ACA Confusion? Group Health Plans Still Come Out Ahead for Small Business in Oklahoma

If you're a small business owner, you've probably heard some unsettling news about the individual health insurance market lately. Rising premiums, shrinking networks, and talk of changes to the Affordable Care Act (ACA/Obamacare) can make anyone feel uncertain. The good news is that offering a group health plan is still one of the most stable moves you can make for your business and your team.

What's the difference between individual and group plans?

Individual plans are purchased by people on their own, often through the ACA marketplace, or sometimes directly through a carrier. Group plans, on the other hand, are offered by employers to their employees as a benefit of employment. Both types of coverage are regulated, but they work differently and renewals are based on similar but different metrics.

Why does the individual market feels shaky right now?

While the ACA helped millions gain coverage, the individual market has faced its share of growing pains. Premiums have increased in many areas, provider networks have narrowed, and subsidies can be confusing. Plus, the rules can shift based on changes in legislation or political priorities.

Why group coverage?

For employers, group health insurance offers more control and predictability. Rates are typically more stable year to year, though they do increase as well, and coverage options tend to be broader and more comprehensive. Better yet, offering a group plan helps you attract and retain employees, improve morale and productivity, and can potentially offer tax advantages. Not to mention, premiums for group coverage are typically lower than buying similar individual coverage without a subsidy.

Still concerned?

Worried it’s too expensive? Plans can be customized to fit your budget.

Think you’re too small? Some carriers offer options for groups as small as two employees with only one of those employees planning to enroll.

Not sure where to start? That’s where we come in. At Strategic Benefit Partners we specialize in helping small businesses with 2 - 50 employees navigate their group health options. We provide you and your employees with the education you need, handle the paperwork, and are available for questions even after you plans are put in place. Don’t let the noise around ACA confuse you or stress you out. Contact us today to help you cut through that noise and discuss the right benefits for your needs!