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Health Insurance Costs For Small Businesses Question & Answers

2013 September 30
by Sarah Fields

Mark asks…

How much would it cost me to provide Health insurance to the employees in my small business?

We have a small trading (business to business) company located Manhattan, NY. There are a total of 5 employees, how much would it cost for me to provide health insurance? How does that usually get paid? Is it split between the employers and employees or is it paid for solely by the company?
Thanks in advance!

Sarah Fields answers:

If you choose to form a group health plan, then you’ll have to pay at least 50% of the premium, and you’ll have to have at least 75% participation (yourself included). You’ll need to work with an insurance agent that specializes in group plans to see how much it would cost.

Alternatively, you could offer to subsidize employees’ health care costs, by increasing compensation by a set amount each month.

Lisa asks…

What is the cost of health insurance in New York?

How mush does it cost small business to buy health insurance for individual and family?

Sarah Fields answers:

You’ll want to go to the official web site, Healthy NY, to get quotes. It’s actually by COUNTY, which you didn’t mention.

Betty asks…

What will happen to this small business owner under Obama?

A small business owner with less than 10 employees and earning well under $250,000. The owner cannot afford to provide health insurance for his employees or his own family.

What will happen to his business under Obama? Will he be forced to provide health insurance or pay a penalty?

Sarah Fields answers:

First, while keeping a sharp eye on what your competition is doing, the small business owner raises the price of his goods or services in order to pass along as much of the tax increase or cost of doing business (federally forced health insurance, increased min. Wage laws, etc.) as possible. Next, he cuts costs to the bone. Lastly, he lays people off because the survival of the business is paramount to his own success and to the employment of the remaining people. The result, multiplied by thousands of small businesses, is massive inflation, increased unemployment, and more people than ever without health insurance. ….and the very last thing is another empty building where a small business used to be. Seems to be what the majority of the voters wanted. Wonder if they knew…

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