Ohio self-employed health insurance plans are very affordable and offered by all top-rated companies. Starting or maintaining your own business as an independent contractor, freelancer, or private consultant doesn’t mean you have to take the risk of being uninsured or paying high rates.
You may be eligible for a federal tax subsidy for many low-cost catastrophic, comprehensive, or HSA plans. Typically, you are considered self-employed if you are an independent contractor, member of a partnership, a sole proprietor, or have a business that you own (small or large). A non-working spouse can also qualify. A self-employment (SE) tax may also be required when your federal tax form is filed (assuming the business is profitable).
The instant tax credit is applied immediately to the premium, so you do not have to wait to file your federal tax return to receive the reduction. Several examples of the amount you will receive are shown below. The example used is a 55-year-old married couple residing in the Columbus area (Franklin County).
$14,400 – Household income of $30,000
$12,864 – Household income of $40,000
$11,172 – Household income of $50,000
$10,188 – Household income of $60,000
$9,696 – Household income of $65,000
If you are small business owner with no employees or hundreds of employees, we’ll find the perfect fit for you. You also may be able to tax-deduct your premiums, depending on how you file your taxes and what type of expenses you incurred. You may also be able to deduct the cost of any dependent in your household. Cost-sharing and lower prices due to risk pool advantages help keep rates low. A small business tax credit helps the owner offset the cost for employee medical benefits.
NOTE: You can choose to enroll in “on” or “off” Marketplace plans. Differences include federal subsidy eligibility, size of provider networks, and availability of plans. Non-Obamacare contracts will feature lower premiums for applicants that do not qualify for a federal subsidy. However, coverage will be lower with several benefits excluded. If you suddenly become eligible for coverage through an employer, you can cancel your existing policy without a penalty.
We Do The Research And You Save!
Ohio features some of the lowest healthcare costs in the US. Whether you are single, married with children, uninsured, or on Cobra, we research and show you the top reasonably-priced options. We also inform you which recent government reform changes will benefit small businesses. Premium tax credits are instantly applied, so your cost of coverage instantly reduces.
Our website makes it easy for you to easily compare and apply for coverage online or face-to-face. We do as much of the work as possible, so you can concentrate on running your business smoothly without interruption. Since you are not required to hire any employees, your personal household income determines the amount of federal subsidy you receive.
We also consider reputable Association plans, such as the Chamber Of Commerce, church, and alumni organizations along with different union-affiliated groups, assuming you qualify. A “small business” policy may be offered by selected carriers if you have at least one employee. Your spouse or dependent would also qualify. Additional information on business income deductions is also provided.
Small Business Health Insurance Options In Ohio From Anthem
For employers with 2-50 employees, several carriers offer competitively-priced options. Anthem BCBS plans provide medical, pharmacy, dental and vision coverage that can be customized to fit your specific needs. The small group HMO network (Pathway Group HMO) provides a large selection of doctors, medical facilities, and hospitals for each covered person. Small group HSA plans are also available. The “BlueCard” also provides access to physicians and other facilities inside and outside the United States.
“EmployerAccess” helps companies administer plans quickly and efficiently. Tasks that can be quickly completed include view and pay bills online, download and view a benefit summary, order ID cards, enroll or delete employees and their family members, view transactions, and update worker information.
Maintaining excellent employee health helps both owner and worker. Several resources that provide support include a 24/7 nurse line, a wellness toolkit, “Future Moms,” which offers on call nurses and OB-GYN nurses, and “MyHealth Advantage,” which suggests changes to improve health.
LiveHealth Online is a feature that provides employees access to a doctor online 24/7. A mobile device or computer can be used to discuss headaches, common colds, allergies, and other basic medical issues. A licensed therapist is also available. The cost of each online visit can vary, but is typically about $49.
Popular Anthem Small Group products are: Gold Blue Access PPO 500/20%/4000, Gold Blue Access PPO 2800/0%/3800, Gold Blue Access PPO 1750/0%/3425 w/HSA, Silver Blue Access PPO 4500/30%/7350, Silver Blue Access PPO/5000/20%/7100, and Bronze Blue Access PPO6600/50%/7350.
Don’t Forget About HSAs
One of the most popular plans for self-employed individuals and families is a Health Savings Account (HSA). HSAs are designed to help save for future qualified medical and retiree expenses on a tax-free basis. Plans (private and group) are available from many Ohio insurers, such as Anthem Blue Cross, Aetna, Medical Mutual, Oscar, UnitedHealthcare, and Humana. Premier and Assurant have exited the individual and group market.
Premiums are usually quite lower than COBRA rates. Typically, Anthem, Medical Mutual and Ambetter will offer the most competitive rates. But even these carriers will have very different prices, depending on your zip code. Also, companies often do not offer plans in every county. For example, Anthem (under-65 plans) returned to the Buckeye State in 2019, but only in limited counties.
To open an HSA, you must have a qualified “High Deductible Health Plan” (HDHP), which is a type of medical plan that has a higher deductible than a typical insurance policy. The HSA itself is a savings account that allows you to contribute funds on a tax-preferred basis. Qualified deductible expenses can also include dental and vision costs. Any funds not used during the year, can be rolled over to the following year without a penalty. Or, you can withdraw the money, since it is your own. Additional details are found on this link.
Ways To Lower Your Premium
Reducing the cost can be accomplished in many ways. Increasing your hospital deductible can reduce premiums by 30% or more. With many policies, office visits and prescriptions are not subject to a deductible, and therefore, would not be affected. If you rarely use this coverage, placing a deductible on these benefits could substantially reduce your premium. Of course, preventive coverage is always provided at no cost to you. This allows you to utilize many provisions of your policy without having to pay for it.
If you don’t qualify for a subsidy, and you have no pre-existing conditions, a non-Obamacare plan will offer substantially lower premiums. Coverage will not be identical to approved Exchange plans, and unlimited benefits will not be offered. However, 12-month plans should be considered, with all exclusions and limitations clearly explained and understood.
It Pays To Shop
Comparing several policies is always advisable. Every company bases their self-employed rates on various factors, including smoking status, health, and the county/ zip code where you live. You will be able to obtain more affordable medical coverage by considering multiple plans.
Whether you often travel outside of the state will play a role in which plan might be best for you. Perhaps just as important is your understanding of business law and regulations. Although not directly related to your medical benefits, employment and labor issues may impact the type of policy you choose, and handling legal issues should never be taken lightly.
For example, certain carriers have vast networks inside the state, but limited coverage in other states. Will that be an issue for you? Also, it may be advisable to purchase a plan “outside” of the Marketplace, if your family income is above $96,000. NOTE: Households with more dependents can qualify for a subsidy with higher incomes.
US Small Business Administration
The SBA was founded in 1953, and has helped Buckeye State residents secure loans, obtain free counseling, and start thriving businesses. Private and public organizations have been instrumental in assisting small local enterprises grow into much bigger companies. Although securing loans is a major function of the SBA, many additional services are provided.
For example, research grants and providing venture capital may be available, depending on the type of product you are building, servicing, or manufacturing. If you are just starting a business, assistance with licensing, acquisition of equipment, and finding, hiring, and retaining employees can be furnished. Women-owned and HUBZone-related companies may receive extra help.
Steps recommended by the SBA when starting a small business are:
Do market research – gathering information is critical.
Develop a business plan – How will you develop and grow your business?
Finance your business – Determine how you will finance or borrow needed funds.
Choose a location -Do you want a high traffic area?
Business structure – Many legal issues must be addressed
What’s in a name? – Pick the name of your company.
Registration – Protect the brand name.
State and federal employee identification numbers – Other ID numbers may be required.
Keep compliant – Several licenses are needed.
Business accounts – Checking and savings accounts will be needed.
Self-employed health insurance can be molded and shaped to meet specific needs. Whether you run a business with no or very few employees, you’re an independent contractor, or you work directly from your home, recent legislation has created several opportunities that allow you to enroll in an affordable plan.
Each situation is different, and our job is to research, evaluate and recommend the most suitable plan. Please feel free to provide your zip code at the top of this page to view your options. And of course, you can call us anytime. We’re located here in Ohio, just like you!