As a small business owner, you probably are facing some the same concerns that every business is facing, no matter what size they might be. Health insurance companies are changing the rules and limiting the amount of coverage that you can get for your employees. What’s more, they are restricting access to certain types of services and procedures, while still charging the same amount for health insurance as they did when they were providing much better service. You may be wondering what options you have, and you might be surprised to learn that there is an option you can consider that also provides you with small business deductions at tax time as well.Private Health Insurance PlanAs a business owner, you have the option of setting up a private health service plan. This plan is something that works as a self-directed plan. In simple terms, you aren’t using a health insurance company to provide your health insurance; you’re providing it yourself and your business owns that plan. Now, the small business deductions don’t apply unless you actually provide insurance for an employee, meaning they bring you a receipt so that they can be reimbursed, which can be a family member or someone unrelated to you and your business. Once you set up a plan, you can also purchase health insurance for yourself and your family, if you have access to an affordable health plan, and deduct 100% of those costs from the business. In essence, you are not personally paying for any of your health costs, your business is.How do you set up a Private Health Insurance Plan?Frankly, most of you will not have the ability to set up a private health service plan on your own. You’re going to need a little expert help to get it started. Choosing the right company to help you with this process is important, and you should begin by choosing a company that offers a free consultation for their services. This allows you to meet a representative of a company who offers business services and will help you to determine whether the products and services that they have to offer will benefit your company. What’s more, they can explain in better detail what you can expect in terms of your small business deductions; what’s allowable what’s not allowable and so on.How much can you save in Small Business Deductions?Setting up a private health service plan isn’t free. You do have to pay for health insurance premiums but you do have to pay the expenses that your employees incur, up to a limit, which you determined when setting up the plan for your small business. You save on premiums and the additional savings come in at the end of the tax year, when you file your taxes, you include the health expenses as part of your small business deductions. This is perfectly legal, and with the help of a business services company, you can learn everything you need to know about setting up a health service plan for your company, and getting the health care coverage that you need.
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