How to Get Affordable Health Insurance for Businesses

Are you looking for affordable health insurance for businesses that will work for your budget? Sure, we know you’d like to know about this.

And since you have landed on this article, you are assured of the right guide concerning the subject.

If you are a small business owner, then you will agree with us that providing health insurance (for your staff) is a sure way of getting and keeping employees.

With this in mind, it becomes very crucial for every business to have some form of health coverage for its employees. But, what insurance company is best for start-ups?

This article will give you a guide on how the get the best and affordable health insurance for businesses.

How health insurance for small businesses work

Under this section, we will look at how health insurance for businesses works.

Generally speaking, a small business is a business with fewer than 50 employees. However, the number of employees may change by definition in some states.

One thing to note is that it is not mandatory by law that small businesses provide health insurance for their workers. However, doing this will help build the image of the company. Hence, there is no rule against small companies that find it fit to get their employees covered.

So, how can you get health insurance for your business?

Usually, you sign up your company with an insurance company. After that, you will be able to allow your employees to sign up for the group health insurance plan.

Your employees will be responsible for paying their monthly premiums. Usually, you will be the one to deduct the stipulated amount from their monthly pay. Equally important to note, you will pay part of your employees’ monthly premiums.

How do I get affordable health insurance for my business?

There are several options available for small businesses to get insurance coverage for their employees.

The Affordable Care Act (ACA) makes it possible for small businesses to sign up their workers under the Small Business Health Options Program (SHOP).  When you sign up through the SHOP marketplace, you will be able to offer your employees an opportunity to get health coverage from multiple companies. Also, this will help your employees to be eligible for the Small Business Health Care Tax Credit. This credit scheme will help them in paying their health insurance premiums.

Furthermore, your business must meet some certain criteria to qualify for the SHOP credit. Some of these requirements include:

  • Your business has fewer than 25 full-time employees
  • Your employee’s average annual salary should be about $56,000 or less
  • Your business will pay at least 50% of the premium costs
  • The plan must take care of all your full-time employees

In addition to this, you can consult health insurance brokers to research and compare the best plans for your business.

Why affordable health insurance matters

Well, think of affordable health insurance as a fundamental aspect of ensuring a healthy lifestyle for your employees. If you view it that way, then you’ll understand that it is more than just a thing of financial convenience.

If you can get affordable health insurance, your workers can access medical care services without breaking the bank. And most importantly, they can have this access at the time of need.

So regardless of whether it’s individual or family health coverage, affordable health insurance can go a long way in safeguarding the health as well as financial stability of your workers.

What is the average cost of health insurance for a small business?

According to the Kaiser Family Foundation, a small business is expected to spend about $547 per employee every month. For family coverage, the average amount can be as much as $1,175 monthly.

However, you should note that the exact price would depend on several factors. For example, the type of plan, employee’s age and health status can affect the cost of insurance for a given employee. Also, seasonal changes can affect this cost. Hence, it is expected that the average cost will be high for years with high employee health care costs.

Steps in getting affordable health insurance for businesses

Having digested this much about health insurance coverage for businesses and their employees, let’s look at how you can get one for your business.

Step 1: First and most importantly, you need to research the several plan options you have. Gather the options on the table, and pick the best one that works for your business.

Step 2: After bringing to the table the various options, you should do some footwork. In this step, you will compare the prices offered by the different insurance companies. Once you get the plan that meets your needs, you sign up for that.

Step 3: Consult a broker who knows much about health insurance plans and requirements by the federal government. Choose, from the plans provided, the best option that works for you.

Step 4: Visit and use the calculation tools to decide on which insurance company to enrol for.

Best health insurance companies for small businesses

Here are a few health insurance companies that we find worthy for small businesses. Note that the list provided here is not exhaustive. However, you can use this list as a guide on where to start looking for affordable health insurance for your business.

In no particular order, here are the five best insurance companies to look out for:

  1. Blue Cross Blue Shield
  2. Kaiser Permanente
  3. UnitedHealthcare
  4. Aetna
  5. Cigna


Health insurance is important for any individual. It is good if you can afford your employees the opportunity to have one kind of health insurance coverage or the other.

Although every business wants to get this insurance plan, many are sceptical about the cost implications. Well, not anymore for you because this article provided you with a guide on how to get affordable health insurance for your business.

So, what are you waiting for?

Go ahead. Explore the many opportunities to get your employees and their families covered under affordable health insurance schemes.