6 Myths About Health Care Insurance For Small Businesses

As a small business owner, you may be wondering if it's worth it to offer health care benefits to your employees. Shopping around for health insurance can feel like an impossible mission with complicated and costly plans. However, you can find affordable care options for your team with the right guidance.

There are a few myths that you should know about providing health insurance to your employees. Here are some of the most common misunderstandings that may be keeping you from investing in health insurance or stuck with the wrong kind.

1. Myth: As a small business owner, I can't afford to offer my employees health insurance.

Providing health insurance can be pricey, but you may get a little extra help as a small business. Depending on the size of your company, you may be able to qualify for a health tax credit. Additionally, if you team up with a broker, they'll keep your budget in mind and give you tips for saving.

2. Myth: I can't enroll in health insurance because I missed the open enrollment period.

Good news — as a small business, you can enroll in health insurance at any time. You can also switch health insurance providers at any time. Just keep in mind the benefits might kick in on the first or 15th of the month for most insurance companies.

3. Myth: I don't legally have to offer health insurance. I should just save that money.

Sure, under the Affordable Care Act (ACA), you're not legally required to provide health insurance to your employees if your business has less than 50 employees. But choosing to skip health insurance as part of your benefits package puts your business at a disadvantage.

Employees are becoming more demanding about the benefits they receive — especially after The Great Resignation. A recent survey by America's Health Insurance Plans (AHIP) found that 46 percent of participants said whether or not they liked their benefits helped them decide if they wanted to take a job offer or stay with a company. Good benefits is one way that your small business can help attract or retain top talent.

4. Myth: Health insurance benefits are too complicated for a small business owner.

Ok, this one is partially true because health insurance in the U.S. can be confusing. That said, this isn’t a reason to not offer your employees a competitive benefits package. And if you enlist the help of a broker, they can help you navigate the entire process, from shopping for the right plans to enrolling your employees and answering any questions they may have.

5. Myth: If my employees have medical issues, I can't afford to insure them.

There are many plan options your broker can help you explore, especially if you're worried about pre-existing conditions. Some plans simply don't consider the overall health of your employees as a determining factor on whether or not they get coverage. Many providers offer a variety of plans that you can choose from that best fit your company and your employees’ needs.

6. Myth: I have to let my current plan end before switching to another carrier.

If you're not happy with your current insurance plan, you don't need to wait until another open enrollment period comes around to switch carriers. As a small business, you can switch plans at any time. Just make sure you have the new provider lined up. That way, your employees don't have to worry about breaks in their coverage while you're making the switch.

Cigna + Oscar offers care for small businesses and their employees. Visit our website to learn how we can help.

Cigna + Oscar coverage is insured by Cigna Health and Life Insurance Company. CA: benefits administered by Oscar Health Administrators. Other states: benefits administered by Oscar Management Corporation. Pharmacy benefits provided by Express Scripts, Inc. Cigna + Oscar health insurance contains exclusions and limitations. For complete details on product availability and coverage, please refer to your plan documents or contact a representative.