Florida Health News: February 2007
TOPIC: Health Insurance

Small business that employs up to maximum of 50 employers are eligible for Small Business Health Insurance group plan. Apart from the other incentive a small business owner provides to his/her employee, they can also plan and provide a cheap group health insurance scheme to their employee as an added incentive. For small business every employee is very important for smooth running of the business and even one employee not feeling well results the whole business to be rocky. So it is very important that employee of small business must have any type of Small Business Health Insurance.

Different types of Small Business Health Insurance.

The most widely use health Insurance plan by small business are group health plan. The group Insurance plan for Small Business covers most of the medical risks. This type of Small Business Health Insurance plan is usually network based plan that is you have to use the Doctors, Hospitals and other medical services with in the limitation of few which are included in the net. There are different types of networks like PPO or Preferred Provider Organizations, HMO or Heath Maintenance Organizations and POS or Point Of Services. As an owner of Small business you must know all this networks and services offered by many Insurance companies.

Finding the best plan

To arrive at the best plan for Small Business Health Insurance one must be very much clear about the objectives for purchasing Small Business Health Insurance. Before quoting the competitive rate for Small Business Health Insurance, most Insurance companies wants to know many things like age group of employee, type of coverage, type of networks etc.

Now it is mandatory by law that every small business must purchase health insurance for their employee or be ready for heavy fine. It is possible for the employer of small business to deduct small amount of premium from their employee’s salary. The deduction amount is mostly between 25 to 50 percentages of premiums



Self Employed Health Insurance

If you are a self employed or wishing to start your own business than you must understand Self Employed Health Insurance schemes. Apart from other plan there are basically three important plans. These are:

  1. Individual Health Plan: This is the costliest plan and select only when you have no other options or resources.
  2. Wife covered health plan: If your wife is working and she has the Heath insurance from her employer than don’t hesitate to use it to cover whole family since it may be subsidized one and you will get much cheaper premium than your individual health plan.
  3. Group Health plan: Recently there are many Insurance companies that offer Health Insurance to group with only one member. .Even though the conditions and premiums varies considerably from state to state. The premium is moderate.

Government not only help the employed one who has the group heath insurance by way of subsidies but also help Self Employed one by allowing to deduct the cost of Health Insurance from their profit.

Self Employed Health Insurance deduction

In the year 2002 federal government allowed self employed to write off 70% of the premium amount of Self Employed Health Insurance. But in the year 2003 federal government increase this limit to 100 % that is now self employed can write off full amount of premium of their Self Employed Health Insurance. Of course there are other conditions laid down which has to be observed in order to write off the whole amount of health insurance for self employed.

It is always worth while to understand and know many options and plans of Self Employed Health Insurance. It is time consuming and tedious but in the end it pays you handsomely. What ever plan or options you are selecting for Self Employed Health Insurance, but are sure that you are insured with the health insurance even though in the starting it looks like a luxury. As a self employed you are the most valuable asset for your business so it is your duty to protect yourself.


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