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#1
08-02-2007, 08:12 PM
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Health Insurance - Start-up CompanyState of Illinois I am considering creating a start-up company and need information about health coverage. My wife has had diabetes for a few years now and I want to know if there is any way she would be covered with health insurance if I started my own company? Would it matter if the start-up had two or more employees and she was one of them? Thanks for any assistance. |
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#2
08-03-2007, 02:54 AM
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| Is your wife covered by health insurance now? |
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#3
08-03-2007, 06:58 PM
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ReplyYes. She is currently covered under the group policy with my current employer. |
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#4
08-03-2007, 09:23 PM
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| If you start up now, and you wish to put her on YOUR employee health plan, she will be fine. If there is no gap in her coverage of more than 63 days, small group plans are guarantee issue and they can not pre-X her for anything that is previously covered. If diabetes is her only condition, and she is not insulin dependent, try for individual insurance first. If you both get it, great! It's yours forever and ever as long as you pay the premium. Most often, individual insurance will not have maternity coverage on it's own, but that's another story. Lastly, if you would like to take full advantage of your insurance as a business expense, set up a Section 105 plan. This will allow you to write off darn near everything medically related ( premiums, out of pocket, copays of you have them, mileage to and from the doctor, glasses, many over the counter Rx, etc. ) as a business expense.... straight off Schedule C as a business expense. Once it's set up, it's always there. You just need the documents.
__________________ ^^^ Stayed at a Holiday Inn Express last night. |
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#5
08-04-2007, 06:49 AM
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| Well, here again Tim and I disagree on individual vs. group, but that's what I was getting at. As long as she's covered now, and she goes from one policy to the other without a gap of 63 days or longer between the two, there'll be no problem covering her on your self-employed company's group policy, either as your dependent or as an employee. |
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#6
08-04-2007, 01:43 PM
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| Illinois insurance programs are more like Indiana, Kentucky and Ohio, not so much like MA. 
__________________ ^^^ Stayed at a Holiday Inn Express last night. |
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