Youve Started A Small Business - Now What About Health Insurance?
For most new small business owners a family health insurance policy is recommended
That is unless youre a single small business owner in which case an individual health insurance policy would be best. Until you have some employees, youre not really considered a small business. While insurance companies still view you as self-employed a group policy will be nearly impossible to obtain. Dont fret though; temporary policies are available for you if you feel you may be adding employees in the near future.
Good news for small business owners purchasing temporary health insurance plans
Temporary plans arent as bad as you might think. A typical policy should cost less than $120 a month. Thats probably more than you were paying for insurance before you started out on your own, but it gets better. Your premiums should be tax deductible. Just as long as you do enough business and rack up some taxes, your temporary policy expenses should be negligible.
When you have some employees your small business health insurance premiums may still be tax deductible
Alright, now things are rolling along and youve taken on a couple employees, or youve put your wife and mother-in-law to work. Whatever the case you should now be eligible for group insurance. Although it varies from one business to another you and your new employees may be able to deduct their premiums from their taxes.
You may also be able to enjoy further savings if you consistently pay your annual premium up front. Like most services, health insurance providers like to be paid in full. They like so much that they usually offer discounts for customers that pay up an entire year in advance.
In addition to paying up front, you can also save a buck by carrying a higher deductible. Insurance companies are expert statisticians. They know full well that if they sell you a policy with a low deductible in exchange for a higher premium theyll stand a better chance of profiting. What you should know is that unless youre extremely accident prone, higher deductibles are much less expensive in the long run.
Association Health insurance Plans and your small business
The health care business is changing rapidly and if youre smart it could mean better coverage and lower costs to you. By the time you read this article state legislation regarding Association Health Insurance Plans will have changed depending on where you live but at the moment, small business employees and owners can often take advantage of the same savings as large companies that employ thousands. By joining an association related to your small business you can purchase coverage as a large company might. By spreading liability over thousands instead of just a few, insurance companies are able to offer much lower rates to associations.
Jacob Wren operates small business assistance - a resource site for entrepreneurs that offers advice on small business health insurance and an array of other small business topics.
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