You’re busy enough running your business.
Managing employees… Making sales… Handling taxes…
And now, health insurance on top of it? And health insurance that is affordable (while also taking care of your employees?)
This guide explains the costs of small business health insurance costs, the options, and current options in Nevada.
How do you get health insurance when you own your own business?
There are various ways of getting health insurance as a small business owner. Bear in mind, the range of options of health coverage depends on the size of your business and other factors:
- Contacting health insurance companies brokers, such as Nevada Benefits.
- If your business has fewer than 50 employees, you can apply for QSEHRA (Qualified Small Employer Health Reimbursement Arrangement).
- Getting it through a marketplace. HealthCare.gov offers some options.
If you still struggle getting group health insurance as a small business owner in Nevada, contact one of our professional health experts who will give the guidance you need.
Are you legally required to provide health insurance for your employees in Nevada?
According to the Nevada Division of Insurance:
“If you employ 50 or more full-time employees or full-time equivalent employees, and you do not provide affordable minimum essential coverage for your full-time employees (and their dependents), you will be required to pay an assessment to the Internal Revenue Service (IRS).
The law specifically exempts all businesses that have fewer than 50 full-time employees or full-time equivalent employees from this assessment.”
They also state that if you have 50 or more full-time employees and do not offer affordable minimum essential coverage, the assessment is figured out in three ways:
- If no insurance is provided at all, and at least one full-time employee obtains advance premium tax credits to buy health insurance through Nevada Health Link, the assessment is priced $2,000 for each full-time employee you hire after first 30 employees.
- If you provide insurance not qualified as “minimum essential coverage”, the assessment will cost $3,000 for each full-time employee you hire that is not offered minimum essential coverage.
- Similarly to the second point, if you provide insurance qualified as “minimum essential coverage” but doesn’t meet the “minimum value”, i.e. an employee’s contribution which exceeds 9.5 percent of their modified adjusted gross income, then the assessment will cost $3,000 for each full-time employee that doesn’t meet the 9.5 percent affordability.
Nevada Division of Insurance recommends contacting them for any questions about this subject:- Northern Nevada: (775) 687-0700 or Southern Nevada: (702) 486-4009.
Small business health insurance costs per employee – how much will it cost in Nevada?
Small business health insurance costs factor by the size of the group (employee number), the type of plan you choose (e.g. HMO, PPO) which has different metal levels (e.g. Bronze, Gold) and corresponding monthly premiums and deductibles.
And, because there are so many different plans out there, there’s a big price range that you might be paying.
To provide a rough idea…
In 2019 in Nevada, if you have a group size of 50 employees and the average age is 35, the price range is about $240-$840. This includes many different types of plans, such as HMO, PPO, Choice, Tripe Choice.
As you can see, the prices are quite varied. It’s so dependent on the group size, what sort of plan you get, and even the county that you’re in, e.g. Nye, Clark, Washoe.
To explore more about up-to-date group health insurance rates in Nevada, then give us a call.
How to get health insurance for your company:
If you have decided to get quality, affordable health insurance for your company in Nevada, follow these steps:
H3: Step 1: Shop for desired group health insurance plan
Refer to the section of this article – [How do you get health insurance when you own your own business].
From there, you can get health insurance through the methods listed.
You can talk with licensed experts that will help you pick the best plan for your business based on your budget, employee size, type of plan, the average age of the group, and so on.
Pro Tip: Before you go out and buy health insurance for your business, you might want to consult your employees to see what’s important to them in a health plan. Do they care about dental or vision? Do they want to be able to have flexibility in the doctors they go to?
This will allow you to get a group health plan that your employees will be happy with as well.
H3: Step 2: Get the plan and update your employees
Once you have obtained a plan, offer it to your employees. Before you offer it, we recommend that you have a company-wide meeting where the insurance information is shared.
Most likely, they will accept the plan if it meets the minimum essential coverage and benefits them and their families.