Thanks to rising health care costs, health insurance can cost a bundle. But you can still get low cost small business health insurance in Colorado if you know how. Here's how to do it ...
Small Business Health Insurance
As a small business owner you can buy a group health plan and get lower premiums, plus better coverage than you would with individual insurance. Your premiums are calculated for the group as a whole, and individuals may purchase additional coverage to suit their needs. As an employer you get tax deductions for any contributions you make.
There are a number of types of health insurance plans you can buy that won't cost you an arm and a leg. Here are the most popular:
HMO (health maintenance organization) - An HMO is a comprehensive health care plan that pays for your and your employees doctor visits, hospital bills, and prescription drugs. You pay a monthly premium and are assigned to a group of health care providers - doctors, hospitals, and specialists.
HMOs usually have no deductibles, and co-payments are anywhere from $5 to $15 per doctor visit, so your out-of-pocket expenses are low. These plans are the cheapest comprehensive health care plans.
MSA (medical saving account) - An MSA is a tax-sheltered savings account, similar to an IRA, that's used to pay medical expenses. All the money you deposit into your MSA are tax deductible and can be withdrawn at any time to pay for your medical expenses. Any money left in the account continues to grow tax free.
MSAs are typically combined with an inexpensive, high-deductible health insurance plan. You pay for medical expenses with the money from your MSA until the deductible on your health plan is met. Then your plan takes over and pays for your medical expenses. MSAs provide a low-cost alternative to high-cost health plans.
Major Medical Health Insurance - Major medical, or catastrophic health insurance is limited to paying for major medical expenses like cancer and heart disease. These plans typically pay your hospital expenses, surgical costs, X-rays, and lab tests, but do not pay for routine doctor visits or prescriptions drugs costs.
Where to Get Low Cost Small Business Health Insurance
The only way to know if you're getting a good rate is to compare rates from different companies. You can compare rates quickly and easily by going to an insurance comparison website where you can get rate quotes from multiple companies on one website.
Visit http://www.LowerRateQuotes.com/health-insurance.html to get Colorado small business health insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.
The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on small business health insurance in Colorado.
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