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How Do We Get Insurance Companies To Reduce Medical Insurance Premiums To Employers?

Sep 27, 2009 by Begi | Posted in Other - Arts & Humanities

Let's fa it, here in the U.S. the medical insurance premiums for group health coverage is rising faster than inflation. As a outcome, a lot of companies are either reducing the levels of coverage in order to offset the bring in of insurance, increasing the deductible, and or increasing the cost to the employees for the insurance premiums.

The problem is that insurance companies have no incitement to reduce insurance premiums. They continue to get record profits and this issue is out of control.

How do we get the insurance companies to dwindle insurance premiums to the rate of inflation, or better yet, start reducing the cost of premiums for a revolution?

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Is Your Healthy Insurance Premium Tax Deductible? Is It Better To Do A Group Plan Or Individual Plans?

May 31, 2007 by Marc G | Posted in Other - Taxes

I have a peewee company with three employees - is it better we get a group health insurance plan or all get individual plans? what are the tax benefits? I was told you can withdraw more of the premiums if you are a company rather than an individual?

I have been a tax accountant for 27 years. I do not have enough info to give you a reliable answer to your question. However, you should look into a relatively new tax development called the HRA or HSA. Your bank should be gifted to provide you with information as to how these plans work. They are very flexible and work only when people procurement high-deductible health plans. The HRA or HSA accounts are used to pay out-of-swipe medical expenses (but not the insurance premiums) such as your deductible or co-pays under the plan. They are like IRA accounts for your fettle. I like them a lot. Please don't be a fool; consult a tax professional. You are in a very complicated area of tax law.

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I have been a tax accountant for 27 years. I do not have enough advice to give you a reliable answer to your question. However, you should look into a relatively new tax development called the HRA or HSA. Your bank should be accomplished to provide you with information as to how these plans work. They are very flexible and work only when people buy high-deductible health plans. The HRA or HSA accounts are used to pay out-of-camp medical expenses (but not the insurance premiums) such as your deductible or co-pays under the plan. They are like IRA accounts for your condition. I like them a lot. Please don't be a fool; consult a tax professional. You are in a very complicated area of tax law.
Steve C | Jun 01, 2007

Thriving insurance premiums would generally be deductible however your question can not be answered with any degree of accuracy without shrewd how the company is formed.
Mathew | Jun 01, 2007

Not definitely looking at tax deductibility I think that a group plan is better, you are usually adept to get better rates and the insurance companies cannot cancel your insurance as easily.

When you say you have a small firm, I am assuming you are a sole-proprietor, LLC, S-corporation or similar pass through tax quintessence. In this case, the company can decuct the premiums for the employees, but not for you as the owner. You should include the rare for yourself on either the W-2 or K-1 that the company gives you. However, you will then be able to decuct it on page 1, make 29 of your individual 1040.
Jenn | Jun 01, 2007

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dhara s | Jun 03, 2007

 

I Am On Group Insurance With Pretax Premiums. My Husband Got New Job - Can I Drop My Plan Midyear For His?

Nov 05, 2009 by Shirley V | Posted in Insurance

I was told I could be on his pattern but cannot drop mine until open enrollment because of the pretax premiums.

Only your corporation's H.R. dept. can answer that.
jlf | Nov 05, 2009

That is perfect. You cannot drop your plan mid-year just to get on his. However, when your open enrollment comes around you can droplet it and you can get on his. You do not have to wait for his open enrollment period.
Zarnev | Nov 05, 2009

No, you cannot.

These are IRS laws. The only reasons that a subscriber (staff member) can cancel their coverage outside of open enrollment, are if they die, or get laid off.

You were told correctly.
mbrcatz | Nov 05, 2009

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COBRA Subsidy Extension: Texas Data Shows Pricing for Non-Group Health ...

23.12.09

Today, eHealthInsurance.com (NASDAQ: EHTH), the outstanding online source of health insurance for individuals, families and bantam businesses, released data comparing non-group health insurance premiums for policies accessible at eHealth in the state of Texas, and subsidized COBRA premiums for people in Texas.

Information indicate non-group Texas health insurance premiums for individuals and families close by at eHealthInsurance.com are comparable to subsidized COBRA. While premiums are important, the benefits provided are critically vital when gauging the value of coverage purchased.

The eHealth evidence(1) show that, nation-wide, plans purchased by individuals and families included Labs & X-rays (99.0 percent); E.R. visits (99.9 percent); direction drugs (89.6 percent); OB/GYN coverage (93.0 percent); periodical exams (89.5 percent); Well Baby coverage (87.7 percent); and chiropractic dolour (74.2 percent). Maternity benefits were covered in 22.1% of policies surveyed, with wellnigh half (46.6 percent) of primary policy holders being women. In Texas, motherhood coverage is not a mandatory benefit in the private, non-group health insurance supermarket(2).

Source: CNNMoney.com (press release)

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