NYS Small Group or Individual Health Plan?

ebbrown

New Member
2
This thread continues a topic I started earlier.

My small non-union condo has a super and some other full-time staff. We want to get health insurance for our super, but can't afford to cover anyone else. Group coverage is out because the NYS minimum group is two people/class.

Another suggestion has been sole proprietor, although the super would have to register with the city clerk and that would probably cause more problems. And may simply not be worth the rigmarole.

I assume we'll end up buying an individual private policy for him and he will have to pay tax on the imputed income.

Any thoughts on the sole prop or individual private. BTW, VolAgent and ABC were dead on in their prior comments. Thanks, all.
 
You could have the super buy and individual policy, but the avoid the tax effect you could set up a 125 plan that would allow the super to pre-tax their his (or her) individual plan premiums (saves you the FICA, him the FICA & income tax associated with it).
 
NYS is a TERRIBLE place to do health insurance. I live in NY and sell life here, but only focus on health in other states because the products just make more sense. There are a handful of plans you could get him on, but it'd depend on things like what county he's in and a some others. Feel free to e-mail me if you'd like, I can get you pointed in the right direction.
 
You could have the super buy and individual policy, but the avoid the tax effect you could set up a 125 plan that would allow the super to pre-tax their his (or her) individual plan premiums (saves you the FICA, him the FICA & income tax associated with it).

This is not good. Once you set up a section 125 it can be interrupted as an employer sponsored health plan.

I know guys do this all the time for individuals but from a broker standpoint you want to shift the risk of setting that up. Have some of those Aflac agents set up a 125 with their plan so that they are responsible.

Look just sell an individual plan and move on.

I am not an currently selling in NY. I had 3 groups for a handful of years and told them to get other representation because I could not keep up on NY laws on small group.
 
You could have the super buy and individual policy, but the avoid the tax effect you could set up a 125 plan that would allow the super to pre-tax their his (or her) individual plan premiums (saves you the FICA, him the FICA & income tax associated with it).

Individual plan in New York? They don't really exist. The closest one can probably find is some carries would let you 1099 the super and he could get his own small group plan, but they'll want to see some paperwork proving that he's a 1099 so it'd have to be done legit.
 
Individual plan in New York? They don't really exist. The closest one can probably find is some carries would let you 1099 the super and he could get his own small group plan, but they'll want to see some paperwork proving that he's a 1099 so it'd have to be done legit.

I thought they had individual health plans in NY?
Oxford sells a personal policy and so does Empire......Right?
 
Hence the "don't really exist". If you are low income or a sole prop there are some ways around it. You can get individual policies that are either junk (like AIM) or obscenely expensive. But you're not going to find individual products like Assurant, ICA, etc that let folks get coverage for less than $400/month. It's guaranteed issue on small group so there is no health underwriting and premiums are through the roof.
 
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