With 2017 winding down, most people have figured out that the individual health insurance market is horrific! There are only two insurance companies on the Kansas and Missouri sides of Kansas City. The networks are small, and most people should consider themselves lucky to find their doctors and hospitals as participating providers. And the prices are outrageous if you are not subsidized!
With these challenges, business owners find themselves in the unique and favorable position to avoid the individual health insurance market by starting an employer sponsored (aka “group”) health insurance plan. That’s right, if you have a small business, you have access to less expensive plans than those offered in the individual market with the insurance companies that we know.
Acquiring group health insurance only requires a couple of things:
1 Having one W2 employee in addition to the owner (in MO this cannot be the owner’s spouse)
2 Having a Tax-ID number for your business
With these two requirements, you are on your way to having coverage with all of your doctors and hospitals while making for happy employees as well. While a bit exhaustive at about 36 minutes, our YouTube presentation about ‘What Startups Should Know About The Individual Health Insurance Market for 2018’ is an essential watch if you have a small business but have never explored group health insurance.