The majority of Americans rely on small business health insurance to get the coverage they need. Unfortunately, too many small businesses fail to offer the right coverage options. In fact, in a survey of firms with between 3 and 9 employees, only 44% of those small businesses offered any health benefits.
That’s bad news considering that small businesses make up the majority of businesses in the United States. Luckily, things are looking up. Despite the complicated and confusing insurance landscape of today, new trends are taking over that make small business health insurance more affordable. Here are the top small business health insurance trends 2019.
One of the first trends is a new focus on supplemental insurance. Most traditional health insurance plans only cover regular health benefits, and they don’t include any “extras” like dental, vision, or travel insurance.
As you can imagine, these are all highly important benefits. Luckily, more small businesses are including supplemental coverage options in their policy. Because supplemental insurance is much less expensive, this is an easy way to offer more value. Visit this website for more information on supplemental insurance.
Telemedicine and Virtual Care
Another small business health insurance trend is the push for telemedicine. Telemedicine gives you access to healthcare providers in just a few clicks. Instead of needing to book an appointment with a provider in your local area, you can connect with one virtually through a smart device or your computer.
Telemedicine is just as valuable as in-person medicine, and it’s a fraction of the cost. A startling 56% of companies today already offer some form of telemedicine services to employees, and this number is expected to be close to 100% by 2020.
Wellness and Rewards Programs
Who doesn’t need a bit of an incentive to be a bit healthier? When it comes to small businesses, keeping employees healthy goes a long way to reducing costs. Unhealthy employees will need more care, and their premiums will be significantly higher than healthy employees.
That’s why wellness is becoming the new buzzword in small businesses today. Companies are sponsoring workplace wellness programs and offering other health perks like gym memberships that help their employees lead healthier lives.
Changing Federal Compliance Rules
Federal compliance has shifted greatly in the past few years. For small business owners, this can hit hard. Making sure your health programs and benefits programs are compliant with the Affordable Care Act might seem like a big chore, but it’s actually a way to better meet your employees needs.
There are new state-wide changes as well. For instance, many states have passed paid family leave laws, and this is soon going to expand to paid sick leave as well. Businesses will need to respond to these changes promptly to stay compliant.
Last but not least, many small businesses are simply passing the baton to another company to manage their health insurance benefits. As we’ve said, figuring out your small business insurance can feel like a full-time job. Outsourcing these benefits to a professional employer organization will take care of the hard things so businesses can focus on growth.
There’s another benefit to working with a professional employer organization. Mainly, it allows smaller businesses to gain access to larger business employee benefits. Because several employers will be included in a single professional employer organization, they collectively have higher purchasing power.
Prepare Your Business for Tomorrow
The future of healthcare isn’t certain in this country, but it is possible to be prepared for anything. By keeping an eye on the latest trends, you’ll know what’s coming next so you can act accordingly. The most important thing to remember is that your employees count on your business to get the healthcare they need. Providing insurance is only the first step.
From there, you can go the extra mile to show you care about employees’ health with wellness programs, supplemental coverage, and by staying compliant. All of these things add up to big savings.