142 - Choosing Health Insurance Coverage

Scale Your Small Business

Welcome back to the Scale Your Small Business Podcast with your host, Jillian Flodstrom! On today’s show, we’re taking a look at Health Insurance. It can be a dizzying experience with a seemingly endless pile of options that can leave you confused and unsure where to start. Let’s calm that chaos.

The first thing to consider when you’re scaling your business is simply offering a health insurance package to your current (and potential future) employees. There are many employees looking to switch jobs but don't because they have awesome benefits. If you're hoping to attract those employees by having that benefits package, offering a great package could do the trick.

Next, consider the level of plans of packages and the variability of the cost. Costs can vary in price range based on the size of your group, your location, or the type of business. Reaching out to a local licensed agent is the best thing that you can do. Be sure that this person is someone that is going to be able to grow with you because your business is going to grow.

Don't feel like you have to add everything to your health insurance package in the first year. You can start with a basic package and add on additional benefits as your team needs them. By expanding your package, you’re scaling your business by bringing in new talent.

Talk with your employees about the package you’re offering. It helps employees understand not only the cost but the decisions that you're making and what benefits you're bringing to them.

Key Takeaways

The first thing to consider when you’re scaling your business is simply offering a health insurance package to your current (and potential future) employees.

Consider the level of plans of packages and the variability of the cost.

Don't feel like you have to add everything to your health insurance package in the first year.