In the heartland of America, where innovation thrives and small businesses flourish, Ohio stands as a beacon of entrepreneurship. As a small business owner in the Buckeye State, you understand the importance of taking care of your greatest asset—your employees. In this blog, we’re diving deep into the world of Ohio Small Business Health Insurance, shedding light on eligibility, tax savings, real-world savings stories, and the seamless enrollment process. Buckle up for a journey that could transform not just your business but also the lives of those who make it all possible.
Eligibility:
So, who qualifies for Ohio Small Business Health Insurance? It’s not just for the big players; Ohio’s health insurance marketplace welcomes small businesses with open arms. Generally, businesses with 1 to 50 full-time employees can participate. Whether you’re a startup, a mom-and-pop store, or a rapidly growing venture, there’s a plan to suit your unique needs. Ohio’s marketplace fosters inclusivity, ensuring that both employers and employees can access quality healthcare coverage.
Who Gets a Seat at the Ohio Small Business Health Insurance Table?
The Solo Star: If you’re a one-person show, a solo entrepreneur with dreams as vast as the Ohio horizon, don’t fret. You, too, can dine at this health insurance table.
The Quaint Quintet: Small teams, rejoice! From the cozy duo to the fantastic five, any business with up to 50 full-time employees can pull up a chair. Whether you’re a boutique art studio or a bustling café, your table is set.
The Up-and-Comer: Are you a startup, daring to disrupt the status quo? Well, Ohio Small Business Health Insurance welcomes you with open arms. It’s not about how long you’ve been around; it’s about your ambition and vision.
The Expanding Empire: For those on the fast track to growth, as your team swells beyond a baker’s dozen, you can still find your place at the table. The health insurance marketplace keeps the buffet of options open for businesses on the rise.
The Care Provider: Even if your business is as unique as a snowflake – whether you craft artisanal jewelry or breed prize-winning poodles – as long as you have employees, you can join this health insurance banquet.
The Inclusive Innovator: Ohio’s health insurance landscape believes in inclusivity. It doesn’t discriminate based on industry or sector. Everyone from tech startups to local farms can savor the benefits.
Benefits of Ohio Small Business Health Insurance:
There are endless benefits offered by Ohio Small Business Health Insurance plans. Below are three major benefits that 90% of our clients experience or seek from issuing a group health insurance for their small business. Contact us to learn more about the benefits of Ohio small business health insurance. Remember, you can customize these group health plans to your needs and your employees needs.
Tax Savings
Ohio isn’t just famous for its heartland hospitality; it’s also known for its friendly tax environment. Small businesses that offer health insurance to their employees can tap into substantial tax savings. Through the Small Business Health Care Tax Credit, you could receive up to 50% of your premium costs back as a tax credit. It’s a win-win situation—your employees get the health coverage they deserve, and you save money while doing the right thing.
Example of Small Business Health Insurance Savings:
Let’s put the numbers into perspective. Meet Sarah, the owner of a cozy artisan bakery in Cincinnati. She employs 12 people, and the cost of health insurance was a growing concern. After exploring Ohio’s Small Business Health Insurance options, she decided to provide her employees with coverage through the marketplace. Sarah qualified for a tax credit, saving her bakery $10,000 annually. With these savings, she expanded her menu, hired more staff, and saw her business flourish. All thanks to Ohio Small Business Health Insurance.
Top Tier Network of Providers
Ohio small business health insurance plans are offered from best rated carriers in Ohio. Small business health insurance plans in Ohio gives you access to the same network of providers as large employers. Major healthcare system in Ohio do not accept Marketplace or exchange plans, rather they accept commercial plans (small business health plans are counted as commercial or group health plans). For example, if you need coverage at Cleveland Clinic, there is only one Marketplace plan accepted there which is Oscar. Furthermore, Ohio small business health insurance plans have nationwide access to providers and hospitals which gives you the flexibility to attract talent form out of state.
Insurance Companies that offer Ohio Small Business Health Plans:
- Anthem
- UnitedHealthcare
- Medical Mutual
- Humana
- Oscar
Cost of Small Business Health Insurance vs On Exchange Plans:
Individual and family health insurance plans are available in Ohio through the healthcare.gov marketplace. You can apply to a health insurance plan via the marketplace and find your eligibility for subsidy. However, in our recent study based on data from September 2023 we compared the cost of a health insurance plan for a family of four via the marketplace versus small business. The cost difference is $329/month. In addition to the savings on the premium, the members would save on the coinsurance and deductibles as small business health insurance plans offer lower deductibles and coinsurances.
How does the same plan from the same company have different cost?
Health insurance companies like Anthem Blue Cross Blue Shield offer health insurance plans via the exchange with subsidy and CSR (cost sharing reduction). These plans are designed for individuals who are not insured via their employer, lost coverage, or uninsured due to self employment. The risk on disenrollment from these health insurance plans is higher than the small business health plans due to employer responsibility for premium payment. Hence, the cost difference is reasoned in preference to group health insurance plans.
How to enroll in Ohio Small Business Health Insurance Plan?
Getting started with Ohio Small Business Health Insurance is easier than baking a batch of your famous cinnamon rolls. Here’s a quick overview of the enrollment process:
Determine Eligibility
Ensure your business qualifies under the employee count criteria. Simply you need 2 full time employees.
Explore Options
Discover the range of plans and coverage available to find the perfect fit for your business and your employees.
Review and Choose
Your licensed insurance agent will call you and review the plans with you.
Enroll
Submit the paperwork we request from you. Congratulations your are enrolled. Coverage can start 1st day of the month.
Ohio Small Business Additional Coverage:
You can add extra benefits to the group health insurance for your small business.
- Dental plans have lower premiums and higher coverage for groups and employers, including small businesses.
- Vision plans with two large network of providers are offered for small businesses in Ohio as well.
- Group Life Insurance and Short Term Disability.
