You qualify for small business health insurance if you employ 2-50 full-time eligible workers. Keep in mind, these eligible employees must work a minimum of 30 hours per week. Additionally, in Texas, at least 75% of eligible employees must enroll in a health plan for the business to offer coverage.
While businesses larger than 50 employees are mandated to supply health coverage, small businesses can choose not to offer it. However, it is increasingly an expectation for prospective employees. If a business hopes to attract top talent and retain workers, good health insurance is crucial. That’s why we’ve provided this guide to providing health insurance benefits to employees.
Request your free small business health insurance quote from the BlueCross and BlueShield of Texas team to get started. All you need to provide is:
Once you have submitted your information, you will receive a customized quote containing the cost and details of the coverage of available plans in your area.
As we have discussed in a prior small business health insurance resource blog post, understanding the cost of small business health insurance plans is important. Premiums for employer-sponsored family health coverage, on average, cost $22,000 in 2020. If an employer spends the minimum 25% towards those premiums for 50 employees, the cost adds up to $275,000.
During the waiver period, the minimum contribution made toward premiums is waived. This means a small business can opt to lower the overhead costs of health insurance. Keep in mind, those costs are then passed along to the employee, which may act to disincentivize enrollment.
It should also be noted that there are different metallic tiers that offer a range of costs for premiums. To learn more about small group plan options, visit our Plans Option page.
If you’re already enrolled in small group insurance coverage, you may review and change your plan each year on the anniversary of your policy.