Health Care Challenges for Small Businesses

Small business owners need to keep an open mind about insurance for their employees till they actually see all the options offered in the new Marketplaces.

Small business owners face difficult challenges in running their business and the most incredible among them is the quick mounting price of health insurance. They have struggled to cover health insurance for their employees within their budget.

The Affordable Health Care Act will be bringing better options for the 28 million small businesses in America. According to the new law, insurers cannot raise premiums for small businesses without proper justification and are also bound to pay rebates if the spending is less than 80%.

Critical Care Health Insurance Plan
A critical illness policy is exactly what it says – it is used for when you are critically ill and your health policy may not be enough.

Small employers with employees on low wages get a tax credit of 35% of the premiums and next year the credits will further go up to 50%. In 2014 when the new health exchanges are in place the small businesses will get a few benefits when they shop for insurance in the marketplace – The Small Business Health Options Program.

Small business employers will be able to compare options from many insurers and check benefit packages before they enroll. Today small businesses pay 18% more than large business enterprisers for health insurance, though; when they shop at the marketplace they can pool their risk with other small businesses.

The Affordable Care Act and the new marketplaces will give small entrepreneurs a better chance of providing health insurance to almost 23 million employees. The Health Act is also responsible for ending higher or no insurance for those with pre-existing conditions.

Customer Care in Health Insurance Industry
Health Insurance Industry is a service-oriented industry with customer satisfaction and customer grievances being important components of its business operations. Both the issues – Customer satisfaction and Customer Grievances have been described in the article in co-relation with the health insurance sector.

Though enrollment in the marketplace will start from 1st of October 2013, small business can visit www.sba.gov/healthcare to plan and decide their options. This is essential as 96% of businesses in America have less than 50 employees. To keep on skilled employees it is very important to look after the employees by offering health insurance.

References:

Quiz on Health Insurance
This Quiz is to test your knowledge on health insurance in the U.S, there is so much activity with the new law and building of Health Exchanges – all peaking for a January 2014 deadline.

Hannah Punitha (IRDA Licence Number: 2710062)

Kathleen Sibelius and Karen Mills, June 2013

Health Insurance
This slideshow explains the concepts about healthcare insurance industry in India.

Source-Medindia