases are had in one year - and 40% increases are not uncommon!

One solution is raising the employee contribution. Another solution is to offer employees a choice. A higher deductible health plan or a plan with more limited benefits will keep employee contributions level. However, if the employee chooses to keep his same coverage, than he will need to raise the amount taken out of his paycheck for health insurance premiums.

One other choice is to use supplemental insurance to bridge the gap in insurance policies with higher deductibles or less coverage. A lot of times the supplemental insurance premium added to a higher deductible (or limited benefit) health plan will be cheaper than the health plan that is expected to address every cold or hang nail.

It's not a great choice, and maybe Uncle Sam is the only saving grace here. Employee contriubtions and employer contributions are often tax deductible. If the premium dollar reduces the payroll, the payroll tax is also reduced. This can save both the business owner and the guy on the job some money.

A well informed insurance agent can analyze your situation and come up with some options.

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