The Top 5 Reasons to Use Health Insurance Brokers for Small Business

1. Save Time on Research and Paperwork

Running a business is tough enough without worrying about figuring out the medical insurance or coverage you need.

Health insurance brokers for small businesses simplify everything, saving you time and energy. They can compare plans based on your specific needs, handle paperwork, and guide you through the enrollment process.

Great brokers even handle renewals, translate jargon-filled policies, and ensure that every document is submitted correctly and on time.

2. Gain Access to More Plan Options

Small business health insurance brokers can introduce your team to unique alternatives to traditional group plans that perfectly match your employees’ needs and budget.

Your broker could introduce you to Health Savings Account (HSA) solutions that allow employees to use pre-tax dollars to pay for various medical expenses. Or they might guide you through the pros and cons of a Direct Primary Care plan, that offers unlimited access to a primary care doctor for a flat monthly fee.

You could even discover the benefits of a healthsharing solution – which could help cut monthly coverage costs.

3. Ensure ACA and State Compliance

Maintaining compliance with health insurance laws can be stressful.

There’s a lot to figure out, from federal rules set by the Affordable Care Act (ACA) to Colorado-specific regulations mandated by the Colorado Division of Insurance.

For instance, Colorado considers businesses with up to 100 employees a “small group” under state law, and small groups have specific rules to follow. Local mandates, like specific requirements for mental health and preventive care, must also be considered.

Health insurance brokers for small business leaders can help you understand and navigate complex laws, reducing the risks of penalties and gaps in coverage.

4. Receive Ongoing Support for Business Changes

Your insurance plan needs to adapt as your business and team change.

Whether you’re hiring new team members, adjusting coverage for a pregnant employee, or dealing with annual renewals, reliable small business health insurance brokers will guide you. 

At ColoHealth, we act as a long-term partner for the businesses we support, not just a one-time resource. We’ll check in regularly to ensure your benefits continue to meet your needs.

5. Unlock Tax Saving Opportunities

Many small business leaders mistakenly think that working with a broker makes insurance more expensive.

The truth is that brokers help you save money by helping you compare plans more effectively and introducing you to tax-saving strategies.

For instance, if you have fewer than 25 full-time employees with average wages under $56,000, you may qualify for the Small Business Health Care Tax Credit, worth up to 50% of your premium costs. Plus, contributing to HSAs and health reimbursement arrangements can reduce taxable income, while offering unique benefits to your team.