Small Businesses Should Consider Individual Hsa Plans To Insure Their Employees In North Carolina

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Ads by Google The Tax Relief and Health Care Act of 2006 had several provisions that have made it easier to open and fund a Health Savings Account (HSA), including the option of a one-time tax-free rollover from an IRA into the HSA.. This tax-free rollover from their IRA, can help an individual or family immediately fund their account so that the deductible can be covered 100%. That basically removes the risk of going with a high-deductible plan.

Although many people are not aware of the ability to do this, more and more people are becoming informed and are requesting information on HSA plans and the roll-over. I would suggest that you strongly consider making this transfer if you have an existing IRA plan, and are considering opening an HSA plan.

What does this have to do with small businesses?

Small businesses usually have a difficult time explaining the high deductible health plan and the HSA combination. Consequently, many employees will say, just offer me a copay plan. I know how that works. They resist HSA type plans because they are afraid of the high deductible. Explaining how they can roll-over money from their IRA helps to relieve this fear. They may be hurting themselves if they go with a copay plan.

Small business and Group Insurance:

Small businesses are generally mistaken when they think that it is better if they have a group insurance plan for their employees. Most small businesses do not realize that you must pay at least 50% of the employee's premium. For many companies starting out, this can be prohibitive. Most insurance companies, require that 75% of your eligible employees join. This can also make it difficult to get group coverage.

If companies take the time to compare quotes, they will find that individual plans are generally much LESS expensive. In addition, the employer can discriminate...he can offer insurance to Suzy, but not Jim. Note: the company must take taxes out of these payments since individual plans offered by a company are not tax deductible.

The unhealthy individual:

What do you do if you have an individual that you want to insure, but they are not healthy. In many states, this can be a real problem. If your company is in North Carolina, it is much less of a problem because you can always insure an individual with Blue Cross and Blue Shield of North Carolina, regardless of their health. Blue Cross will accept everyone. Therefore, if you have an individual with diabetes, Blue Cross with insure them. (By the way, if you have diabetes, I don't know of any other individual major medical plan that will insure a person with diabetes.)

In summary:

Companies in the range of one to ten employees should get quotes on providing individual HSA plans for their employees. These plans are less expensive, the premiums are more stable, the out-of-pocket risk is less for the insured, and lastly, it is easier to get the deductible funded. With the new changes to Tax Releif and Health Care Act of 2006, you can do a one-time roll over from your IRA into your HSA. This eliminates the "first year" larger deductible risk that scares many people.

Richard Day has years of experience finding the exact plan that will fit his client's needs. He adopted the HSA concept early, and will help you to understand how they work. This link for more information concerning the Blue Cross Blue Shield of North Carolina, Blue Options HSA If you would like comparison quotes visit: http://www.ehealthinsurancesource.com 

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