June 26, 2013
How to Buy Small Business, Self-Employed Health Insurance
Source: Matthew Peebles is a Senior Consultant at Healthcare Solutions Team. His primary responsibility is to help small business owners and self-employed professionals purchase the best possible health insurance coverage.
Do you own a small business? Are you self-employed? Are you thinking about moving your career in this direction in the near future? If you answered yes to any of these questions, there is sure to be a lot on your mind.
There is no denying your desire to spend most your time building your business. However, you also have to consider other details such as your health insurance coverage.
When you work for a corporation, you may not have to do much as far as your health insurance benefits are concerned. When you own a small business or are self-employed, all of this falls back on you.
Buying health insurance as a small business owner or self-employed individual may sound like a daunting task, but this doesn’t have to be the case.
Get Help Buying Small Business Health Insurance
If tackling this task on your own is too big to handle, it is time to call on a professional.
For the sake of this piece, I got in touch with Matthew Peebles, a well respected senior consultant at Healthcare Solutions Team.
Here is what Matthew had to say regarding the process of buying small business health insurance, how to avoid common mistakes, and much more:
1. What do start-up small business owners need to know when searching for the best health insurance rate?
The best rate does not always equate the best coverage. There are a number of companies which offer bargain basement rates yet when it comes time to pay out a claim they are nowhere to be found. Shopping for health insurance on your own can not only be a daunting task, but is also does not save any money by cutting out a licensed professional to assist in the process. The healthcare reform laws have added in a good deal of red tape in regards to small business owners & how they need to be covered. Rather than trying to navigate all of this on their own, a great deal of frustration can be avoided by getting the right information the first time.
2. Is it possible to get better coverage without increasing the premium? Do you have any tips for doing so?
This is absolutely a possibility and one that is readily available. As someone’s plan gets older, the inevitably goes up. Many people see their rates increasing but either cannot dedicate the time to fixing this or do not know where to start out of a concern of losing the coverage which has become comfortable. Also, people rely on their agent to notify them of rate increases and what their options might be. When they don’t hear back from their agent following an increase, they simply assume this must be their best and only option at this time. Anytime the plan goes up, contact your agent and ask for a better rate. If they say one is not available, they may be telling the truth but call someone else just to be safe. Getting onto a brand new plan almost invariably brings your premiums down and this is the perfect time to investigate an increase in coverage.
3. What is the number one mistake self-employed individuals make when shopping for health insurance?
The primary mistake most small business owners are making now is not taking full advantage of the tax benefits available to them in regards to health insurance. Insurance premiums for both the employer and the employee can now be considered tax deductible or pre-tax income. This can provide a tremendous amount of financial savings while simultaneously keeping hold of key employees by offering them health insurance benefits. In the past, providing health insurance for an employee may have seemed unattainable. In today’s world, however, the plans can pay for themselves through the tax savings.
As somebody who has been self-employed for many years, this information was extremely helpful. In fact, I plan on connecting with Matthew in the near future to pick his brain and determine if I can personally make any changes.
Navigating the health insurance landscape in the United States is next to impossible. As a small business owner or self-employed individual, you will have an easier time making the right decision when you rely on the advice and guidance of a professional.
This information should help you find the right policy and purchase affordable coverage, all without having to give up anything in terms of quality.