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Greetings All,
I have had 2 existing ACA clients call me about this article that appeared in the Chicago Tribune 2 weeks ago. Here is an excerpt from it:
""If you work for a small business that does not offer health insurance, this column is for you. It falls under the "amazing but true" category: You can have a health insurance plan equal to the best offered in your state, at no cost to your boss, and on a pre-tax basis (meaning premiums are deductible) to you.
Best of all, this type of plan is available to businesses with as few as two employees — even if only one employee decides to get the insurance. So if the owner has Medicare, for example, the other full-time employee(s) can sign up for this full-benefit group plan, with almost no paperwork involved.
Why don't you know about this opportunity? Because no one has an incentive to sell this plan! It's a little noticed feature of the Affordable Care Act designed to encourage small businesses to provide health insurance. But because the insurance industry is focused on large companies (with big profits to be made), no one is reaching out to small businesses and their employees.""
The Full Article is here: Small Biz Health Insurance Deal - Terry Savage
QUESTION: Is anyone familiar with this ACA provision, and have used it to write a small group plan with only 1 person insured, who pays his/her own premium?
The two spouses who contacted me after seeing this article are officially paid by their husband's sole proprietor business. (Self-Employed Construction and Dental Tech)
Also, the section of the article stating that the EMPLOYEE can use pre-tax dollars to pay his/her premium, is something I haven't heard of.
Any insight into what type of provision and plan-setup configuration Terry Savage is talking about, is appreciated. Thanks in advance!
-Allen in Chicago
I have had 2 existing ACA clients call me about this article that appeared in the Chicago Tribune 2 weeks ago. Here is an excerpt from it:
""If you work for a small business that does not offer health insurance, this column is for you. It falls under the "amazing but true" category: You can have a health insurance plan equal to the best offered in your state, at no cost to your boss, and on a pre-tax basis (meaning premiums are deductible) to you.
Best of all, this type of plan is available to businesses with as few as two employees — even if only one employee decides to get the insurance. So if the owner has Medicare, for example, the other full-time employee(s) can sign up for this full-benefit group plan, with almost no paperwork involved.
Why don't you know about this opportunity? Because no one has an incentive to sell this plan! It's a little noticed feature of the Affordable Care Act designed to encourage small businesses to provide health insurance. But because the insurance industry is focused on large companies (with big profits to be made), no one is reaching out to small businesses and their employees.""
The Full Article is here: Small Biz Health Insurance Deal - Terry Savage
QUESTION: Is anyone familiar with this ACA provision, and have used it to write a small group plan with only 1 person insured, who pays his/her own premium?
The two spouses who contacted me after seeing this article are officially paid by their husband's sole proprietor business. (Self-Employed Construction and Dental Tech)
Also, the section of the article stating that the EMPLOYEE can use pre-tax dollars to pay his/her premium, is something I haven't heard of.
Any insight into what type of provision and plan-setup configuration Terry Savage is talking about, is appreciated. Thanks in advance!
-Allen in Chicago