When you have your own business in Ohio, employees are counting on you to do the right thing by them so in turn are expecting the same when it comes to looking for health insurance benefits. This alone would probably be the biggest reason to sit down and talk with an independent health insurance agent. They would be able to hear and understand the situation and the needs of your employees as you speak.
They would also be able to explain in detail the various health insurance plans available to you in Ohio. Independent health insurance agents through years of experience are able to explain the benefits of offering individual plans and family plans. You would also be able to ask and address the benefits of getting a single plan versus a group plan where you are able to have multiple people sign on since you are a company.
Some people believe that because you can buy something in bulk it is the best way to go. Normally, this may be the case but you should always hear the differences outlined in case there are some draw backs to a group plan. An experienced agent would be able to assess your health insurance needs in Ohio based on your company’s size and payroll, but they would also be able to put together a package which would be tailored to fit your needs.
There are other options available to an employee by the employer regarding health care. A company may offer a Health Reimbursement Account (HRA) which is solely funded by the employer and subtracted from the employee’s gross pay. The credit can be rolled over from year to year at the employer’s discretion. The employer reimburses medical expenses paid by the employees, which in turn gives the employer a tax advantage to help offset the company’s health care expenses.
For some, this is a good way to go but for others that are highly compensated participants there may be limitations. This type of plan would not be applicable to you if you were self employed. Another type of program available to the employee is a Health Savings Account (HSA) which is owned by the individual. The funds contributed to the account are not subject to federal income tax at the time of deposit and roll over from year to year. Get information before you decide what is best for you and your company.