For many startups, balancing innovation with affordability is a constant challenge—especially when it comes to offering employee benefits like health insurance. In a competitive job market, providing health coverage is more than a perk; it’s a necessity for attracting and retaining top talent. But with limited resources, how can a growing company compete with larger businesses offering robust benefits packages?
At Co Health Brokers, we specialize in helping startups and small businesses navigate these challenges. Whether you’re looking to explore small business health insurance in Denver or want to learn how insurance brokers in Denver can tailor options to your needs, we’re here to simplify the process and help you build a benefits package that works within your budget.
Why Health Insurance Matters for Startups
Startups often operate in fast-paced, high-pressure environments. Employees wear multiple hats, and attracting skilled professionals can be difficult when competing with larger firms. Offering health insurance shows your team that you value their well-being and are committed to investing in their future. It also helps reduce turnover, boosts morale, and can make your startup a more attractive place to work.
But we understand—cost is a real concern. Fortunately, there are strategies that make offering health benefits more feasible, even for bootstrapped businesses.
Smart Strategies to Offer Affordable Health Insurance
1. Explore Group Health Insurance Plans
Group health insurance is often more affordable than individual plans because risk is spread across a larger pool. Even if your startup has just a few employees, you may still qualify for a group plan. This not only saves money but also opens access to better coverage options.
As experts in small business health insurance in Denver, Co Health Brokers helps startups find group plans that are both cost-effective and comprehensive, ensuring your team gets the coverage they need without overextending your budget.
2. Leverage the Small Business Health Care Tax Credit
If your startup has fewer than 25 full-time equivalent employees and meets certain salary requirements, you may qualify for the Small Business Health Care Tax Credit. This credit can cover up to 50% of your premium contributions, making it significantly easier to offer employee health benefits.
An experienced insurance broker in Denver—like our team at Co Health Brokers—can guide you through eligibility requirements and ensure you don’t leave money on the table.
3. Offer a Qualified Small Employer HRA (QSEHRA)
A QSEHRA allows small businesses to reimburse employees, tax-free, for their individual health insurance premiums and qualified medical expenses. This approach puts you in control of your budget while still providing a valuable benefit to employees.
QSEHRAs are often underutilized simply because they’re misunderstood. Co Health Brokers can help you set up and manage a QSEHRA that aligns with your business goals.
4. Work with a Local Insurance Broker
Working with insurance brokers in Denver—like Co Health Brokers—can save your startup both time and money. Rather than navigating confusing insurance marketplaces on your own, brokers help you compare multiple carriers, understand your options, and find custom-fit solutions tailored to your industry, team size, and budget.
Plus, brokers often have access to exclusive group rates and can provide ongoing support as your business grows.
FAQs About Startup Health Insurance
Do I have to offer health insurance if I have only a few employees?
No, federal law doesn’t require businesses with fewer than 50 full-time employees to offer health insurance. However, offering coverage can still be a powerful recruitment and retention tool. Plus, you may qualify for tax credits that make offering benefits much more affordable.
How much does small business health insurance typically cost in Denver?
Costs can vary based on the size of your team, the plan selected, and the level of coverage. On average, a small business may expect to pay between $300 to $500 per employee per month. Co Health Brokers works to find plans that meet your budget without compromising on quality.
Can I offer health benefits to only some employees?
In most cases, group plans require you to offer coverage to all full-time employees. However, there are flexible options such as QSEHRAs or health stipends that allow you to support employees in a more personalized way.
What’s the difference between working with a broker vs. shopping for insurance on my own?
An insurance broker acts as your advocate. We shop across multiple carriers, explain your options in plain English, and ensure you get the best value. Unlike dealing directly with a single provider, brokers aren’t tied to one solution—we find what works best for you.
Why Work with Co Health Brokers?
At Co Health Brokers, we understand that startups are built on dreams, passion, and tight budgets. That’s why we specialize in small business health insurance in Denver, helping entrepreneurs like you offer meaningful benefits without breaking the bank.
Our experienced team of insurance brokers in Denver works one-on-one with startups to identify the best path forward. We simplify complex terms, handle the paperwork, and make sure your team gets the care they deserve—so you can focus on growing your business.
Ready to Build a Healthier, Happier Team?
You don’t have to choose between growing your startup and taking care of your employees. With the right strategy and support, you can do both. Contact Co Health Brokers today to schedule a free consultation and discover how easy and affordable it can be to offer health insurance for your startup. Let’s build a benefits package that works as hard as you do.
