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Elle | Why is it that some small companies don't offer health insurance for employees? |
I work for a successful company but there is only 6 employees in it. Our company doesn't offer any health insurance benefits. why? |
 |
 
Scott B
 |
Most likely it's cost.
Larger companies have enough employees to get much lower "group" prices from insurance companies. If you only have a few employees, the insurance companies are going to charge a lot more, and that may be cost-prohibitive for your company. |
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Randy W
 |
The main reason is that a company with only six employees will not get a break on insurance rates, The price for the insurance would be the same as if the six of you were in the same family. If they did offer you a policy the premiums would be so high that you would most likely be able to get a family health care plan on the open market cheaper then the company could offer it fo you. The reason is that the insurance company is going to rate each individual and their family members by past health status, and if 2 out of the 6 members at work had a poor health record costs would be past on to the rest of the workers.
That is not a fair insurance plan.
You can go out and get a famly plan for around $400 a month to cover you and a husband and one child, that would be major medical and you would have to fork out the office visits and prescriptions. IF you do this you might check with your company to see if they would consider paying a portion of this or offering a bonus system that would help those in the company with insurance. Or you might even just ask them to start a FSA (Flexable Spending account) This would help with pretax dollars and would give you some cash in the event of a medical issue. |
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chevygirl_97z
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It probably costs too much. Usually with health insurance the company pays a certain percentage of your coverage |
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U can call him Max. Born 6/13/08
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For many small companies, its difficult for them to afford insurance. |
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nurse ratchet
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Usually because they cannot afford the high costs associated with it.
By the way, there is a lot of bad info on here with other answers. A group has a minimum of 2 employees. And, I have NEVER in over 23 years of doing this, seen an employee rate of $1000 a month.
I still say it is the high cost. Health insurance is way too expensive. I suggest you find a good, knowledgeable agent that represents lot of companies to help you with an individual plan before you need it. You don't wait until you find out you are sick to buy it. That's like waiting until your home catches on fire to buy a homeowners policy. |
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dancingcat_98
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Insurance companies are alot like stores in the concept of "buy in bulk & save". The smaller the company, the more expensive it is per employee to insure. Alot of small businesses such as yours would wind up putting out over a thousand dollars per employee. Alot of employers don't want to pay that.
You have a couple of alternatives. Depending on your income, and family size, you can get state-assisted health insurance i.e. Medic-Aid. If you don't qualify, you also have the option of buying your own individual policy just as you would car insurance. The main thing is READ THE FINE PRINT. Things such as "pre-exsisting" conditions, exclusions, etc can lead to things not being covered. |
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j-man
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In addition to the expense, many insurance companies will not allow a group to be formed with fewer than 10 employees. Some states actually require at least 10 people in a company before a group can be formed. |
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mbrcatz
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It's probably too expensive. With a group that small, it's individually underwritten. If you're talking family coverage, if everyone is under 40 and healthy, you're looking at them paying about $1,000 a month PER EMPLOYEE, and the employee kicking in another $200 a month or some such. If people are older, or have preexisting conditions, or members with preexisting conditions, family plan could cost $2,000 per month per employee, or even more. |
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