What to You Guys do About Medical Ins.?

[machine]

I recently graduated from college and have no Medical Insurance. I am wondering which providers U recomend and what kind of rates u are paying. I am interested in Health/Dental/Vison for myself right know. I currently have independents and sub contractors working for us. If need be, I could put one or two on the plan, for a reduced rate. I do plan to impelment a employee benfit program later next year. I also concerned with the tax deductability of these expenses. I heard something about self-funding with a bond that is tax deductable. Your advice and comments would be Appreaciated.

[Likestomow]

Call the Blue Cross office in your state. If your EE's are all full-time, you would qualify for a group policy.

[dhicks]

Visit this site http://www.nfib.com/index.asp<p>If you join NFIB, you can get group rates plus lots of other business help, guidance and other goodies.<p>----------<br>--Disneyland on the Potomac - ICQ 31223414<br>www.go-emerald.com

[GrassRoots Lawn Care]

We currently are covered under Florida Health Care Plans. Costs us $291.00 monthly and covers my wife and I. Dental costs us $175 annually but has very high co-pays. All medical insurance costs are 100% deductable as a business expense. <p>----------<br>Mike Reynolds,<br>GrassRoots Lawn Care, Florida

[osc]

Machine:<br>Take this advise and go get a good accountant, or if you have one then ask them to be a part of this decision. Especially if you plan on offering anything to your employees. The government determines what plans you can get before or after taxes and and if you need to include your employees or not.<br>Ask about:<br>1. Cafeteria plan.<br>2. Medical savings account.<br>3. If paying premiums from after-tax <br> money, what percentage of your premium <br> can you itemize or is your standard <br> deduction larger?<br>As far as providers, it varies from region to region. We have hospitalization for a family of 4 with $3,500 deductible for $186.00 per month through Nationwide. Max pay on office visit is $35.00 even before deductible. $20 max on prescriptions. Best policy I have found.

[osc]

Machine: Are you that guy in the movie 9mm?

[machine]

OSC, Haven't seen 9mm, but if I was in it, I don't rember any cameras fliming us. By-the-way the info was helpful, I will look futher into a MSA and low a monthy premium with a Heath Care Provider. Off to the Bar's...Later

[TurfMan]

Your Health care costs are only 100% deductable if you are incorporated. If you are a sole proprietor you only get a percentage of the premium on yourself that is moving to 100% in the next 5 years, the employees are at 100%. Another thing to watch for is the subcontractor deduction, because of the rules that apply as to whether or not they are a sub or employee, if you include them on your health they may be employees and there for need to be included in all other wage based costs(work comp,payroll,etc)<p>----------<br>thats my 2 cents, <br>mike

[MRPLOW]

If you are sole proprietor the deduction for health insurance is 60 % of what you pay, but this does not come off your business expenses for tax purposes, you still have to pay the full 15 self employement tax, it only comes off as a personal deduction, the other 40 % can also be deducted on the itemization part of your return if you qualify under medical expenses, again as a personal deduction. It will be 70 % in 2002 and 100% in 2003.

[KirbysLawn]

I keep my full time weekend job as a paramedic. Full benifits and more, only 6 years till retirement and lifetime medical insurance!

[bob]

Marry a girl with full benifits.

[Chris]

I'd take osc's advice and get a good accountant or tax person to work with you on this one. The fact that you indicate you have subs working for you leads me to believe that you may have a potential IRS problem headed your way. That seems to be an issue they like to get involved in. Lots of state and national Landscape associations sponsor group plans @ decent rates, as do local chamber of commerce groups. Good luck.

[stick]

I totally agree with bob, and have lots of kids. Pays both ways in the end.

[GroundKprs]

If you own the business as sole proprietor and your spouse works for you in some capacity, you can legitimately expense 100% of health insurance and all out-of-pocket medical, dental and Rx expense by setting up a benefit plan to reimburse employee and spouse for these expenses. Only catch is that it must also be offered to other qualifying employees; however, you can sometimes just qualify spouse. <p>This plan works well if just you and spouse are in business. Is known as a section 105 plan. Go to http://www.tasconline.com/intro2.htm and click on Agriplan/Bizplan link.<p>----------<br>Jim<br>North central Indiana