ResourcesSmall Business Health Care Hub

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Morgan

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Text: Funding options. Small Business Health Care Hub by JPMorganChase. Morgan Health. JPMorganChase. Morgan Health and JPMorganChase are not a broker nor advisor. Colleagues speak and use computers in an office.

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Picking a health insurance plan for your business can feel overwhelming, but the right choice helps your team stay healthy and keeps your business strong. Here are some simple terms you'll see in health plans.

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Premium, the monthly cost for health insurance usually split between you and your employees. Deductible, what your employees pay before insurance starts helping with bills. Coinsurance, the amount employees pay alongside the plan after meeting the deductible.

Your budget, flexibility, and risk tolerance should guide your choice of plan.

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It's important to understand who pays for health costs that go beyond what the premiums and other payments were set to cover, such as when employees need more medical care than the plan anticipated.

Deciding who is responsible for these costs is called funding. Here are the main ways to pay for health insurance.

Fully insured, you pay a set amount to an insurance company which handles all costs and administration. This provides predictable expenses and minimal administrative work, but is often the most expensive and limits flexibility in plan design.

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Self-funded, you pay your employees' health care costs directly. This allows for flexible plan design and potential savings, but carries a greater financial risk if claims are high.

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Level funded and captive. A blend of both approaches offering some predictability and flexibility. You get possible savings, though some risks remain and flexibility may be less than with self-funded plans.

Other options.

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Text: Professional Employer Organizations, PEOs. Health Reimbursement Arrangements, HRAs.

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You can also outsource HR and insurance tasks to a PEO or set aside money for employees to buy their own plans with an HRA.

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The best choice depends on your business size, budget, and how much risk you're comfortable with.

Each option has trade offs, so think about what matters most to you. Want to see which option fits your business? Try our funding tool to compare plans.

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You'll be ready to have informed conversations with advisors, brokers, and your team and make the best choice for your team.

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Empower your business. Protect your people. Use what you've learned to choose a health plan with confidence.

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Text: Funding options. Small Business Health Care Hub by JPMorganChase. Morgan Health. JPMorganChase. Morgan Health and JPMorganChase are not a broker nor advisor.