As small business owners, the ability to get health insurance is not as simple as when we worked a normal job. But it is imperative that we have coverage in case of any medical emergency or illness.
The costs of medical care are not cheap. Just walking into a hospital, Doctor’s office or other health care institution starts a “rolling meter” that could send a person without insurance into a coronary condition that no Doctor or hospital could help.
In today’s post, I am going to share 6 things you should know about small business owners getting health insurance.
These are in no particular order.
Disclaimer: Within this article, I may put links to various insurers or insurance brokers. Neither I nor Online MLM Community is affiliated with any of them. This is provided for you knowledge and we are in no way reimbursed by any of them.
#1: Considerations For Solopreneurs
We know that our primary readers are MLM business owners. In most cases, this means you are a business with one employee… You!
You are considered a solopreneur and when searching for health insurance, there are several things you need to consider:
- The average amount you (and family members) visit Doctors
- Medication needs
- And you and your family’s medical history
I suggest you have these in mind when searching for an insurer.
I would suggest you start your search at Healthcare.gov.
#2: Use The Marketplace For All It Offers
I mentioned Healthcare.gov in the last tip. At that location, you fill out an application at the Marketplace.
When you use it for all it offers, you will know if:
- if you qualify for substantial tax credits on health plans
- if you qualify for free or low cost plans through Medicaid and CHIP programs in your State of residence. To find out, you will have to estimate your net income.
#3: You Protect Your Financial Health
For those of you who think you can just pay out-of-pocket because you normally don’t have medical issues, consider…
- When you are insured, insurance companies negotiate rates with health care providers. You won’t get those discounted rates paying out-of-pocket.
- Tax penalties are still in effect. If you maintain medical coverage, you will not face tax penalties put in place under Obamacare.
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#4: If You Have An Employee, You May Want To Consider
I say this lightly because it can sometimes be more expensive than other types of health insurance. But you should look at the costs of Group Insurance if you have 1 or more employees. What is good about Group Insurance is: it doesn’t depend on personal medical history.
Another consideration is QSEHRA which stands for the qualified small employer health reimbursement arrangement. With the QSEHRA, all reimbursements are free of payroll tax for the business and its employees. Reimbursements can be free of income tax for employees, took if the employee is covered by a policy providing minimum essential coverage.
#5: You May Want To Consider A Broker
But won’t this cost more?
Yes and no!
Brokers do charge commissions but, the amount of time and energy you can save can offset that commission.
Brokers assist with all the paperwork, make sure your business is compliant with all relevant laws, ensure you land on plans with the most up-to-date policies, and help with renewals.
#6: Researching And Getting Quotes
The best ways I have found to find the best health insurance deals is to ask other small business owners in your area and look up customer reviews on the internet and with the Better Business Bureau.
I suggest getting quotes from at least 3 insurers and always find out what other benefits they offer.
As a freelancer, I know just how important my health is. If something goes wrong, it will put a halt to revenues which will put a halt to many of the things that keep me healthy.
Medical insurance is important. So as a home based business owner, I suggest you follow these tips and get insured.
I hope this helps you. Feel free to ask any questions or give your feedback below.