Health Insurance premiums for small business owners and their employees are now lower
Find out how new federal rules benefit you
Two rule changes on premium assistance for health insurance policies obtained through the federal Health Insurance Marketplace can save money for small businesses owners (who don’t offer group health insurance) and the employees of those small business owners.
1. The income cap limiting who can receive premium assistance has been lifted.
Because of rising premiums on individual health insurance policies, many small business owners have turned to low-benefit policies that cost less but offered little in covering health care costs. Now small business owners can get substantial premium assistance for good, full-coveage health insurance.
2. The premium subsidies have dramatically increased making the premiums employees pay for good health insurance much lower.
- 4 out of 5 workers who enroll in a Marketplace plan can find a plan for $10 or less per month
- Low-wage workers with incomes between 100% and 150% of poverty are now
getting full coverage health plans that have no premium.
- Workers who already have insurance policies through the Marketplace are saving on
average 40% on their premiums when they enroll.
If less costly health insurance sounds good for either yourself or your employees, we can help you find out more.
See below examples of South Carolina small business owners who have saved money on health insurance for themselves and their employees.
Let us answer your questions. We can also arrange for assistance from a Marketplace navigator from a local non-profit near you. They can meet with you and your employees to review options and help with enrollment. The information and assistance are free. The SC Small Business Chamber does not sell insurance.
Click here to watch the 30-minute webinar by the South Carolina Small Business Chamber.
Use this passcode: XUr9LSB*
Don’t miss out on this opportunity for yourself and employees to save money on good health insurance. The open enrollment period only runs from November 1 to January 15th.
Contact us for more information by calling: 803-252-5733
OR go to HealthCare.gov and click on “Find Local Help”
Examples of SC small business owners and employees
saving money on quality health insurance
- Sole Proprietor with no employees. Small business owner had a short-term, low-benefit health plan costing $500 a month. Enrolled in a Marketplace Bronze plan for him and his daughter paying $99 a month.
- Small business counseling firm with 2 employees. Owner had a $700 a month indemnity plan (lower benefits than short-term plan). Owner enrolled in a Marketplace Gold plan for $400 a month. Two uninsured employees enrolled in Marketplace Silver plans at $26 and $35 a month.
- Small law firm with 4 employees. Owner looked at offering a group health plan and decided that the $2,000 cost to the business was not affordable. The employees would have had to pay about $400 a month each. Three of four employees, with incomes ranging from $40,000 to $60,000, enrolled in Marketplace plans at monthly premiums of $100-$200.
- Locally-owned coffee shop with 15 employees at several locations. The owner had a short-term, low-benefit health plan paying $550 a month. He looked at a group plan but that would have cost the business $3,000 a month and $150 a month for the employees who wanted to participate. The owner and 5 employees enrolled Marketplace Silver plans. The monthly cost is $400 for the employer, and $0 – $76 for the employees. The other employees were on the plans of their parents or spouse.
- An employer had a decision to make because of reduced business revenue. Either drop the group health plan, that was about to go up 9% making the monthly cost to the business over $2600 and each of her four employees $160, or cut worker hours and/or positions. Instead, she found a third way forward. She helped her workers enroll in individual Marketplace plans that had better benefits, no positions or hours were cut, and employees saved on health insurance with premiums between $0 and $115 per month.