The only small and home business owners who are not worried about health insurance, usually have some other form of coverage. Some are covered through a spouse’s group health plan, and some already have a retirement plan from earlier employment or military service. However many small business owners have made their career out of what they do now, and so they must rely on themselves to provide a medical plan for themselves, and their family.
If you do not have employees, you need to look at individual coverage. If you have a couple of employees then you have a choice to make. A small business group plan is a great benefit, and it tends to attract and retain qualify people. However, premiums for small groups are expensive and risky. Since their is only a small pool of people to spread the risk, and since federal law mandates that insurance companies have to accept everybody, expect to pay for a policy!
Now you will be able to deduct some of this expense from your business taxes. You can also expect your employees to share some of the cost. Also, remember that employees do like group health insurance as a workplace benefit. So consider this option, but keep in mind, that costs and extra paperwork can be daunting.
On the other hand, individual health insurers get to underwrite everybody they accept. Younger and/or healthier people will get a cheaper rate. Older people, or especially those with health conditions, will either get charged more, or they may not be able to get a plan to accept them at all! Of course, every state has some sort of high risk plan for people who cannot obtain their own plan, but expect to pay for this.
Employees must pay for the premium themselves, but some companies will let you pay a list bill. You withdraw the amount from each worker’s paycheck. Because you will not have the burden of carrying the plan yourself, maybe you can afford to pay your employees a bit more to make up for it. The advantage for the employees is that their policy is portable, and so they can take it with them even if they leave your company. Another advantage for healthy employees, is that the premium should be lower. However, less healthy employees, may have a hard time, and you should probably consult with an experienced agent for options.
Now, if you do not have any employees at all, or if you only employ your spouse, then you must get a family plan. If premiums seem to high, I suggest looking at very high deductible major medical with Health Savings Accounts (HSA). You can offset the deductible with the money in the HSA, and those contributions have tax advantages. Plus, if you retire and join Medicare with any money left in your account, you can add it to your retirement savings without a penalty!
I cannot tell you how to find cheap medical coverage, but I can tell you how to protect yourself from the risk of huge bills or having trouble finding the right care while saving some money on your monthly bill.