How to Buy Full Health Insurance Through Your Corporation

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Full health insurance can typically be purchased through your actual corporation. Buy full health insurance through your corporation with help from an accounting professional in this free video clip.

Part of the Video Series: Accounting & Finance
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Video Transcript

Hi, my name is Lori Greer from Atlanta, Georgia, and I'm here to discuss how to by health insurance through your corporation. Let me start out by saying that a majority of people in the United States today, are on some sort of group health insurance plan, rather than independently purchased plans. Providing group health insurance is a great way to provide added benefits for employees. It can also be a great way for the corporate officers to have health insurance as well. Here are few things you can do to help when buying insurance through your corporation. First, I would consult with a group health insurance broker in your area and complete an application. Keep in mind that some states require each of your employees to submit an application with their health information. While other states will only require the employees' D.O.B. or date of birth, their gender and if they're smoker or non-smoker. After all applications have been submitted, you'll be given quotes by several different companies. The quotes will contain information on different options such as life, disability, health, vision and dental. After viewing all the information, you will then want to choose the best plan to suit your budget and your employees' needs. Also keep in mind again, depending on the state and the size of the corporation, there could possibly be laws on what coverage you must provide. This is something your broker would be armed with, to let you know how to proceed and if your plans qualify. After the plan is decided on, you'll then need to determine how much coverage you're willing to provide. As a general rule, companies will pay half of their employees' premiums. Companies can pay anywhere from zero to a hundred percent of the premiums. Here again, you'll want to check your state's laws, as some require the employer to cover a certain percentage. If you're not covering a hundred percent of the premium, you will want to setup deductions from your employee's salary to cover the portion that you're not paying. This would be deducted prior to taxes, most of the time. This will be something your broker will be able to help you with. Again, I'm Lori Greer from Atlanta, Georgia, and this is how to buy full health insurance through your corporation.


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