How to shop for Small Business Health Insurance in 2021

Whether your business has existing coverage, or you are looking to offer health insurance for the first time, figuring out how to shop for small business health insurance is a daunting task.

The small business health insurance marketplace is constantly evolving. There are always new carriers coming into the market, while others are leaving. There is also the ever-changing rules imposed on acquiring insurance, whether it be from the Federal or State level, or from the carriers themselves. Keeping up with this evolving landscape is a difficult process for even the seasoned benefits observer. While it might seem like rocket science to most, there are a few steps we recommend you take in order to make it a much easier process.

Do your research and search for your doctors!

We highly recommend you do your due diligence and research both your doctors and your employee’s doctors to see which carrier(s) your doctors participate with. It is important to make sure you are searching for doctors and providers by the specific networks that are offered in the small business marketplace. This is essential in making sure when you finally decide on a plan, your doctors will be participating in that plan! You can do this by either researching the networks available and utilizing their online provider searches, or by calling your provider directly and asking them if they participate in the network you are looking at.

Compare Prices between comparable networks

While you might be tempted to just compare price to determine which plan you wish to go with, it is important to note that not all networks are created equally. In fact, most carriers offer MULTIPLE networks for their small business offerings and knowing how they differ is something that should not be overlooked. If say two plans you are looking at seem to have the same benefits but differ a bit on price, you need to ask yourself why. Networks are comprised of doctors, labs, hospitals, and ancillary services such as Radiology, outpatient surgery centers, and so on. How large these networks are determine the price you pay. You need to see if there are participating providers in other counties or even other states to properly compare plans. Do you need a referral to see a network specialist? All these questions figure into price, and they need to be considered when deciding on a plan.

Use the Services of an Independent Health Insurance Broker

This is probably your number one consideration when searching for small business health insurance. An independent health insurance broker such as Peak Advisors Inc will be able to walk you thru all the processes involved in researching and signing up for a health insurance plan. The best part about using a health insurance broker is that it does not cost you anything to use their services! Brokers work for you, but they are paid by the insurance companies directly as the insurance company does not have to pay their own staff to assist the business owner. In fact, the rates you pay for health insurance already include the free use of a broker, and you will not pay any less if you sign up thru the health insurance company directly.

Peak Advisors has been working with small businesses in NY for over 30 years. We are a boutique brokerage located on Long Island NY and we pride ourselves in our one on one advice and quick customer service turnaround times. We maintain a 5 star Google rating and you can check out our reviews here. Please give us a call today at (631) 207-1800 or schedule a Virtual Cup of Coffee to get all your questions answered