Posted on September 2, 2010.
What type of affordable health insurance is there for small business owners? I have a friend who is now moving to Tx and seeks to establish his own business, but hesitates because he has a wife and two children and do not know what to do regarding health insurance.
One of the best options to consider include health savings accounts. They combine a health plan to a high deductible (HDHP) with money from a savings account that is to invest in almost any type of investment.
You use the money (which is set designs, manufactures and spent tax free as long as he is on medical expenses) to pay your medical expenses until you hit the deductible plan and health pay, except that routine care, such as doctor's visits, etc. are covered from the first dollar in terms of health.
As a small business there are tax benefits to the company for this and as an employee, you get tax benefits and the ability to use the money for what you want (up to 65 as long as you pay tax when you go out. ... after 65 years, he is like an IRA where you pay your retirement after setting the tax rate on withdrawals).
You must be diligent about funding the cash portion, but consider this part as an IRA account that you plan to set up and use of retirement.
"Tvlscat" is right on the money on HCP. You can never get the deductions paid. And now, rates are jumping again. Report Abuse
Whatever you do, DO NOT use MEGA, the Alliance for affordable health or HCP. Absolutely terrible. I put more than $ 100,000 in bonuses that I never got them. Terrible. I'm switching to Blue Cross. Expensive but worth it, according to my friends who freelance.
If he is currently employed in a company that provides health insurance, it should consider COBRA. If the company (depending on size) is required to offer COBRA, your friend can continue on its current plan of 18 months. He must check to be sure of its current plan has a national network of doctors / equipment to be sure are available in Texas.
Another place to go is the State Department of Insurance. They give you a list of companies that sell policies to individuals. Then you must decide what type of insurance they need. Others spoke of high deductible plans and they could work, but it will depend on its own situation and risk tolerance.
There is no single model for health insurance.
In addition, according to the companies, he started there may be groups of the industry that the deposits of the Group cover offers (). Another company that offers plans and I use it for my son who will be the age of my policy this spring is the golden rule. They sell to individuals and different policies.
The HSA is impressive.
If you want to offer something to employees at no cost to you (unless you want to pay a% of premium), benefits Aflac offers. You can deduct the premiums paid pre-set, which saves your employees taxable income and reduces the FICA match you pay as a business owner in Uncle Sam's plans do not increase in price and are portable if employees can keep the same price, if you leave your business, retirement, etc.
