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Health Insurance for SMEs

1 August 2023

The team is the basis of the success of any organization, whether small or large, so the advantages of having health insurance for small and medium enterprises increase the loyalty of employees to the company and ensure that they feel safe anytime they may be exposed to any health problems.

By having health insurance for employees, your employees reach the idea of caring for them and their families as well, with health insurance that guarantees them protection from unexpected health events and conditions, and thus you will always get the best performance in the company and work.

If your company has up to 50 full-time employees, reading and buying the best health insurance policies for companies and small businesses for employees increases their trust and love for the company, and always makes you a convenient choice for new employees.

There are many types of health insurance for small businesses that offer great benefits to their users, you can choose the best type of group insurance for small businesses by looking at the multiple factors that will benefit your employees more, and the more employees realize that you care about their health and the health of their families, and thus they will show their loyalty to the company.

In the following article, we present to you everything you need to know about health insurance for small and medium businesses, and the main points are:

  • Small business owners should focus on coverage, number of employees, employee premiums, and shopping when looking for an insurance provider.

  • Offering health insurance to employees can help attract and retain top talent.

  • There are several ways to find insurance, including websites and applications contacting providers directly and using a broker.

What is Corporate Health Insurance?

Health insurance for small and medium companies as well as large ones is one of the services provided by insurance companies to companies and their employees by protecting them in the event of any emergency or chronic health condition that needs treatment, as the insurance company - through a policy to be concluded between the owner of the company and the insurance company - provides bearing the costs of medical treatment, statements, analyzes, examinations and even larger procedures such as surgeries and others.

Based on the policy concluded between the two parties, the insurance company bears the material amount required for the medical procedure, whether in full or at a certain rate, according to the type of insurance for the individual, in all cases medical insurance provides a modern solution to protect you and your employees from any health conditions that cause them insomnia or stress, which results in their negligence in their work and thus the company is affected.

How does health insurance for small businesses work?

There are four main elements that you should be aware of before choosing health insurance for small businesses, as a small business owner; and in the main points regarding health insurance for small businesses: no coverage, number of employees, employee premiums, and shopping for coverage.

  • Coverage Type

First and foremost; if you qualify for a small business health insurance plan, your coverage is generally guaranteed to be issued by the insurance company.

This means that you, your employees, and their dependents cannot be denied coverage based on pre-existing medical conditions, and that all eligible employees and their families can enroll in the new plan regardless of their medical condition(s).

  • Number of Employees

To qualify for health insurance coverage for small businesses, you must have at least one employee on your payroll, however some companies allow you to set yourself up as a business owner and employee.

Employee Premiums

You must pay at least 50% of your employees' monthly health insurance premiums, and the minimum percentage may vary depending on your insurance company.

  • Shopping for coverage

As a small business owner, you can shop for health insurance coverage at any time, without having to wait for your current plan to expire or a special open registration period.

However, once you get an insurance plan, you are usually restricted for at least a year, during which you can add new employees or drop coverage for former employees, and once your contract ends, you have the option to renew or shop for a new plan.

Is the employer required to provide health insurance?

Small businesses with fewer than 50 employees are not legally obligated to provide health insurance to employees under the Health Care Act of course, but this means that companies with 50 or more employees are legally required to provide affordable health insurance.

For health insurance to be considered "affordable," an employee's annual cost must not exceed 9.12 percent of their annual income, knowing that if you are a major company with more than 50 full-time employees, you are liable to be fined if not all but new employees are insured.

What are the benefits of choosing SME health insurance at Brokerage Insurance?

As usual, Brokerage Insurance is always on the throne of the best health insurance company among the largest medical insurance companies, and therefore it offers your small business the highest advantages at the lowest prices, as it is characterized by:

The fastest health insurance procedures for small businesses, thus saving you time and effort while obtaining medical insurance.

Ensure the lowest quotes provided by insurance companies.

Obtaining electronic services through the application of Progress Insurance and the website without the need to visit the offices of insurance companies.

Having the best of a variety of methods and solutions to pay the selected insurance policies.

Compare prices and offers from insurance companies in the easiest way and with the highest possibilities.