Health Spas Guide » Small Business Owners

Affordable Health Insurance – Health Insurance For The Self Employed

admin — Thu, 29 Apr 2010 12:49:40 +0000

One of the things that is important to consider when you leave corporate America for the freedom of your own business is affordable health insurance. In fact, the reason most often cited for NOT taking the plunge into self-employment is the lack of cheap health insurance alternatives for people who are not employed by a company that can offer more affordable rates on health insurance through a group health insurance plan.

If you do decide to brave it and be your own boss, there are many places where you can cut corners. Letting yourself or your family go without health insurance isn’t one of them. Here are some common options that can make health insurance affordable if you’re a self-employed entrepreneur or crafter.

Coverage under a Spouse’s Plan

By far the most common option is to cover the family for health insurance through a spouse’s employer. As long as one member of the couple is working for a company that has a group health insurance plan, it’s usually the cheapest option for insuring the entire family.

COBRA

COBRA is an option for the beginning of your self-employment. For the first several months after you leave your job, your employer is required by law to give you the option of retaining membership in their health insurance plan. You will have to cover the entire monthly premium paid by your company rather than the amount that you’re used to paying as an employee when your employer was covering part of the cost. The true cost of that insurance can come as a shock to you – a family health insurance through a group can easily cost close to $1000 a month. It’s still more affordable than most plans that you can purchase as an individual. It’s also only temporary, so you should be looking for other health insurance options while you’re still covered.

A Health Insurance Cooperative with Other Self-employed and Small Business Owners

There are national and local organizations of self-employed workers who have banded together to combine their buying power and get affordable health insurance premiums through group policies. You can find more information about groups in your area through the National Association for the Self Employed (www.nase.org) or the American Association of Home-Based Businesses (www.aahbb.org).

Group Health Insurance for the Self-Employed

In many states like Maine, health insurance companies offer affordable group policies for groups of one. You may have to shop around to find a company that does, but there are benefits other than being a cheaper policy. The most important of these is that they MUST cover everyone in the group, regardless of health conditions. This is important for someone who may have been turned down for an individual health insurance policy because of health.

No matter what, it is vital that you insure yourself and your family against the possibility of illness or accident. There are cheap alternatives to individual health insurance plans for the self-employed.

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By: Carrie Reeder

Health Insurance Options For Small Business Owners

admin — Tue, 16 Feb 2010 21:14:19 +0000

As a businessman or would-be-entrepreneur, you face great challenges and take significant financial risks. Your health and medical care, however, is one department where you wouldn’t want to gamble. As a responsible manager, you should scope out the health insurance options available for small business owners like you.

Recently, managed care providers have been accommodating “Groups of One,” meaning you can buy a policy for yourself with premiums comparable to group insurance rates. The greatest plus of group health insurance policies is “guaranteed issue,” meaning they can’t exclude a person due to health problems.

You can also check if there are trade associations or chambers of commerce in your area that may offer membership coupled with health insurance.

If you wish to, get a plan to include your employees. Being an attractive benefit for prospective employees, a group health insurance plan can get you the best workers. In addition there are special tax deductions for businesses that offer health insurance.

To purchase the insurance plan that suits you best, you need to familiarize yourself with the basic types of managed care providers in the market:

Health Maintenance Organizations

Health Maintenance Organizations (HMOs) give you a range of health services for a set monthly fee. You pick your choice of a primary care physician from their list of affiliated doctors. With HMOs, you will not receive coverage if you go beyond their network, except for emergency cases. Most of the time, you become eligible for insurance benefits without a minimum payment (deductible), but you may be required a small copay per office visit and a steady monthly premium.

Preferred Provider Organization

The Preferred Provider Organization (PPO) is another type of care provider that extends health care through an approved group of providers, or through other providers outside the network. Usually, you have to pay a small copay and satisfy a deductible before benefits are paid. It’s less expensive to visit one of the providers in the network. You may seek out-of-network health care services, but your share of the bill will be higher.

Point of Service Plans

Similar to HMOs, your primary physician attends to you and refers to other in-network doctors in Point of Service (POS) plans. You may choose to see an out-of-network doctor and the plan will pay a predetermined amount of the bill; you will shoulder the bigger amount. These plans usually cost more, but your choice of attending physician is not restricted.

Health Savings Accounts

Health Savings Accounts (HSAs) are not part of managed care. It is a relatively new way to pay for health services. Savings accounts have tax incentives and can be accessed whenever the need for health care funding arises. Any surplus in the account earns tax-free interest.

Bottom-line, your own business is your source of income. You are its most valuable player and asset. Take care of your health and ensure your business’ smooth sail. Study your health insurance options and make the right choice.

By: Charles Crawley

Missouri Health Insurance and Medical Coverage

admin — Tue, 19 Jan 2010 09:01:34 +0000

Consumers who need health insurance quotes and coverage in Missouri have numerous options available to them. There are several well known carriers offering affordable coverage in MO including Aetna, Anthem, American Community, Assurant and United Health Care. Individual and family units can choose from high deductible, catastrophic plans as well as low deductible, comprehensive plans.

Self-employed individuals, small business owners, those losing COBRA, and the unemployed usually seek health insurance in the individual market. Consumers can purchase short term insurance that provide coverage for up to six months – ideal for those who are certain they will soon be eligible for benefits with an employer. And consumers can enroll in permanent plans that cover maternity, prescriptions and hospitalization if group coverage is not available to them.

Benefits, Coinsurance, and Deductible Options

Most carriers offer plans with a wide range of benefits, deductibles, coinsurance, and co-pay options. Typically, consumers can select from deductible amounts ranging from $500 to $10,000. Insurance carriers also offer several coinsurance options including, but not limited to 20%, 50%, 75%, and 100%. (In most plans, the consumer is responsible for the coinsurance percentage up to $10,000.) Lifetime maximum benefits will range from 3 million to 8 million per individual with most policies.

Additionally, all plans in Missouri will have a large network of doctors and hospitals for the insured to choose from. Before purchasing a policy however, it is important to confirm the availability of health care provider in the insured’s area. Additionally, some carriers offer plans with no networks at all. These plans are more expensive, but the insured can choose from any doctor or hospital they wish.

Health Saving Accounts

Recently, legislation was passed approving tax-favored savings accounts that can be coupled with a high deductible health insurance policy. Health Savings Accounts (or HSA’s as they are also known) are now a viable alternative to traditional insurance plans. They allow consumers to self-insure for small claims through a tax deferred savings account, but also offer peace of mind that the insurance policy will pay benefits once the deductible has been met.

They are gaining in popularity due to their tax advantages and flexibility. Money deposited in an HSA grows tax-deferred and can be withdrawn tax-free for qualified medical expenses. Common expenses could include meeting a deductible or coinsurance amount as well as paying for prescriptions, vision, and/or dental care. Unused funds remain in the account year after year for future medical expenses. The funds always belong to the insured even if the insurance needs to be cancelled.

In summary, those in need of Missouri health insurance quotes will have several options from well rated carries. Plans can be tailored to fit most budgets and nearly all plans are portable should the insured need to move out of state. The agents of Hyers and Associates look forward to helping clients in MO who would like to compare policies today.

By: Adam Hyers

Health Insurance for the Small Business Owner

admin — Wed, 06 Jan 2010 02:53:38 +0000

More and more, we see people leaving the comfort of a big organization to branch out on their own. Whether they are tired of being micromanaged or are just interested in doing something different, people are making this move in record numbers.

Becoming a business owner comes with many considerations. While small business owners face a number of obstacles, securing health insurance is probably one of the most common. Surveys report that 23% of small business owners state that the rising cost of insurance stifles success. Today, it is estimated that only about 49% of all small companies offer insurance compared to 98% of the larger corporations.

The reality for most small business owners is that the cost of insuring themselves, in addition to staff, would have a dramatic impact on the business. For some people, health insurance is provided by a spouse, but as people get to retirement age, these benefits often go away. Young people may get coverage through their parents, struggle to get and keep an individual policy, or simply go without.

Some Chambers of Commerce in towns and cities across the nation provide options. In this case, if you were a member of the Chamber, you might have some choices for health coverage, but keep in mind that many times these insurance plans are expensive. However, if there were no other resources, it would be a consideration.

While there is no perfect solution to addressing health insurance coverage in your business, the news isn’t all bad. There are a number of reputable and qualified companies dedicated to helping small business owners establish health and other types of insurance. Here are a few recommendations for your consideration:

Standard (http://www.standard.com) This company has been working with small businesses for years, establishing the right employee benefits. In addition to group insurance, they also have plans for group life, group long term and short-term disability, and even group dental.

Bank of America (http://www.bankofamerica.com/insurance) B of A has options pertaining to small business insurance benefits, matching needs and budget to the perfect plan.

NASRO (http://www.nasro-co-op.com) This acronym stands for National Association of Socially Responsible Organizations, which is geared toward helping employers, professional associations, and cooperatives find affordable health insurance in states to include California, Massachusetts, Maryland, Washington, Washington DC, and Virginia.

America Medical Security (http://www.eams.com) This organization offers competitive medical, dental, and term life coverage through various independent agents. The plans are flexible to meet the needs of any size company, even small ones.

eHealth Insurance (http://www.eams.com) This site allows you to shop for several types of health insurance across a number of providers, all from the comfort of your keyboard.

Health insurance coverage is a big part of putting a business together, whether you intend to only cover yourself or will be offering it as a benefit to employees. Take the time to thoroughly research your options, and include your tax and legal advisors in the process. It is better to understand all the facets and come up with a solution that will remain viable as your company grows.

By: Andrew Brown