What Does Your Plan Cover And How Much Does It Cost

It can be incredibly difficult to find affordable health insurance these days no matter what part of the country you live in. Ohio small business health insurance plans are no exception and many Ohioan business owners and employees struggle to find affordable care for themselves and their families.

For Employers

Many small business owners may be surprised to discover that the Federal Government is helping them to afford health insurance for their employees. Back in 2010, the president made the Patient Protection and Affordable Care Act a law. The act offers special tax credits to small businesses that in turn offer health, dental, and/or vision insurance to their employees. The credit is based in reimbursement and it gives back up to 35% of the premiums a small business pays for health insurance related costs on employees. To qualify a business must employ equal to or fewer than 25 people, the average annual wage per worker must equal or be less than 50,000, and the employer must pay at least 50% of the premium for workers not counting dependants. This credit is only available in tax years 2010 through 2013.

For workers

Ohio small business health insurance plans that benefit workers are typically easier to find. Unlike small business owners, employees can choose another company to work for that has better benefits packages. Buying insurance through a private company and not through an employer costs individuals far more. A family of four in Ohio can expect to pay over 1,000 dollars per month through a typical private insurance plan compared to about half that through an employer sponsored plan. Private plans do not always offer the best products either causing families to pay more out of pocket for things like MRI’s, CT scans, surgeries or fixing broken bones. Private plans also charge more for dental and vision options.

The type of plan an employee goes with should be weighed carefully. Signing up for one type of coverage might mean paying more out of pocket for certain procedures. It might also mean employees have to visit specific in-network care providers. For instance if an employee chooses a PPO or Preferred Provider Organization, they may pay a little more in premiums however they will be able to choose where they get their health care and perhaps will not have to pay out of pocket for certain things.

Ohio small business health insurance plans are essential for affordable and comprehensive care. The Federal government has made it easier in the short run for small businesses to provide coverage for their employees. Workers can take advantage of legislative opportunities to get jobs at companies that offer good benefits like these. Employees however will always have an easier time finding affordable health care because of the choices they have among employers.