Search




What Is The Best Way To Provide Health Insurance Premiums For S-Corp Owners?



Health insurance is increasingly becoming an almost unbearable cost for many and for small business S-Corp owners the costs are even higher because being your own employer means all the money for health insurance is coming out of your pocket.

Where do I find the cheapest rates for health insurance?

The best way to find cheap rates for health insurance if you’re a S-Corp is to shop around like you would for any other good or service. Find a reputable quote site and request quotes from at least a dozen companies and then compare the rates to see which offers you the most bang for your buck. Generally speaking you get what you pay for so picking the cheapest plan may not save you any money at all in the long run.

Should I choose high co-pay or a low co-pay plan?

If you are in excellent health and only visit the doctor for general check-ups each year then you should choose a high co-pay plan and save a few dollars a month by doing so. If you have a chronic condition that requires regular monitoring then you should choose a low co-pay plan so your out of pocket expenses are lower at the end of the year.

How can S-Corp Owners save money on their health insurance by having the corporation pay the premium?

Tax Document # 2008-1 states that the only way your S-corporation employee health care premiums can be used as deductions is to include it on your W-2 form box one amount and then deduct it on line twenty nine. Other ways of handling deductions are not acceptable to the IRS anymore but using this method you can get a tax deduction for the amount of your health care premiums.

Related posts:

  1. How To Buy Group Health Insurance?
  2. How Long Should I Keep Health Insurance EOB Records?
  3. How Do I Choose A Health Insurance Plan?
  4. How To Save On Health Insurance Companies?
  5. Where Can I Get Health Insurance At Group Rates If My Company Does Not Offer Insurance?

Tags: , , , ,




Leave a Reply