Business Health & Life Insurance

Health & Life Insurance for Business

HEALTH INSURANCE FOR BUSINESSES

There are many benefits to adding a business health insurance plan for you and your employees.

  • Proving Health Insurance attracts and keeps valued employees
  • It gives you and your employees access to a broader network of providers
  • It offers lower deductible options
  • Premiums are in most cases tax deductible
  • It’s EASY

Common Questions Answered:
Can I buy health insurance through my small business?
Yes, if you have 1-50 employees and have at least one with W2 income in the previous year. This includes groups of 1, whereby you are your only employee.
Applications can be submitted anytime during the year.

The rules for business health plans are as follows;
Medical Groups of 1-3
Require 100% employee participation and employers are required to contribute 100% of the premiums. Employers must further pay 50% of dependents costs and 75% of dependents must participate.

Medical Groups of 4-50 Option A
Require 75%employee participation and employers must contribute 75% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional.

Medical Groups of 4-50 Option B
Require 75% participation and employers must pay 50% of the premiums.
Employers must further pay 50% of dependents costs and 25% of dependents must participate.

Dental Groups of 2-4
Require 100% participation and employers must pay 50% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional

Dental Groups of 5-50 Option A
Require greater of 5 or 50% participation and employers must pay 0-50% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional.

Employees who work a minimum of 20 hours per week or 120 days per year must participate in the plan.

Allowable reasons for NOT being included are; if the employee is on Medicare/ Medicaid or other qualified group plan.

Group plans in general have lower deductibles, broader network, are in most cases tax deductible and lower in cost than individual plans.

Plan rate vary by average age of group, deductibles and plans.

What are HSA plans?

HSA Plans – Optional Accounts

Otherwise know as Health Saving Accounts are savings accounts funded with tax deferred payroll income to be used for qualified health costs such as deductibles, co-pays and other approved prescriptions and medical costs.

Life Insurance for Business Owners

There are many different reasons why people have life insurance.  Whatever your reason, needs and goals are, we are here to help you meet your needs.

Whether you are trying to protect your family financially or funding a business sale after death,  we have many options available for you.  Below is a list of various  plans. 

Please contact us for to set up a time to discuss your needs.

Family Needs/ Estate Protection Plan

With the sorrow and despair that comes with losing a loved one, don’t let financial burdens add further grief. Planning the financial future for your family is a great gift to leave them. Let us help you to protect your loved ones.

Partnership Buy-Sell Plans

These plans can be simple or complex. The question to ask is “What will happen to the partnership when one of the partners dies”? Will the remaining partner(s) continue business with the deceased partner’s family? Or should there be a set price paid to the family to release their interest in the partnership? These agreements can be easily funded with Life Insurance.

Policy Replacement/1035 Exchanges

As life expectancy increases, life insurance premiums are reduced.  If you are in better health now than you were when you put your current policy in place, it may be cost effective to re-rate your policy. 

Key Man Insurance

This is purchased when there is a “Key” Employee that the business would have a difficult time replacing. And/or that their death would have an adverse affect on the business. The funds could be used to sway a potential hire away from their existing company or pay for temporary help. 

Creditor Protection & Charity Gifting Plans

When banks want a personal guarantee on loans, Life Insurance, at times, could be used as additional creditor protection. If a significant amount of money to a charity, this can also be set up with Life Insurance. Charitable gifts can also be provided for with life insurance policies.

Contact Us

Madison Avenue Insurance Group is licensed to write insurance in WA, OR, ID, MT, CA,CO, AZ & TX