Question
Insurance options in Michigan for S-corp?
My wife and I have been running a successful online business for a few years now and the income has surpassed that of my office job (my wife only works for the online business). So we are at the crossroads of continuing the way we are going now or go solely with our own business. The biggest concern is with health insurance. Almost everything I read about insurance for self employed works is that it is expensive and coverage is poor and not guaranteed. But I have also seen that with a S-corp we can obtain group coverage similar to that which I have through my office job. But I have not been able to find any detailed information. So what I am looking for is what types of options we have for insurance. Our company is an S-corp and only consists of myself and my wife as both 50% shareholders. Also it would be great if someone could give some insight on how to go about obtaining group coverage if that is an option. Thank you!
2 months ago - 2 answers
Best Answer
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I had the same situation as you. I formed a group plan for my own business to cover myself and my wife. I contacted an insurance agent that handles group insurance -- most agents don't. By law or regulation every health insurance company that offers group insurance in your state must offer it to you as well. So, contact the obvious candidates: Anthem Blue Cross Aetna UnitedHealthGroup Pacificare (which I think is part of UnitedHealthGroup) All of these companies will quote you 15 or 20 different group options, with or without dental and vision, if you want. My needs were best served with Anthem Blue Cross through a "Lumenos Plan" that has a Health Savings Account component. There are few additional forms you have to fill out (as the employer), but once you have it going, it's easy trivial to maintain.
by zeuz
2 months ago
Asker's Rating: 