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Group Health Insurance For the Self-Employed

Published Saturday, September 6, 2008 by bloggerblognet22596 | E-mail this post

Some insurance companies have health plans that are designed specifically for the sole proprietor or the self employed individual. At first glance, these plans look enticing to sole proprietors that are searching for affordable health insurance.

However, when taking a closer look, these plans are mediocre at best. They tend to be expensive, have limited health care benefits and one of the biggest draw backs to many of these sole proprietor plans is that they come with high deductibles. This is not what many self employed individuals have in mind when it comes to finding affordable health care coverage for themselves and their families.

So what's a small business owner supposed to do? Here's a tip that we've been using at our company for many years to help self employed business owners use to qualify for group health insurance rates.

Simply put your spouse or a family member on payroll. You can pay them minimum wage and for as little as 20 hours per week. What this strategy does for you is this; you now have 2 people working for your company. You can still file your schedule C as a sole proprietor like you always have and your spouse or family member will receive a paycheck every 2 weeks or so. Now because you have 2 people working at your company, presto, you can qualify for group health insurance! You will have unlimited possibilities of health insurance plans available to you.

Once you find the health insurance plan that fits your needs, all you need to do is apply and provide a W-4 form to the insurance company for your "new employee." Your spouse or family member simply "waives" his or her coverage. You now have group health insurance coverage that will save you plenty of money and provide you with the great benefits that you have been looking for.

Call us today if you would like see how this strategy can work for you.

Bill Behr is a partner at http://www.healthplansny.com a leading group benefits provider serving the New York Tri-State area. We specialize in showing small business owners unique and innovative ways to save money and improve their benefit plans.

Blogger BlogNet52438

Group Health Insurance For the Self-Employed

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