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Health and Disability Insurance

 

Insurance Options for the Health of Your Business

 

Health and disability insurance for employees is one of the greatest challenges many small businesses face. As business owners know, group health insurance is a powerful benefit for recruiting and retaining the best workers. Cost and availability are the key issues.

 

Types of Health Insurance Coverage

 

There are several types of health insurance available for purchase within a group plan. Plans typically cover a comprehensive array of healthcare needs including doctor visits, prescription drugs and hospital care. Benefits are delivered in a variety of ways including:

Health Savings and Spending Accounts

 

Small businesses also may offer special health savings and spending accounts to help employees offset out-of-pocket medical costs.

Today’s business owner can choose from a wide variety of options when purchasing group health insurance:

No matter which option you choose, remember small business group health benefits can vary. And premiums differ from state to state. Use online marketplaces to compare and contrast.

 

Group Health Insurance Tips and Considerations

Disability Insurance: A Can’t-Ignore Topic for the Small Business Owner

 

When your livelihood depends on a few key people, making sure you have the resources to keep the business running in the event of a personal mishap is a must. Disability insurance is designed to replace income or other expenses if you or your employees are unable to work for an extended period of time due to a physical or mental illness or injury. Like other insurance, small businesses typically can save money by purchasing disability coverage within a group policy.

 

There are two types of disability insurance:

  1. Short-term disability insurance covers a portion of the policyholder’s salary for a short period, typically three to six months following a disability. The specific time period and percent of income replaced vary. According to the Small Business Administration (SBA), employers may specify a number of days of sick leave to be paid at 100 percent of salary. Employees can use specified sick days before short-term disability begins.
  2. Long-term disability insurance coverage typically begins after the policyholder is unable to work for at least six months. Coverage can extend for a specified number of years or until the insured retires or reaches age 65 depending on the policy. 

Note that most states require employers to purchase workers’ compensation insurance, not disability insurance to protect employees injured on the job.

 

Disability Insurance Tips and Considerations