Affordable Health Insurance Plan – What Kind of Affordable Health Insurance Plan Is There for Small Business Owners?
Affordable Health Insurance Plan
Affordable Health Insurance Plan question by outkast_33265: What kind of affordable health insurance plan is there for small business owners?
I have a friend who is in the process of moving to Tx and is looking to start his own business but is hesitant because he has a wife and two kids and does not know what to do regarding health insurance.
affordable health insurance plan best answer:
Answer by markmywordz
One of the best options to consider are health savings accounts. They combine a high-deductible health plan (HDHP) with a cash savings account which is investible in almost any kind of investment.
You use the cash (which is put in, builds and spent tax free so long as it is on medical expenses) to pay off your medical expenses until you hit the deductible and then the health plan pays, except that routine care like doctor visits, etc. are covered first dollar by the health plan.
As a small business there are tax advantages to the business for doing this and as an employee you get tax advantages and the ability to use the cash for whatever you want (up to 65 as long as you pay the tax when you take it out….after 65 it is like an IRA where you pay your post retirement tax bracket rate on withdrawls).
You have to be diligent about funding the cash portion, but treat that part like an IRA account that you plan to build up and use for retirement.
New law doesnt worry local insurance providers
Local health insurance companies arent too worried about a new provision of health care reform legislation that goes into effect Jan. 1, they say.
Read more on Wisconsin Rapids Daily Tribune
Is there an affordable health insurance plan for you if you live or work in Washington state? The four primary factors that drive up health care costs are: 1. Prescription drug prices. 2. Defensive medicine. 3. Administrative costs and 4. Unhealthy habits. Together we can do something to make health care plans work better for individuals, families, the self-employed and small business.
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