Long Island health insurance is broken down into four group size categories:
1. Individuals
2. Sole Proprietors (or a Small Group of One)
3. Small Groups (2-50 lives)
4. Large Groups (51+ lives)
The larger the group, the lower the costs are for health insurance. This post discusses category 2…Sole Proprietors.
With the economy being as bad as it has been over the past few years, many former employees have embarked on self-employment endeavors. Those that have remained in the workforce have seen employers hire more on a consultant basis rather than permanent, full time, employment. Many of these consultants are not offered health insurance, leaving them with bankruptcy risks should they suffer a sudden major accident or dread disease.
Unfortunately, many of these people do not know the options available to them for health insurance. Typically, they call the major insurance carriers directly where they are informed they need to take out health insurance on an individual basis. The fact is, if you own a corporation, have a DBA, and/or file a 1040 Schedule C on a 1099 basis at the end of the year, you can get a significantly less expensive health insurance plan from a few carriers in the downstate New York area…with some of them being HSA-qualified. Moreover, there is also the option of HealthyNY for insurance, if you meet their requirements.
One thing that business owners need to keep in mind is that if you have more than one employee listed on your NYS45, this gives you more options for coverage as you now qualify for 2-50 group health insurance. Empire BlueCross/BlueShield does not offer Sole Proprietor health insurance plans, but they do offer 2-50 health insurance plans.
Talk to your Long Island New York insurance broker for more information on these coverage options. They can help you get setup with the right health insurance plan based on your situation.