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I Just Enrolled in Obamacare!

Started by jojo, November 16, 2013, 11:05:02 am

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JuneC

Steve, it may depend on what kind of business entity you have set up.  I have a Corporation so even if I were the only employee, I could get a group (business) health plan.  However, in the past, group plans were about double the price of a private plan (which is what we've had for the past 3 years).  We (just me and my husband) have no other employees.  We are both shareholders, and since we have no employees, if we were to buy a group plan, we are not eligible for the business tax credit they're handing out to encourage small businesses to provide health insurance.  The tax credit is significant - I think it's something like 35% of the premiums this year, increasing to 50%. 

In any case, my husband and I are looking at over $8500 per year for insurance (unless we divorce which makes us each eligible for a subsidy) and that's totally unaffordable unless we decide to quit eating and driving.  Like Doyle, we're likely to be uninsured come January. 

And like Doyle says, any premium you pay for health insurance for yourself and wife, regardless of plan, (I assume she's in the business as well) is a business deductible expense just like your phone and shop rent. 

June

"Horse sense is the thing a horse has which keeps it from betting on people."

     W. C. Fields

SteveA

June
I'm an LLC and currently have a group health business plan - it's fine so far - hope it doesn't cancel. 

ACA states that 2 employee's (wife & I) can not qualify for the  ACA business plan. I would need a third employee for a business plan. 
If my current insurance is canceled - I would need to take a plan with the ACA as two individuals.  Given our income I would qualify for subsidies -  so the question remains - if I accept subsidies can I still write off the balance as a business expense or would I loose the subsidies from the government ? 

SA

JuneC

I would expect that any balance you pay out of pocket (your business pocket, that is), would be tax deductible. 

June
"Horse sense is the thing a horse has which keeps it from betting on people."

     W. C. Fields