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Mini Med Health Plans vs. Major Medical Health Plans

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Surveys show that hundreds of thousands of employees face getting “priced” out of group health insuance benefits in the US. This isn’t from us, but from surveys done by payroll and benefits management companies. Every year, health benefits rise, and more and more businesses are struggling to pay a share, and possibly, passing more costs onto employees, OR they are eliminating group health benefits alltogether.

However, business knows that employees expect group health insurance, and when they do not offer it, employees may move on or accept another job offer. Sometimes a mini-med plan, with a premium of about half of traditional major medical insurance, can be used to provide basic health benefits without straining business and employee budgets.

Since mini med plans have much lower limits on benefits than major medical, adding a supplemental health or accident insurance policy can provide fairly comprehensive coverage for much lower premiums. In a perfect, world, I would want everyody to be able to have a great group major medical insurance policy, but in this world, a mini-med plan may have to fill the gap!

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What is Workers Comp Insurance?
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Workers’ compensation insurance covers injuries and occupational diseases picked up at work. Fault doesn’t matter; employers are liable even if the employee may have contributed to the injury or illness. It’s required in every state except Texas, and specifics vary from state to state.

Why do we need this?
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The laws in almost all states require you to have workers’ compensation insurance if you have employees. Workers’ comp is a no-fault system designed to protect employees who are made ill, injured or killed on their job–and also to protect employers from financial ruin due to negligence lawsuits.

Who needs it?
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Not every employer needs workers’ comp - in some states, small companies with fewer than three to five employees don’t. Many states also give the employer the option to self-insure, that is, to cover the costs flowing from on-the-job injuries themselves. Whether this is a good idea depends on the business you’re in and the financial state of your company.

Also See —

Free Business Insurance Quotes Online

Workers Compensation US

Comp Houston

America Ferrera, who plays Ugly Betty on TV, has just had her smile insured for 10 million dollars by Lloyds of London. In the past, Keith Richards of the Rolling Stones insured his guitar fingers, and Bette Davis is rumored to have insured her slim waistline. This is known as custom specialty insurance, and is usually a type of insurance we associate with the very rich and famous.

If your particular business has a unique risk, you may consider specialty insurance. I would suggest finding an insurance agent who is very familiar with the custom specialty insurance market. This type of insurance is harder for companies to underwrite, just because it is unique, and large insurance companies will be more disposed to take business from an agent or broker who has delivered a lot of business to them in the past.

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Many small businesses are starting out without group health insurance these days, partly because premiums are sky rocketing. Indeed, if the owner and employees have access to invididual insurance or a spouse’s group plan, business owners are choosing to leave out this important benefit. This may be a sensible short term move.

However, if you business grows, the lack of a health plan can limit you. Group health insurance is a benefit that will attract and retain many quality employees. A group plan also shows that you, as an employer, care about your employees. A group health insurance plan can also provide your business with important tax deductions, which in effect, make it cheaper in real dollars to provide.

You will, of course, have choices in copay and deductible amounts. If you cannot afford a Cadillac health plan, then you still may be able to afford a Dodge! The addition of an indexpensive accident plan or supplemental sickness policy may allow you to choose a very affordable high deductible plan! And of course, many small business owners expect their employees to contribute a precentage of the premiums. The amount of the percentage that employees may contribute to a plan may vary by insurance company and state.

In summary, group health insurance can be expensive and hard to shop for, but is also one of those basic benefits that good employees will be looking for. With tax advantages and flexibile plans, it may be more affordable than you think. We make it easy to shop for group health insurance online!

All states require proof of financial responsibility to drive a car, and many require that proof to be in the form of liablity insurance. Most of us would never dream of driving our car without a personal car insurance policy! However, a lot of small business owners leave themselves open to a large liability because they rely on their personal car insurance policy to protect their car when they use it for business. Some business owners not only use their car for business very often, but they even lend it to their employees!

If you drive you car for business, you need to to one of two things. Either make certain that your personal insurance coverage covers you for business use, or look into obtaining a commercial car insurance policy. Commercial car insurance policies look like personal auto insurance policies. They just cover your car for business use!

One Car accident could ruin your business with a huge liability for damages, medical expenses, and legal defense!

CLICK HERE TO COMPARE COMMERCIAL CAR INSURANCE PRICES ONLINE.