My brother and I own a small business in Texas with 11 employees and we currently have an expensive group health plan with low deductibles. We pay over 90% of the premiums for the employee but none of the premiums for the spouse and children. Almost nobody insures their spouse or children because it would cost them about $1000 per month on this plan.
Some of the employees are now motivated to insure their families and our insurer provides the opportunity to modify our plan in December. I am considering switching to a cheaper plan with higher deductibles so employees can afford to insure their families, but I am concerned that the employee benefit we provide will be partially or completely obviated by the government subsidies available through the exchanges. Maybe we should drop our group health plan and give everybody a raise?
Hopefully somebody out there can give me some advice.
Some of the employees are now motivated to insure their families and our insurer provides the opportunity to modify our plan in December. I am considering switching to a cheaper plan with higher deductibles so employees can afford to insure their families, but I am concerned that the employee benefit we provide will be partially or completely obviated by the government subsidies available through the exchanges. Maybe we should drop our group health plan and give everybody a raise?
Hopefully somebody out there can give me some advice.
via Small-Business-Forum.net http://www.small-business-forum.net/managing-your-business/9862-should-i-drop-our-group-health-plan.html
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