Providing health insurance is an important consideration for your family business.
It is helpful for your own family and also an important consideration for the employees you wish to hire. After compensation, health insurance is the most valued perq an employer can offer. Employers and employees love group health plans because the coverage is often better and premiums lower than their individual health Insurance.
In a group plan, there is a requirement for 70% participation of the eligible full time employees. Because of this requirement, it is recommended that the employer offer multiple plans. By offering a high, middle and low plan, the employees can select the plan that best meets their needs and budget.
Finally, when looking at options for your new group health plan, be sure to review the network of doctors. If you have doctors and hospitals that you care about, make sure they participate in the insurance company you are choosing.