Posted by Frank Chin on January 28, 2004 at 19:39:13:
Bob:
I managed to buy a “one employee” policy here in NY State. I wouldn’t know if its available in every state.
An agent organized a business group to bargain for such a plan from several health insurers. Many business people I talk to in my area is not even aware that such a plan is available. This includes the salesmen from HIP, the HMO I’m insured with, who had no idea his own HMO was selling “one employee plans”.
He approached a business of mine that has over a dozen employees. But I’m covered under my “one employee” RE Management C Corp.
You should talk to a number of health insurance brokers in your area. My rep is an older gentlemen, in his post retirement job, and seems to know all the angles. Many other brokers, mostly young kids, tell me that “one employee” plans don’t exist.
Health Insurance for the CRE Investor - Posted by Miguel (N CA)
Posted by Miguel (N CA) on January 27, 2004 at 19:57:20:
Hello all,
Just wondering what everyone does in the area of Health Insurance for you and your family. Do you have it? Do you need it? How did you get it. Who is your carrier? Who do you recommend? Are you in some small business or corporate plan that gives you a better rate?
We wanted to enroll my daughter in gymnastics but we can’t if she doesn’t have insurance. That’s just one of the things that is making me think it’s time for it.
Yes, I plan on doing my own research etc., but I just wanted to know what the group’s input/feedback/advice is. Last time we had insurance was back in 2000 when I worked at the local newspaper.
If it matters, I’m 39, the Mrs. is 30-something, and Chelsea Belle is 2.5, none of us being smokers or drinkers.
As always, many "thank you"s in advance for all comments.
I’m in the health insurance industry in Atlanta, GA so I don’t know the california market but i do know health insurance. Do you need it? Absolutely, kind of hard to become wealthy when you have a $200k plus hospital bill due. Medical bills account for 47% of bankruptcies filed. How do you get it? Very easy, either contact a local agent/broker or call an insurance company directly i.e BlueCross. As previously mentioned you can incorporate and do a group plan but you need to make your wife and you an employee of the company. You can’t do a group plan for a one person organization. If you want tax benefits and a low premium look into opening a Health Savings Account with a high deductible health insurance policy. In California BlueCross and Kaiser are huge but you may be able to find something else. Hope this helps.
Hopefully, Bush will be re-elected and he can push the associated group plans which would allow groups of small businesses to band together and negotiate better rates for their employees/companies. The problem is, there is a huge encouragement to be an entrepreneur but sometimes the incentives aren’t as great…IE. Health care! If you’re single it’s not much of a worry but when you’re married with children there’s a lot more to worry/think about.
Posted by Frank Chin on January 28, 2004 at 06:02:55:
Miguel:
Since I posted the question several years ago, and with the good advice from JT-IN and others, I now have a “C Corp” that collects a monthly management fee and pays the monthly premium to a local HMO.
I also have a corporate re imbursement plan that covers the deductables, dental etc that’s not under the plan.
We have a girl, now seven years old. She goes to “swim camp”, and “gymnastics camp”, and its important to have coverage.
Re: Health Insurance for the CRE Investor - Posted by Frank Chin
Posted by Frank Chin on January 28, 2004 at 11:38:42:
Adam:
Fortunately in NYC, there are plans for “one employee” companies, though the NY State Legislature passed a law allowing a surcharge for such plans at 15%. My plan applied for the surcharge, but was turned down.
My insurance broker pointed out that corporate plans are better than just buying as an individual. Also, in checking the low end individual plans, they have a “lifetime maximum” of $100,000 to $250,000, and some for as high as $1,000,000.
So if your in a bad car accident, and the bills come to $200,000, you’re wiped out with a lifetime max of $100,000. My plan, though an HMO, has no lifetime max.
One option my broker discussed with me was to have my wife put on as an employee to make it a “two employee” company, if the surcharge goes thru next year.
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