This page includes news and tips for small business owners who provide employee benefits as well as self-employed people for provide their own coverage. Freedom Benefits provides compensation and benefits planning advice to cut costs, save on employer and employee taxes, improve value received, increase employee satisfaction and speed up wealth building for plan participants.
Individual major medical insurance enrollment for 2018 is open from November 1 through December 15, 2017 at the federal government’s insurance web site. You can see plans and rates without creating an online account here. We offer limited free personal support with questions through OnlineNavigatorTM service.
Short term options, dental coverage, supplemental insurance and other health benefit plans are available through multiple sources. We suggest Smart Insurance Marketplace as the first place to look. Telephone and email support is available.
Freedom Benefits small business employee benefit plans now allow for inclusion of a wider range of options including: 1) Group or Individual Health Insurance, 2) Health Savings Account, 3) Preferred Provider Discount Pricing Service (including prescription drugs at over 45,000 pharmacies nationwide, Telehealth for facetime or call to a physician 24/7, Karis360 Suite of services including Healthcare Navigator, Surgery Saver and Bill Negotiator), 4) Health Reimbursement Arrangement, 5) Special Purpose Health Reimbursement Arrangement, 6) Qualified Small Employer Health Reimbursement Arrangement, 7) Flexible Spending Account including Dependent Care Plan. 8) 401(k) Plan, 9) Pension Plan, 10) IRA or SEP Retirement Savings Plan, 11) Deferred Compensation Plan, 12) Thrift Savings Plan, 13) Employee Home Office Expense Reimbursement Plan, 14) Employee Travel Expenses Reimbursement Plan, 15) Employee Commuter Mass Transit and Parking Expense Reimbursement Plan, 16) Employee Work-Related Expense Reimbursement Plan, and 17) Other benefits specified by the employer.
11/11/2017 – Physicians Health Plan and other health insurers in the state of Michigan announce that they have plenty of help for people who have questions about 2018 enrollment. Health insurance plans quoted for our test case showed more than two dozens plans offered by five different insurance carriers ranging from about $250 to $550 per person per month for a resident who does not qualify for a premium credit. 4 out of 5 applicants qualify for some subsidy, so our test is based on the ‘worse case’ scenario of an individual who does not qualify for any subsidy. Those who cannot afford these plans are advised to obtain a ‘waiver’ to avoid a tax penalty and enroll in one of the lesser coverage plans that they can afford. Freedom Benefits can help answer questions about these alternate strategies.