My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Ready For Anything

Can we offer paid insurance benefits to only exempt salaried employees?

min read
Opinions expressed by Entrepreneur contributors are their own.
Most insurance carriers do not want to only offer health insurance, for example, to the higher-level employees for some good business reasons.

For one thing, it spreads the risk across fewer people. So, your rates may be very high, if you can find a carrier interested in your business. You are not legally prohibited from doing this if you can find a carrier interested in your business.

In my opinion, it would be better to offer health insurance, for example, to all employees and pay a set amount toward the cost (say 50 percent of the cost of single coverage). Then, pay exempt employees the amount you wish to in order to offset the remaining cost for their coverage.

You can offer benefits such as life insurance, disability insurance, etc. to only a portion of your workforce.But, again, the rates will be affected by the limited number of individuals being insured.

More from Entrepreneur

Brittney's a Certified Financial Planner who can help you manage your business and personal finances and navigate the ups and downs of starting a business.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur