Do you own a business and you’re searching for small business health insurance? Then you should read this post to the end as I’ll be explaining all you need to know to choose the best small business health insurance.
Small business health insurance helps organizations offer employees more inexpensive access to medical insurance. Since many employees from the organization are usually enrolled in these group insurance, everyone can benefit from lower rates or better coverage. These policies are designed for smaller businesses that might want to provide health insurance to entice top employees away from the larger competition.
The top small business health insurance companies give affordable premiums, adaptable options for coverage, availability, and access to a wide range of medical specialists. To give employees more options, health insurance providers sometimes offer dental and vision coverage in addition to comprehensive medical coverage. This is done to meet the benefits that employers wish to offer to their employees.
Best small business health insurance companies
1. Blue Cross Blue Shield Small Business Health Insurance
Blue Cross Blue Shield, one of the biggest health insurance companies in the nation, offers a variety of coverage options to suit the needs of most small business owners. Additionally, one of the features that makes them the best small business health insurance company is that they provide data-driven healthcare solutions to give many businesses affordable choices. The insurance provider for consumers who require flexible options is this one.
Blue Cross Blue Shield is a group of 34 independent insurance firms that operate nationally. The association was founded in 1929, and the majority of its businesses have received excellent reviews from AM Best. The National Committee for Quality Assurance, a nonprofit organization that evaluates and accredits health plans, gave the company’s overall scores of 2.5 to 4.5 on a scale of 1 to 5. 1.
In 8 of the 21 regions that qualified for awards in the J.D. Power 2021 U.S. Commercial Member Health Plan Study2, BCBS companies also came in the first place.
More than 90% of the country’s hospitals and physicians are affiliated with BCBS, which offers coverage in all 50 states as well as Washington, D.C., and Puerto Rico. Through BCBS Global, the business now underwrites overseas coverage in more than 190 nations. Data for cutting-edge healthcare solutions, such as the capability to compare pricing for more than 1,600 procedures, are seeded by the company’s extensive network.
Nearly seven million people who work for small organizations are covered by BCBS, a popular option for companies with less than 50 employees. The largest network option offered by BCBS, which includes 96% of American hospitals and 95% of American physicians, is BlueCard PPO.
- Broad provider network.
- Healthcare solutions based on data.
- Details about health plans are few on the BCBS website.
- Must speak with a salesperson.
2. Cigna Small Business Health Insurance
With numerous premium and deductible options, Cigna’s small business health insurance plans may meet the needs of most small businesses. Despite only being offered in ten states, it is supported by a sizable provider network, a website with outstanding levels of detail, and good customer service.
Cigna, which was established in 1792, received an A grade from AM Best. On a scale of 1 to 5, Cigna received a rating of 2.5 to 4. 1 In four of the 21 award-eligible regions, the company received the highest ratings; however, the J.D. Power 2021 U.S. Commercial Member Health Plan Study also gave it several ratings that were below average.
With 180 million client and patient interactions across more than 30 nations, Cigna is a multinational corporation.
There are 1.5 million connections between providers, clinics, and facilities in the company’s network. Arizona, Colorado, Florida, Illinois, Kansas, Missouri, North Carolina, Tennessee, Utah, and Virginia are among the states where it is authorized to write health insurance plans.
In these states, Cigna provides small business health insurance to organizations with more than 50 employees. There are also administrative services available for self-funded plans with as few as 25 employees.
The following group health insurance plans are provided by Cigna:
- Open Access Plus (OAP): National network with discounts.
- Cigna SureFit: Customizable plans in select areas.
- Indemnity Plans: Network savings plans that do not require referrals.
- HMO: Quality, affordable providers in local areas.
- LocalPlus: Focused, a limited network of affordable providers.
- Network: Quality, affordable providers in local areas.
- PPO stands for preferred provider organization and is a huge nationwide network that is comparable to OAP. but provides more leeway for care received outside of the network.
- Cigna Group Medicare Plans: Health insurance options created to adapt to your organization’s and your. retired employees’ changing needs.
Depending on where you live, the costs change. For detailed plan specifics, you must consult with a local representative.
- Range of plan options.
- Large provider network.
- Limited plan details online
3. Aetna Small Business Health Insurance
If you’re searching for a small business health insurance company for your business, Aetna may be one of the best options you have.
It’s so sure that small businesses will love the flexible and deductible health program by Aetna. One of the great qualities of Aetna is its tax-advantaged savings options that may better fit most employee needs. An organization with a long history in the industry is Aetna. The business, which has been operating since 1853, has received an A grade from AM Best. 6 Aetna receives a rating from NCQA of 2.5 to 4, on a scale of 1 to 5. 1 On the J.D. Power’s 2021 Commercial Member Health Plan Study, the company receives a diverse range of ratings. 2
Although Aetna isn’t offered in every state, the firm has a huge global presence, employing more than 5,700 hospitals and more than 700,000 primary care physicians. The business may provide one, two, or all three of these programs in addition to others, depending on your state; prices may change:
- Open-Choice plan.
- Without a referral, see any healthcare physician. In-network visits receive the best discounts.
- Traditional Choice Health Insurance Plan.
Visit any establishment or licensed provider; make your payment in advance and file a claim for reimbursement. You must be familiar with your Plan Design and Benefits Summary in detail. Aetna HealthFund One-to-One: Select a health plan with a high deductible and combine it with an HRA or health savings account (HSA). Aetna offers four distinct health cost fund alternatives for small businesses. All the feature provides tax-advantaged savings opportunity for employees:
- HealthFund Health Reimbursement Arrangement.
- HealthFund Health Savings Account.
- HealthFund Flexible Spending Account.
- Retirement Reimbursement Arrangement.
Policyholders have the opportunity to prepay for future medical bills with health expense funds. Contributions allow you to put more money in your and your employees’ pockets by reducing your taxable income.
- Health expense fund options.
- Large provider network.
- High levels of customer satisfaction.
- Not available in every state.
- Less informative website info for decision making.
The difference in fees and hard-to-understand company policy. Though, you can understand through the help of sales reps.
4. UnitedHealthcare Small Business Health Insurance
For the majority of small businesses, UnitedHealthcare provides a reliable option with its extensive network of in-network medical professionals and thousands of facilities across the nation and this is why they are on my list of small business health insurance companies.
The company’s significant annual investment in technology also strengthens its capacity to consistently provide better products and better plan coverage to consumers to meet their changing needs.
AM Best has given UnitedHealthcare (UHC), which has been in operation since 1977, an A + grade. 3 On a scale of 1 to 5, NCQA gave it a rating of 2.5 to 4.5 overall. 1 UHC did not place well in the J.D. Power 2021 U.S. Commercial Member Health Plan Study for a business of its size.
Almost $3.5 billion is spent annually by UnitedHealth Group on technology and innovation, and its small business programs offer a variety of unusual tools. Members can consult a doctor and obtain a prescription using Virtual Visits. The Symptom Checker, which uses artificial intelligence to provide basic medical advice, is another useful function.
UnitedHealth Group is situated in all 50 states and has international operations, operating in more than 130 other countries. The company partners with more than 1.3 million competent doctors and over 6500 medical facilities in the US.
- Innovative healthcare technology.
- Expansive provider network.
- Easy to compare plans online.
- Past issues with mental health coverage.
5. Humana Small Business Health Insurance
Humana is one of the best small business health insurance providers for small business owners. One of the qualities that make Humana one of the best is its top-notch customer service. They have competent customer care service which is ready to answer any of your enquiries at any time.
It also has a broad provider network with plenty of alternatives for adjustable deductible and premium combinations, giving companies the opportunity to get exactly what they’re looking for. One of the biggest insurance providers in the US for Medicare alternatives and individual plans, Humana also provides group medical insurance for small businesses in 18 states with between 2 and 50 employees. The small business health insurance company was founded in 1961, and since 1984, it has offered health insurance. It obtained a 2.5 to 4.0 overall rating on a 1 to 5 scale from NCQA and an A- grade from AM Best5. 1 In J.D. Power’s 2021 U.S.
Commercial Member Health Plan Study, the business also received high marks.
Throughout the majority of the nation, Humana collaborates with millions of medical and specialist partners. 350,000 medical professionals and 3,000 hospitals make up the Humana network.
For both small and large organizations, Humana offers five plans:
- Canopy: beneficial for those with low health demands. The copay for seeing a primary care physician is only $20, and the premiums are affordable. Getting preventive care is free.
- Efficiency: cheapest premium choice. With physicians who are in-network, preventive care is free.
- Simplicity: For appointments within the network, there is no deductible, and copays are simple. Getting preventive care is free.
- HDHP: No copays and a high deductible. Most plans qualify for HSAs.
- Copay: copayments for pharmacy, telemedicine, and preventative care.
The price of these plans may differ depending on where you live. Additionally, Humana offers a cost-saving “level-funded premium” option for small enterprises with up to 100 employees. For more information, go online or contact a representative.
- Strong customer service.
- Large provider network.
- Plan details on the website.
- Not available in all states.
- Some costs are potentially higher for flexible spending accounts.
- Limited coverage and smaller network.
6. Kaiser Permanente Small Business Health Insurance
Many people find Kaiser Permanente to be a wonderful option for anyone searching for a small business health insurance company because of its long history of providing top-notch customer service and extensive website with lots of educational resources. Also, they have comprehensive preventative healthcare programs that the company provides for its employees. These programs are aimed to keep employees healthy for a longer period of time.
Leading healthcare organization and nonprofit health plan Kaiser Permanente. Despite being founded in 1945, the business doesn’t currently have an AM Best rating. On a scale of 1 to 5, NCQA gives it a rating between 3.5 and 5. 1 In four of the 21 award-eligible regions, the J.D. Power 2021 U.S. Commercial Member Health Plan Study places Kaiser at the top. 2 On Newsweek’s list of the Best Customer Service Companies in 2021, Kaiser came up on top for health insurance providers in terms of customer service.
Hawaii, Georgia, California, Colorado, Maryland, Oregon, Virginia, Washington, and Washington, D.C. are among the states where Kaiser provides coverage. The company has a network of 23,656 doctors and 65,005 nurses, and it has 12.5 million members.
Kaiser is known for providing high-quality healthcare with a focus on preventive care. The organization’s electronic records system offers real-time provider coordination and sends screening reminders. Kaiser has higher cancer screening rates than the national average as a result. Additionally, the business is a national leader in lowering high blood pressure.
The small business insurance plans from Kaiser are targeted at organizations with two to 100 employees. There are a total of six different plan choices, with prices varying by state:
- Traditional HMO plans.
- Deductible HMO plans.
- HRA and HSA-Qualified Plans.
- Deductible HMO with HRA plans.
- Point of Service (POS) plans.
- PPO plan.
These plans include four coverage tiers—bronze, silver, gold, and platinum—each of which has a range of deductible, coinsurance, and copayment options. You can phone a local sales agent or use the Kaiser website to compare policies.
- Strong emphasis on preventive care.
- Detailed plan information on the website.
- Doesn’t have an AM rating.
Small Business Health Insurance Conclusion
According to our thorough study, Blue Cross Blue Shield offers the finest small business health insurance for proprietors of small businesses seeking comprehensive coverage throughout one of the country’s largest networks.
For workers who require specialized care or want to continue with their current physicians and facilities, a large network may offer better possibilities. In addition, Blue Cross Blue Shield provides customized policies, such as different premium and deductible alternatives and plans, to match the demands of today’s small enterprises.
In addition to assisting business owners in navigating all of those strategies, good customer service also facilitates decision-making.