subject: New York Health Insurance Plans for Small Business Owners [print this page] New York Health Insurance Plans for Small Business Owners
Often the small business owners have to come across a lot of trouble while running their business. Amidst all that paying for the New York Health Insurance or even managing the coverage due to ever rising costs is a common thing. Often a few of the small business owners might have a health insurance policy while working as an employee that is either fully provided or partly provided by the employer. As soon as someone quits a job in order to start running his or her own business, they have the option of using COBRA in order to carry out an extension of their New York Health Insurance coverage plan for the longest period of 18 months. But one aspect that might be an element of concern for many is what exactly should be done in case the existing coverage plan is about to expire or has already terminated. One suitable option in this case that might come in handy is to use the same insurance company to obtain yet another personal health insurance plan. People should atleast check out once to find out if there is a better rate available. This can at least provide the pricing which can be used to carry out a suitable comparative study with various other New York Health Insurance Policies available in the market. This way it will be possible for any one to ensure that they are choosing on the best rates and the best coverage that stands appropriate to their precise needs.
More often than not the employers offer their employees with health insurance plans backing upon the benefits of a group insurance policy. In case of the group insurance plans, it is the employer who pays a certain portion of the total cost of the plan and the rest of the amount is paid by the employees. In most of these cases, the amount that each of the employees would have to pay is decided on the basis of whether the coverage is just for the employee or his entire family. Thereon the costs also depend on the number of members present in the group, meaning the number of heads. So the cost of a group health insurance plan is basically well distributed amongst all the members in the group.
Now coming to the issue of the small business owners or the single business owners, there is an inexpensive way in which they can ensure that they have ample resources to pay for the health care expenses. What they can do is go for a health care saving account which is the interesting combination of a non taxable savings account that is used for the purpose of paying the expenses along with a health insurance plan that has a high deductible. Such health-saving accounts are gaining an extended amount of popularity by every passing day, especially amongst the small business owners. This is primarily because none of the contributions to these kinds of accounts are held eligible for tax payment. Even the money that is drawn out of the account for paying the medical expenses is not taxed.
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