health insurance

Discussion in 'Business Operations' started by bobcatnj, Mar 6, 2005.

  1. bobcatnj

    bobcatnj LawnSite Senior Member
    Messages: 687

    what do you guys do for health insurance?how much do you pay?i just want it for me and my wife and was going to put it under the business.anyone have any good prices and companies? im from central nj thanks
  2. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    I still have not found a great health insurance company. But if you are a small business owner you can write it off 100%
  3. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    So if your wife has insurance through her place of employment, would I be able to write 50% of that off....for my coverage?
  4. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    no, I do not think that you can if I remember correctly
  5. northmichigan

    northmichigan LawnSite Member
    Messages: 133

    the self-employed get 100% deduction for health insurance if it is listed in the business' name. any other health insurance is to be listed a schedule A and that is only a small percent after figuring out the total schedule A.
    higher deductable insurance is affordable but no insurance can be very costly.
  6. tonygreek

    tonygreek LawnSite Gold Member
    Messages: 3,915

    you might want to look into Health Savings Accounts (HSA). they are high-deductible policies that are combined with something akin to an IRA. all of your contributions to the savings account are 100% deductible, as are the medical-related withdrawals. unlike a health savings account you might be familiar with, the money is not "use it or lose it" each year and can act as a retirement vehicle.
  7. John from OH

    John from OH LawnSite Member
    Messages: 144

    You need to talk to you accountant about how to write off your health insurance. If you have employees, I'm pretty sure you will have to include them if you put your insurance through your company. You don't have to pick up all the costs, but you have to treat them equally. We have ours through Anthem and have been very pleased with the service. It only takes 2 employees to get a group rate. Cheaper is not always better, we've had cheaper coverage, but then had to fight to get any claims paid. So far with Anthem, any claims submitted have been paid quickly.
  8. mastercare

    mastercare LawnSite Senior Member
    Messages: 289

    For those of you looking for health insurance: This is what I do in my other life. I'm an independent financial advisor, and do quite a bit of health insurance. Currently, I an service anyone in Michigan. But, I welcome all questions.

    As an independent agent I can research costs from several companies at once to take the leg-work out of "shopping around." Feel free to send me an e-mail or PM...and I'd be glad to run you some numbers.

    As far as deductibility. If the business pays for the insurance, you can write off 100% of the expense. If you are covered by a spouse's plan, you can generally write off these expenses on your personal tax return, and you can only write off the dollar amount that exceeds 7.5% of your personal Adjusted Gross Income. Long Term Care Insurance, and Disability Insurance are also included as health insurance costs.

    Hope this has helped.....send me your questions to:

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