Medical Insurance for Small Business Owners – Overview
While health insurance is beneficial for employers and employees, it is not universally mandatory according to labor laws. Small businesses with fewer than 50 full-time equivalent employees are not required to offer health insurance under the Affordable Care Act.
Small business owners should buy health insurance to provide easier access to quality healthcare for employees.
Usually, small business owners are advised to buy employer-sponsored group health insurance. Under this, the insurance buyer can place numerous employees under the same plan.
This is an incredibly efficient way to get lower premium rates and better health insurance coverage.
Such insurance policies are usually designed for small businesses that wish to offer health insurance to employees.
There are hundreds of insurance providers operating in the US today. Hence, it may be difficult for many to choose the right one.
To make things easier, we’ve created a list of the best medical insurance for small business owners in the US.
These insurance companies have been ranked after carefully considering several important factors.
Top 5 Medical Insurance for Small Business Owners
Let’s check the top medical insurance for small business owners in the US:
Top 5 Medical Insurance for Small Business Owners
1 – Blue Cross Blue Shield
Blue Cross is one of the largest insurance providers in the US. It offers extensive coverage options specifically for small businesses.
It also provides data-driven healthcare solutions, resulting in cost-effective operations for the company. This insurance is for small business owners who are looking for flexibility.
Blue Cross Blue Shield (BCBS) is an umbrella organization with 36 insurance companies.
AM Best provides financial strength ratings, not scores on a scale of 1–5. NCQA provides health insurance plan ratings on a scale of 1–5 based on quality and satisfaction, but this is distinct from AM Best’s financial ratings.
This insurance company is most popular among businesses with less than 50 employees. BCBS currently provides insurance to over 7 million employees in the US.
Highlighting Features of Blue Cross Blue Shield Insurance
- Huge provider network
- Data-driven healthcare solutions
- Flexible insurance options
2 – UnitedHealthcare
UnitedHealthcare (UHC) has one of the largest numbers of in-network insurance providers. It operates through thousands of facilities throughout the United States.
UnitedHealthcare is an excellent choice for medical insurance for small business owners.
It conducts a huge annual investment in technology to enhance its service quality and improve its insurance plans.
UHC earns an A rating from AM Best and scores an average of 2.5–4.5 on a scale of 1–5 from the NCQA. The company spends around US$ 3.5 billion on innovation and technology every year.
This ensures that it provides the most innovative and useful coverage to small business owners.
The company operates a vast provider network covering all 50 states, with a significant international presence in over 300 countries.
The Virtual Visits feature allows patients to meet with their doctor online and get their prescriptions easily.
The Symptom Checker is another excellent feature. It uses Artificial Intelligence to answer basic medical queries from patients.
Highlighting Features of UnitedHealthcare
- Extensive national and international provider network
- Innovative healthcare technology features
- Compare plans easily online
3 – Humana
Humana is also one of the biggest health insurance providers for small business owners in the US. It offers top-quality customer service, with associates ready to resolve your queries at any time.
Thanks to its extensive provider network, Humana provides flexible deductibles and affordable premiums, making it excellent for small business organizations.
Humana is one of the US’ largest insurance companies in terms of individual insurance plans, Medicare options, and group coverage.
It offers extensive employer-sponsored coverage for numerous small businesses in 18 states. NCQA ratings for health plans are on a scale of 1–5, not 1–10. It has also earned an A rating from AM Best.
Humana collaborates with more than 3,000 hospitals and over 350,000 medical providers to provide excellent health insurance.
Highlighting Features of Humana
- Large provider network
- Detailed plans on the website
- Excellent customer care
4 – Aetna
Aetna offers incredibly high-deductible insurance plans for small businesses. It also has one of the best customer service records and offers several tax-saving advantages to insurance buyers.
The company has an A rating from AM Best. It scores 2.5–4 on a scale of 1–5 with NCQA.
Although Aetna does not operate in every US state, it has a significant international presence. It works with more than 700,000 primary care doctors through over 5,700 hospitals.
The company offers different numbers of insurance plans according to specific states.
Aetna is unique on this list as it allows small businesses to buy one of four health expense fund options. These are a great way to get tax-saving advantage savings to employees.
This way, insurance buyers can look forward to saving money before taxes for medical expenses in the future.
Highlighting Features of Aetna
- Huge provider network
- Excellent customer satisfaction rating
- Health expense fund options
5 – Cigna
Cigna also ranks on our list of the best medical insurance for small business owners. It offers flexible deductible and premium choices.
Cigna offers insurance coverage more broadly than in only 10 states, with products available to businesses and individuals in many parts of the United States and internationally.
Cigna scores an average of 2.5–4 on a scale of 1–5 from NCQA and an A rating with AM Best. It scores excellently in 4 out of 21 award-eligible regions.
Cigna’s reported number of customers includes beneficiaries of health, life, accident, and other forms of insurance globally. The exact number of individual customers should be verified for current accuracy.
The company’s network has 1.5 million collaborations with clinics, healthcare facilities, and healthcare providers.
Cigna is also authorized to underwrite health insurance plans in 10 major states within the US.
Cigna offers around 8 different types of medical insurance for small business owners under its group plans. The cost of these plans may vary depending on your state.
Highlighting Features of Cigna
- Wide range of insurance plans
- Large provider network
- Excellent customer service
Conclusion
These are the top 5 medical insurance for small business owners. These companies have been ranked according to their flexibility options and affordability for small-sized businesses in the US.
It is highly advisable to talk with the company representative directly before buying group health insurance plans for your employees.
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See Also
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