Health Insurance For Small Business And Self-employed
One thing that is sure to make your business more attractive to any potential employee is to have a good health policy in place. With health costs being so high these days, though, it may be difficult to provide this need being that you are a small business, or self-employed. When you look around to see what is out there in the way of small business health insurance, here are some things to look for.
100% Tax Free
As an employer who is contributing to the health of your employees, any amount that you pay towards the premiums of a group health policy is tax deductible - usually 100%. All that you need to do is to make sure that you have anywhere between 2 and 50 employees. In some states, there is even a clause that may allow you to be a "group of one."
Select Types of Providers
Even for small group business health insurance, you still have the option of choosing what type of insurance you want - whether managed care or the wider range of services of a fee for service type of plan. Of course, the less expensive plan is the managed care plan that uses an HMO or POS.
Options
Small group insurance must be made available to everyone in the business - but they must have the option to decline - if they want to, but you will have to keep a minimum number of people in the plan to qualify. You can also offer a basic plan, and permit employees to add their own special features if they want. You can also make it so they can add their spouses and children, and you may or may not have to increase your own percentage of payment for those people who elect to do so - unless you want to.
Cost
The typical way of calculating cost for any group policy is usually based on the factors concerning each individual in the group. This means that the insurance company will consider the health, age, habits, location, and the level of any hazards that may attend any one in the group. While one or two individuals can affect the whole group, it is still true that small business health insurance is still cheaper than buying individual policies.
Self-employed Business Insurance
If you are self-employed, then you have a great opportunity to be able to deduct all of your health insurance costs. In fact, it is even possible to deduct your whole family's insurance as long as there was a business profit for the year. The one exception, however, is if you become eligible to be put on your spouse's group policy, then you cannot subtract that part of the year.
Some states now have laws on the books that will allow a self-employed individual to get insurance as a "group of one." This unique law means that the business individual now has the same insurance rights that a larger employed group may have. The primary application here is that no member of the group may be rejected because of poor health. And, in addition, the insurance policy is always guaranteed to be renewable.
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Free Health Insurance Quotes
By comparing health plans with other rates, you should be able to find the right plan. You can get your free health insurance quotes at the following sites:
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