Doesn’t that seem like an oxymoron? A Group of One?
It is possible with employer sponsored healthcare. Let’s look at the definitions of an employer group, the employer/employee relationship and other considerations needed to qualify.
The account must be an entity that is formed for reasons OTHER than health insurance with an employer-employee relationship existing that is bound together for financial gain. So a for profit business, not for profit corporation, LLC, partnerships and sole proprietors can qualify. Fraternal organizations, clubs or other similar organizations typically will not qualify.
Next, the account must have AT LEAST one common law employee other than the owner or spouse of the owner. To put it simply, ‘Do you employ a W-2 employee?’ A common law employee is often defined as one that is paid wages with income taxes, Social Security and Medicare taxes withheld from wages. For example, a farmer and his wife will both work in the farm together but the spouse is not often paid through separate wages with taxes withheld. This family would not qualify for employer sponsored health care. However, if the farm is a corporation and both the farmer and spouse are paid W-2 wages, then they may qualify for healthcare sponsored by the business.
Since the individual health market is so volatile with carriers withdrawing from the individual markets starting in 2018 and with past increases anywhere from 18% to almost 50% per year, maybe it is time to look at employer sponsored healthcare. There is more stability, a number of plan designs available and employer sponsored health plans can begin anytime throughout the calendar year. Call Health Insurance Advisor and let’s discuss the possibilities. Could YOU be a ‘Group of One’?
A little more about us:
The Business Warrior group has some of the industry’s top experts in all the areas your business needs to be successful. Amongst the contributors is Janis VanAhn, owner of Health Insurance Advisor, LLC. For 19 years Janis has worked in and around the health insurance industry initially providing service to agents and employers related to employee benefits, individual healthcare and Medicare, while more recently becoming appointed as an individual agent with various quality carriers to provide this service to individuals through her own business.
Four years ago Janis was ‘blessed’ with being let go from her job at an insurance ageny. Staying within insurance was her path…but in what capacity. 2010 was the year Janis began her career as an independent insurance agent specializing in health insurance. Finding quality, cost-effective healthcare for individuals and families under age 65 as well as working with those who are Medicare eligible truly was her passion. She has made this a true specialty and positioned herself as someone to work with whether it is a financial professional or property & casualty agent with a client that needs assistance, to a group of seniors turning 65 and they keep receiving Medicare information and are confused about what to do.
Janis enjoys the one on one contact with clients as well as looking forward to speaking to groups about healthcare. Her excitement for this industry is what drives her to stay in tune with Healthcare Reform and what is currently happening and what will happen with coverage from now to past 2014.
‘Educating individual and Medicare consumers to make informed choices’ is her mission because if people are educated and understand, they will make informed choices that they are comfortable with.