Self-Employed & Small Business

Connect with a trusted professional today. If you don’t have health insurance, you, your family, or your business could be one medical emergency away from a financial disaster. It’s not worth the risk. Make sure you’re covered. 

Health Insurance Marketplace

The best place to start if you’re permanently self-employed is to check the government’s health insurance marketplace. The marketplace is where you can find out if you qualify for Medicaid, tax credits or lower health insurance premiums. And if you have kids, it’s also where you can enroll them into the Children’s Health Insurance Program (CHIP) if you qualify. 

Private Health Insurance

Some insurance providers have plans customized for self-starters just like you—people who are self-employed and need good health coverage at an affordable rate. This side of the market offers a wide range of benefits (from access to in-network providers and hospitals to annual checkups and preventative care) for you and your family at no extra cost. Start by speaking to an agent with JSR Health Consultants who can help you find the best plan for the best price! 

Health Insurance if you're Self-Employed for a short time

What do you do if you’re only going to be self-employed for a little while? Maybe you were just laid off from your full-time job and it had a really good group health insurance plan? Maybe you’re turning to freelance work in the meantime as you search for a full-time gig again?

Check out these health insurance tips:

You want good coverage—but also don’t want to pay an arm and a leg for it. Let’s take a quick look at how much you can expect to pay for health insurance if you’re self-employed.

A ton of factors go into the cost of health insurance: who you need to cover (spouse, kids?), the level of coverage you need, your current health, whether you smoke, your age, where you live, and more. But if you’re purchasing a health insurance plan on the marketplace, the average person will pay $438 a month. The average family pays about $1,779 per month. But, if you could qualify for private plans or for tax subsidies, you might not have to pay as much.

Tips:

Consider Agencies that could help

It’s easy to feel alone and out of the loop in the world of the self-employed. There is a feeling of security that comes with working for a large business. That’s why it’s a good idea to connect with organizations that offer something similar—like the Association for the Self-Employed. Membership could give you access to discounted health plans, Health Savings Accounts (HSAs) and other support.

Use the Self-Employed Insurance tax deduction

Being your own boss also means dealing with times when business is slow. We’re talking about money! That’s why it’s important to know how to make your money work harder when you’re buying health insurance! You can do that with the self-employed health insurance income tax deduction. It’s just one of the many self-employed tax deductions you can use.

Find a high deductible health plan

If your health insurance plan has a high deductible, that means lower monthly premiums. And we like that because it reduces your monthly expenses! You just need to make sure you can foot the higher deductible when you need to. And that’s where the Health Savings Account (HSA) comes in. An HSA is a tax-advantaged savings account linked to a high-deductible health plan. The money you save in your HSA can be used to pay for qualifying medical expenses tax-free! You can also get a break on your income taxes for putting money into your HSA. 

Bottom Line - Get expert advice from JSR Health Consultants!

When you’re in charge of finding health insurance for you or your family, don’t leave it to chance or the internet to find the best plan for you... Use a trusted professional and call JSR Health Consultants today!

Historically speaking, small-group ACA insurance has been the primary option for many small employers who are looking to offer health benefits for their employees. While these plans are the most widely known and understood, they are not the only option. There are multiple ways to provide benefits for your employees.

Do small businesses have to offer health insurance?

Small business owners often wonder whether or not they actually have to offer health insurance. The answer is no, small businesses are not required to offer health insurance for employees. 

The Affordable Care Act states that only large employers (applicable large employers with 50 or more full time equivalent employees) are required to offer affordable health benefits that meet minimum essential coverage. While large employers face penalties if they fail to comply, small businesses do not.

But there are plenty of great reasons to offer group benefits for small businesses. Recruitment, retention, and simply taking care of your employees are a few!

Group Health Insurance for Small Business

When asked about health care for small business, most people envision the model of small-group insurance (sometimes referred to as “fully funded”. That’s because it’s the model of insurance with which most people have experience. While it is the standard-bearer of employer-sponsored benefits, group health insurance for small business remains difficult to understand both for employers and employees alike.

In 2018, 29.8% of employers with fewer than 50 employees offered a small group insurance plan to at least some of their employees.

How does small-group insurance work?

The process typically begins with a conversation with a small business health insurance broker—although a broker is not absolutely necessary. 

What are small business health insurance brokers? 

Small business health insurance brokers are the go-between for employers and insurance companies also called “underwriters” or “carriers”, and they are the ones who do most of the upfront work in finding a plan for employers.

Typically, brokers will collect a company’s employee information into one document called a “census” and use that to begin finding the ideal plan for their clients. Census information usually includes: name, age, date of birth, number of dependents, and zip code. The broker (or sometimes, the employer) will submit the employee census to various carriers and begin the process of collecting multiple quotes. It’s worth noting that brokers will not be able to negotiate better pricing with carriers.  This is because the insurance plan premiums (aka “rates”) are filed with and approved by the state-level Department of Insurance on an annual or quarterly basis.

Do I need a small business insurance broker?

The real value with small business insurance brokers is their streamlined ability to collect quotes based on the employee census as well as creating a bundle of ancillary products that add value to all employees (i.e. dental, vision, FSA, HSA, etc.). By law, brokers are not permitted to mark-up pricing on group plans.

A good small business insurance broker will help educate a client and explore possible solutions to providing benefits to their staff. Small business health insurance brokers provide employers peace of mind and industry experience.

Bottom line - Get expert advice from JSR Health Consultants!

When you’re in charge of finding health insurance to attract and keep talented employees and their families, don’t leave it to chance or the internet to find the best plan for you... Use a trusted professional and call JSR Health Consultants today!

• How should I determine my budget?

+ You can set the budget however you please. Therefore, the right question is how much do you want to spend? Some employers contribute a few hundred dollars, while others offer a few thousand. You're in control!

• When should I start my plan?

+ You should start your Small Group Plan whenever you want. Because if you have at least one employee you can trigger what's called a Special Enrollment Period (SEP), you can offer a new plan as soon as next month, rather than waiting for Open-Enrollment to begin.

[*Though for larger employers we recommend at least 30 days to ensure the onboarding process is smooth.]

• How should I design my plan?

+ There's no wrong way to design your Small Group Health Plan. The truth is, you should design your plan to fit your budget and health insurance needs. Connect with our team if you'd like to hear more about what businesses like yours are doing. 

• Which plan is right for my company?

+ While you are allowed to reimburse your employees tax-free for health insurance, the main differences revolve mostly around which employees you'd like to participate and how much you'd like to offer them. 

• How long will the setup process take?

+ Creating your Small Group Health Plan could take as little as a few minutes. If you already know which employees you'd like to participate, when you'd like your plan to begin, and how much you'd like to contribute, our team can have it done quickly.

That said, if this is your first time designing an Small Group Health Plan, you'll probably have to make a few decisions along the way that require research or conversations with our team, so it's probably best to plan for a few days to set up.

• When should I tell my employees?

+ You can tell your employees about their new benefits at any time. Based on your start date, our team will ensure that you communicate when the time is right. Additionally, we'll help you explain the plan to your employees.

• How do my employees set up their account?

+ Once your Small Group Health Plan has been designed, we will begin communicating with your employees to guide them through setting up their accounts and beginning the onboarding process. 

• How do my employees shop for insurance?

+ We'll handle that too! While employees can purchase their qualified individual health insurance plans wherever they choose, the simplest way is to use our platform. During the shopping experience, your employees will see all of the plans in their area and be in complete control of custom tailoring health coverage the their specific needs and budget.

Depending on which plans they select, your employees could be enrolled in a plan and set up on our platform in one quick sitting. 

• What if they have questions I can’t answer?

+ We'll handle it. Our World class customer support team is dedicated to answering all the questions your employees have. Chat, email, phone–we're available to make this process enjoyable and positive for your employees all year long. 

• How do I reimburse my employees?

+ After your employees have selected their plan, our team will provide you with a report giving you full visibility on the cost of their plan, so you can determine the amount you would like to contribute. Many employers run reimbursements through their payroll software. 

• How will I know if my employees actually buy insurance?

+ As part of the onboarding process, your employees will provide us with any required information to apply for a plan. Our team then verifies all submitted documents to ensure your employees are eligible for health insurance. 

• How will I know how much to reimburse my employees every month?

+ Our team will provide you an overview of each employees chosen health plan. Each month, you can determine exactly how much to reimburse each employee. Whether that be from job title, tenure, or merit.

• What happens if the number of my employees change?

+ Our team will provide you an overview dashboard where you can see and manage your Small Group Health Plan at any time. You'll be able to add or remove employees as the number of your employees fluctuates throughout the year. 

• What if I have questions?

+ Your employees won't be the only ones with questions throughout the year. While your employees will love our customer support team, we've built a team tailored just for you. Our client success team is dedicated to helping you and all your needs. Rest easy, we've got you covered!