4 Common Mistakes Small Businesses Make with Health Insurance
1 Underestimating the Costs While you may have a rough budget in mind , healthcare premiums often vary. These variations depend on the size of your business, the age and health of your employees, and the types of plans you choose. Some business owners assume they can simply "wing it" with the cheapest plan available. You may realize later that the coverage is too limited, leaving both you and your employees stuck with hefty out-of-pocket expenses. Always factor in hidden costs like deductibles, co-pays, and prescription coverage when deciding on a plan. The goal isn’t just affordability; you want a plan that provides value without breaking the bank. 2 Failing to Understand Legal Requirements Health insurance is governed by laws and regulations, and failing to comply can land you in legal trouble. Even if your business is smaller, it's still wise to get familiar with local regulations. Tax credits, exemptions, and specific state laws can affect your options. Make sur...