You may be offering many benefits to your employees as a small business owner. But among all, offering health insurance to the employees make them happy and healthy. It is also a signal that you care the well-being of your staff. Let us see what are the health insurance offered to small business employees in Tennessee.

Small Business Health Insurance:

Offering benefits to the employees of a business by the employer such as periodical increments, perquisites, bonus and the like are the cost effective options for small businesses. One of the most important component of benefits to the employees is small business health insurance Tennessee.

Categories of Small Business Health Insurance:

The two primary categories of small business health insurance TN are individual health insurance and group health insurance. The employers of Tennessee can offer small business health insurance Tennessee to their employees and the tax benefits are too attractive for the businesses and employees. Of course, when your employees earn a below average income, then offering small business health insurance TN will not benefit the employees.

According to law, if an employee has has affordable health insurance available through his or her employer, then the dependents are not eligible for any tax subsidies. From the year 2014, there are some special new tax incentives available to businesses and employees when employees purchase individual health insurance. Moreover, small business owners,  who cannot offer group health insurance plans due to minimum contribution requirements have to purchase individual and family health insurance plans for themselves and their families. The insurance providers cannot refuse small business health insurance Tennessee to the employees based on their  pre-existing health conditions.

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Group health insurance small business Tennessee are a form of employer sponsored health coverage for the employees. Costs are shared between the employer and the employees and the coverage can be extended to their dependents. In respect of self employed persons, some States allow them to qualify for group health coverage.

Types of Health Insurance Coverages:

Extended Health Care:

This meets the essential medical expenses that are not covered by an employee’s provincial health coverage. This includes prescription drugs, specialist visits, vision care, hospital stays and emergency travels.

Dental Coverage:

This coverage include preventive care expenses and diagnostic dental treatments.

Accidental Death and Dismemberment:

This provides cover to an employee and his or her family in the case they are injured in serious accidents resulting in paralysation or loss of limb etc., and provides the family of the employee,  if the employee dies in accident.

Life Insurance:

This will provide death benefits to the family of the employee if he or she dies.

Disability Insurance:

If an employee is suffering from long term or short term disability then, this coverage will provide the employees with a portion of his or her income,  if the employee is not in a position to continue his or her work.

Small Business Health Insurance:

If you are a small business and satisfy the following conditions, you may be eligible for a tax credit that will put money back in your packet. The eligibility conditions are

  • You must have less than 25 full time employees
  • You must pay an annual average salary that is less than $50,000
  • You must pay a minimum of 50% of your employees health premiums.
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In fact a single health plan may not be fit for all employees. Small business health insurance TN plans are available in various form and the employer can can offer these plans that suits their employees.

Conclusion: It is very much essential to look after the welfare of the employees of a business and offering health insurance plans to them is one of the best ways to earn their confidence.