A few answers to a few questions you might already have:
When am I eligible for a small business tax credit?
If you have 25 employees or less and salaries are under $50,000 you may qualify for tax credits.
When do I need to offer group insurance?
In most cases, if you have 50 or more employees, you must offer health insurance.
If I don’t offer insurance to my employees, are they required to buy insurance? Yes, they are required to have health insurance or will be penalized.
Is group insurance less expensive? In some cases but not all
What are HSA eligible plans? A Health Savings Account is an account that you can set up to deposit tax-free dollars to go toward your medical expenses. This account can be rolled over year to year if there is a remaining balance.
When can I enroll in Medicare?
If you have worked at least 10 years, paid medicare taxes, and are 3 months before your 65th birthday, you will automatically be enrolled in Medicare Part A. There are several factors to consider when enrolling in Medicare Part B but you can enroll beginning the three months before your 65th birthday.
Do I need another plan or is Medicare enough? Medicare Part A and Part B have deductibles and coinsurance that need to be considered. Unless you are on a qualified prescription plan, you also may need to enroll in Medicare Part D to avoid penalties.
Does Medicare cover prescriptions? You must add a Medicare Prescription Drug Plan (Part D), or get a Medicare Advantage Plan (Part C) such as an HMO or PPO that offer Medicare prescription drug coverage. Private insurance companies administer these plans.
Are the market place plans less expensive than COBRA? They can be but depends on a number of factors, deductible, location, age, and several others.
How do I know my income if I am starting a business or am unemployed? There are several ways the marketplace suggests you estimate your income. If your income is substantially different after a few months, the marketplace allows you to adjust your income during the years outside of open enrollment.
Should I take any job so I can get benefits? I suggest you balance what you want in a position in addition to a need for insurance coverage. You pay for health care when you are unemployed, self-employed or as part of your compensation package. Employers are now frequently offering plans with high deductible similar to the marketplace plans.
Call me, Christina Evans,
Congratulations on your growing business. Of course, when you start taking on employees, you start taking on a whole new level of responsibility. Healthcare
is a huge part of that. Especially given the daunting array of options these
days. Arriving at the best one is part business (“What will help attract and
retain good employees?”) and even part personal (“These aren’t just good employees, they’re good people”). With everything you need to consider, it
can be daunting. But you’ll do the right thing. I’ll help. Together, we’ll look
at your business landscape, hone in on the three plans that really seem to fit. Then we’ll get tough, questioning the limitations of each, running through the pluses and minuses. One will stand out. I promise you that. In the end, you’ll find a health insurance plan that’s best for your employees and your business. And you’ll feel good about the care you’re providing.
You’ve always taken care of yourself. Now you’ve got to take care of others.