NEW YORK SMALL BUSINESS OWNERS SUPPORT CHOICE OF A PUBLIC HEALTH INSURANCE PLAN
For small businesses, group health insurance covers are the most appropriate option. The group health plans are suitable for organizations that employ from 2 to 50 people. Due to the rising costs of health care in the US, group health plans have become essential.
This rise in healthcare costs creates a challenge for small businesses that need to provide health insurance is affordable to their employees. By offering an attractive health insurance benefit you will not only attract new talent, but will ensure that you retain the existing.
Options of Group Insurance Plans:
Diversifying the financial risk amongst the members, is the objective of the group health plans. This results in premiums for members of the group that are below those of individual plans for the same cover. The factors that determine the premiums are health status, occupational hazards, age and many more to a lesser extent.
There will be variations from state to state and service provider to another. The basic cover is generally the same for everyone, but for a slightly higher premium you may improve your cover by negotiated add-ons.
These health insurance policies for small businesses are available under many programs, like, fee-for-service, HMO, POS and PPO. The popularity of managed care plans over the group indemnity plans is the affordability of the premiums.
Designing Your Health Plan:
Ensure that you a very clear objective when you decide to get a health insurance package for your small business. Do a lot of research to ensure that the health insurance plan you select will meet both the requirements of the employees and that of the business.
You will need to provide the insurance service provider with the type of service required and the health and age profiles of the members. The exactness of the information will provide the service provider will decide the accuracy of quotes. The quotes provided will enable you to choose the payment options and the type of policy required. The employer meets from 25% to 50% of the premiums of each employee.
You may want to cover the spouses and children of the employees as well in which case you will be meeting part of the premiums although this is not a legal requirement.
Due to the publicity and bad publicity against managed healthcare, increasing cost of medication and an aging population has resulted in premiums rising sharply. Despite this diligent research can locate companies who have affordable plans. You manage to get good service providers through the chamber of commerce in your locale.
The small business health insurance plans lower the cost of healthcare to each individual in the group by spreading the risk. And affords employees an opportunity of getting better coverage. The health plans are now an critical to your business. Get for your business and employees an health plan that suits your needs.
Watch the video related to small business health insurance
New York small business owners want real health reform, are willing to contribute, and want the option of a public health insurance plan. These are the surprising findings of the report The Pulse of Main Street New Yorkt: Small Businesses, Health Insurance, and Views on Reform released Thursday in Albany by New York Small Business United for Health Care.
Help answer the question about small business health insurance
What does anyone know about small business health insurance? How expensive is it?any othe info, like websites, books, ect, that could be helpful to start my own business would be apperciated.
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For more information about Small Business Health Insurance please go to Low cost health insurance guide.
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9 Responses to “NEW YORK SMALL BUSINESS OWNERS SUPPORT CHOICE OF A PUBLIC HEALTH INSURANCE PLAN”
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February 17th, 2010 at 4:09 am
You should request information from all the major health care providers in your area. Make sure you ask for price sheets that compare all of their plans. Once you have them you can compare all the companies. The best rate will probably be an HMO, but look into others as well. Also ask your employees what they want in health care coverage, or what plans they had with other employers.
February 17th, 2010 at 4:42 am
healthplans.my-age.net – here is my health insurance plan. As I remember they can provide such a service.
February 17th, 2010 at 8:04 am
Well, COBRA will most likely cover maternity. Individual plans won't.
And, individual and small business plans are individually underwritten, so the company can say, "oh, you have XYZ wrong with you, we'll take you, but we won't cover anything related to XYZ". Or worse, "sorry, we won't insure people with XYZ". Cobra won't do that.
February 17th, 2010 at 2:43 pm
OK, I've written business insurance on businesses owned by felons. It's not a deal breaker, but for a NEW business, you're likely going to be in the surplus lines market. You need to go to an independent agent, give them details on the type of business it is, and get quotes for the business insurance.
If you're only buying health insurance for one or two employees, it's going to be INDIVIDUAL coverage, not a group plan, in most states. It gets underwritten and priced based on the age, the health, and the coverages. If the agent doing the business insurance isn't licensed for health insurance, ask them for a referral.
**caveat – any illegal acts committed by an owner of the business are NOT COVERED anyway – just want to make sure you know that. If the partner runs off with the stock, it's your loss.**
February 18th, 2010 at 1:01 am
Simply put Obama's plan is doomed to failure because Government run Healthcare does NOT work.
I investigated both Medicaid & Medicare Fraud for 28 years and observed hundreds of millions of dollars being stolen by the Providers ( Doctors ) & the Recipients ( Patients ) from the Government.
I once arrested a Dentist in Bronx, NY who billed Medicaid for $ 350 work of ficticious dental services on 40 medicaid recipients ( who were substance abusers ) each day.
For 18 months until he was apprehended & arrested this Dentist paid 40 Recipients 10 dollars each to come to his Office so he could x-ray their mouth.
The Dentist received a daily check of $ 13,500 per day for " working " from 10 AM – 12 Noon.
I arrested another Dentist who was heard on an undercover recording explaining to her hygenist why She ( Dentist ) did not sterilyze her instruments that she used on different patients.
The Dentist answered " Why do you care if I sterilyze my instruments or not ? They are all junkies with AIDS & they are all going to die anyway ! "
So much for Government Run Universal Health Care
February 19th, 2010 at 2:38 am
You will pay through the nose for any. Try Blue Cross.
February 19th, 2010 at 8:46 am
It depends on several factors, including the type of business, age of the group members, general health and claims experience of the members (and any family members also included in the plan), location, type of plan, and deductible.
For the sake of comparison, if everyone is in fairly good health and not working in a physically dangerous job, in Virginia a plan with a $500 deductible (and $25 copayments for doctor office visits from day one) would run approximately $3000/month. If anyone in the group is seriously overweight, or has any significant health issues, it could easily go to $4500 (or more, depending on how many people have issues.)
Honestly, you'd really need to speak with an agent who can help you determine what's called the CMF (a rating factor they use based on the health and claims experience of the members of the group) and figure out which plans might be a good match.
If you're looking in Virginia or West Virginia, I can help you. You can contact me directly via email, if you like.
February 19th, 2010 at 9:43 pm
~~There may be better tax advantages by incorporating but it will not affect your premiums. I don't know what state you live in, but I will give you the number to our insurance agent we use with Costco Insurance. Her name is Lisa and call her at 1-800-611-9057 ext #2206.
We currently have Costco Insurance which is under our business (has to have two people covered) and is through United Healthcare. They are excellent and our premiums for great coverage are very reasonable. It does go by age, so the younger you are the less it costs.preexistingting clause is required. Dental is also available.
Our business is suffering from the bad economy so we are currently working again with her to get us more of a major medical coverage to reduce the premiums, because things are so tight. This girl has gone out of her way to find us a top notch policy at unbelievable rates. It isn't through Costco anymore, which I loved having their backing, but it is with Blue Shield and it is still a very trustworthy insurance.
She'll do whatever she can to get you great insurance. We've used her for over 6 years now and she is awesome. I hope you live in a state which she can sell in. Good luck!~~
February 20th, 2010 at 3:04 am
There are too many variables to answer how much the insurance would cost, such as how many employees, their gender and ages, current health status, whether their families will be covered, and what the business is. If it is just you and/or your immediate family you would need an individual policy. Many companies will write group policies for as few as two employees but I recommend a group policy only for groups of 10 or more. The reason being; if someone in your group becomes ill and needs a very expensive medical procedure your group rates can go up dramatically (300%-400%). With individual policies that doesn't happen.
Your best bet would be to contact a local independent agent who can match you up with a company that provides the most benefits for a reasonable premium. The insurance cost the same going through an agent as it does doing it yourself, so use their expertise. If you can't find a local agent go to this website: http://www.yourhealthplanadvisor.com/ooshealth.html – type in your zip code and fill out the form and expect several agents to call you.
One word of caution. Stay away from the policies that advertise "affordable group rates" for the self-employed. There is too much dirt on these companies to go into here.