Health Insurance Benefits
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How does a High-deductible Health Plan (HDHP) work?- Kaiser Permanente
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SSI is not Social Security. Adults can apply for SSI by phone, in person at a local Social Security office, or in some cases online. To apply for SSI for a child, you can start the process online but will need to complete it either in person or by phone. Explore a listing of SSI topics to learn more detailed information. If you have a disability, you have three options for health coverage through the government. Medicaid provides free or low-cost medical benefits to people with disabilities. Learn about eligibility and how to apply. Medicare provides medical health insurance to people under 65 with certain disabilities and any age with end-stage renal disease permanent kidney failure requiring dialysis or a kidney transplant.
Learn about eligibility, how to apply and coverage. Learn about the Marketplace, how to enroll, and use your coverage. Federal, state, and local government agencies and programs can help with your health needs if you have a disability. Learn more about benefits for people with disabilities from the Social Security Administration. Contact your local city or county government to find out what medical and health services are available locally for people with disabilities.
Your state social service agency can help you locate medical and health programs. Visit USA. Veterans who have a service-related injury or illness may be entitled to VA disability compensation. There are loopholes that may allow you to exclude some workers, but don't even think about trying this without expert advice. Such complexities mean its good advice never to go this route alone. You can cut costs by doing preliminary research yourself, but before setting up any benefits plan, consult a lawyer or a benefits consultant. Providing benefits that meet employee needs and mesh with all the laws isn't cheap--benefits probably add 30 to 40 percent to base pay for most employees--and that makes it crucial to get the most from these dollars.
But this is exactly where many small businesses fall short because often their approach to benefits is riddled with costly errors that can get them in financial trouble with their insurers or even with their own employees. The most common mistakes:. If workers needs vary widely, consider the increasingly popular " cafeteria plans ," which give workers lengthy lists of possible benefits plus a fixed amount to spend. Health insurance is one of the most desirable benefits you can offer employees.
There are several basic options for setting up a plan:. The rising costs of health insurance have forced some small businesses to cut back on the benefits they offer. Carriers that write policies for small businesses tend to charge very high premiums. Often, they demand extensive medical information about each employee. If anyone in the group has a pre-existing condition, the carrier may refuse to write a policy.
Or, if someone in the company becomes seriously ill, the carrier may cancel the policy the next time it comes up for renewal. Further complicating manners, some states are mandating certain health-care benefits so that if an employer offers a plan at all, it has to include certain types of coverage. Employers who can't afford to comply often have to cut out insurance altogether. The good news: Many states are tying to ease the burden by passing laws that make it easier for small businesses to get health insurance and that prohibit insurance carriers from discriminating against small firms.
MSAs, described above, are in part a response to the problems small businesses face. Until more laws are passed, what can a small business do? There are ways to cut costs without cutting into your employees' insurance plan. A growing number of small businesses band together with other entrepreneurs to enjoy economies of scale and gain more clout with insurance carriers. Many trade associations offer health insurance plans for small-business owners and their employees at lower rates.
Your business may have only five employees, but united with the other, say, 9, association members and their 65, employees, you have substantial clout. The carrier issues a policy to the whole association; your business's coverage cannot be terminated unless the carrier cancels the entire association. Associations are able to negotiate lower rates and improved coverage because the carrier doesn't want to lose such a big chunk of business. This way, even the smallest one-person company can choose from the same menu of health-care options that big companies enjoy. Associations aren't the only route to take. In some states, business owners or groups have set up health-insurance networks among businesses that have nothing in common but their size and their location.
Check with your local chamber of commerce to find out about such programs in your area. Some people have been ripped off by unscrupulous organizations supposedly peddling "group" insurance plans at prices 20 to 40 percent below the going rate. The problem: These plans don't pay all policyholders' claims because they're not backed by sufficient cash reserves. Such plans often have lofty-sounding names that suggest a larger association of smaller employees. No, it's not a poisonous snake coming back to bite you in the butt. The Consolidated Omnibus Reconciliation Act COBRA extends health-insurance coverage to employees and dependents beyond the point at which such coverage traditionally ceases.
COBRA allows a former employee after he or she has quit or been terminated except for gross misconduct the right to continued coverage under you group health for up to 18 months. Employee's spouses can obtain COBRA coverage for up to 36 months after divorce or death of the employee, and children can receive up to 36 months of coverage when they reach the age at which they are no longer classified as dependents under the group health plan.
Employers are permitted by law to charge recipients percent of the cost of extending the benefits the extra two percent covers administrative costs. However, many states have similar laws that pertain to much smaller companies, so even if your company is exempt for federal insurance laws, you may still have to extend benefits under certain circumstances. Contact the U. Department of Labor to determine whether your company must offer COBRA or similar benefits, and the rules for doing so. A big mistake some business owners make is thinking they can't afford to fund a retirement plan in lieu of putting profits back into the business. But less than half of the employees at small companies participate in retirement plans.
And companies that do offer this benefit report increased employee retention and happier, more efficient workers. Also, don't forget about yourself: Many business owners are at risk of having insufficient funds saved for retirement. Don't ignore the value of investing early. The benefit of retirement plans is that savings from tax-free until you withdraw the funds--typically age If you withdraw funds before that age, the withdrawn amount is fully taxable and also subject to a percent penalty. The value of tax-free investing over time means it's best to start right away, even if you start with small increments. Besides the long-term benefit of providing for your future, setting up a retirement plan also has the immediate gratification of cutting taxes.
Here is a closer look at a range of retirement plans for yourself and your employees. One of the biggest advantages of these plans is that the earnings on your IRA grow on a tax-deferred basis until you start withdrawing the funds. Whether your contribution to an IRA is deductible will depend on your income level and whether you're covered by another retirement plan at work. You also may want to consider a Roth IRA. While contributions are not tax deductible, withdrawals you make at retirement will not be taxed. After that, contributions and indexed to inflation. Regardless of income level, you can qualify for a deductible IRA as long as you do not participate in an employer-sponsored retirement plan, such as a k.
If you are in an employer plan, you can qualify for a deductible IRA if you meet the income requirements. Keep in mind that it's possible to set up or make annual contributions to an IRA any time you want up to the date your federal income tax return is due for that year, not including extensions. Like the Roth IRA, the amount you can deduct is decreased in stages above that income level and is eliminated entirely for couples with incomes over , With these plans, you can choose to use a k or an IRA as your retirement plan. This type of retirement plan doesn't come with a lot of paperwork and reporting requirements.
The employer must make contributions the plan by either matching each participating employee's contribution, dollar for dollar, up to 3 percent of each employee's pay, or by making an across-the-board 2-percent contribution for all employees, even if they don't participate in the plan, which can be expensive. After that, the amount will be indexed for inflation. As its name implies, this is the simplest type of retirement plan available. Essentially, a SEP is a glorified IRA that allows you to contribute a set percentage up to a maximum amount each year.
Paperwork is minimal, and you don't have to contribute every year. And regardless of the name, you don't need employees to set one up. If you do have employees well, that's the catch. Employees do not make any contributions to SEPS. Employers must pay the full cost of the plan, and whatever percentage you contribute for yourself must be applied to al eligible employees. These plans let you and your employees set aside a percentage of salary tax-free every year. As a kicker, the funds grow tax-free until they're withdrawn.
Compared to SEPs, k plans are more popular with employers because most of the contribution comes from the employees. There are many responsibilities that go with setting up a k program.
