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Some good friends of mine are in this business. As you all know, health insurance is one of our greatest obstacles when trying to get both husband and spouse into the business. These friends also deal with some health issues in the family which further complicates this issue. I would very much like to be of some help and ask you all for some input. Does anyone out there have any great secrets to share. Does anyone have any experience with MEGA Life or NFIB eHealth Insurance? Please share some input. Thanks.
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Bryan Ferris
Brian
I have Mega insurance through NASE, National Assn for the Self Employed. So far it is ok no problems at all but I haven’t had any real medical needs. Price was right and I can opt out whenever I desire. I have a larger deductable but that saves on the premium. NASE also has some nice benefits that I have used, making my wife an employee so I can reimburse the family’s medical expenses and maki it all tax deductable, Called a 105 plan. Deducting $900 extra on the taxes because of it. My tax preparer said it was ok and that she could do this for me next year. Also got reimbused for a road service call to change a blown tire. Plus others. Call me if you have questions.I find it hard to beleive that with almost 1000 franchises that some insurance company will not offer us a group plan.
We looked into the insurance from NASE, but they wouldn’t cover my wife’s pre-existing condition.
So, we started our own group plan with BCBS. We aren’t registered as husband and wife, but rather as two individuals – this is why we qualify as a group.
We pay about $700/month for the two of us. This is about what I paid for COBRA after I left my last job.
We also offer insurance to our employees. Our philosophy is that health insurance should be part of every job.
I hope this helps.
The truth is- If you recall in a newsletter or email awhile back corporate asked everyone to submit information about their current health insurance, and as I understand it – only the people who have health issues or really need help replied, so the insurance company that corporate was working with thought we were too high of a risk. I would encourage every operator to contact your state owner and ask them to look into a group policy for your state. Also, NASE is cheap but has a lot of restrictions. It’s more like catastrophe coverage. If you have young children or are looking to have children I don’t feel like its a good option. If you have current health issues they most likely wont cover you. I have Blue Cross/Blue Shield and I pay around $400 a month for my wife, two young children and myself. I would, however, like to find out more about a group plan in my state.
Ammon, thats exactly right! Insurance is a business for profit. Everyone needs to apply, especially the healthy in order for a group plan to work. We should continue as a group, state or nationwide to find a health insurance carrier willing to work with H.B.
Has there been any new news on corporate leading this?
Five years later… No progress. I think this topic should be revisited. I couldn’t imagine an insurance person passing on this deal right now. A group this large would be a great way to take advantage of better premiums. I do understand it would need to work for all, this wouldn’t be the first group policy in existence. How do other group deals work? And why do they work? Maybe we can figure this out with the help of corporate.
Give it a few more years and we all be forced into the largest group ever created….The single payer system known as Obama-care. My premiums have increased 24.36% since Congress passed this unconstitutional mandate! I fully expect additional increases as well. Additionally, since my business entity is currently a sole properitorship my premimums are not deductible at the end of the year.
Mark–My tax preparer has me make an employment contract with my wife who in turn is paid to do my books. She is paid a realistic wage and one of her benefits is the business pays her family’s health insurance and general health products. I deduct her wages but she has to claim them so that is a wash. However since she pays the bills for her family (myself) The business now can claim it as a deduction. Works great! Check with your tax preparer. Also if you have kids give them a job (wash van, wash pads, clean van, etc.) and pay them a realistic wage for the job they do and then you can deduct their wages. They probably get an allowance anyway and this way it is deductable and they still have their spending money.
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