The funds paid are not specified
for medical expenses--you may use them however you see fit. You can
provide coverage
for your employees, too. Some policies include
special features, like:
- Key-person insurance to protect a firm against the loss of income
resulting from the disability of
a key employee.
- Recovery benefits
that pay after you return
to work full-time, and are re-establishing
a customer or client base.
- For jointly-owned
businesses: A disability
buy-out policy disburses funds for one partner or business
entity
to buy a disabled partner's
share of the company
Long-term care insurance
Most of us know about the kind of health insurance that pays for
hospital bills and doctor visits. Long-term care, however, offers
the assistance you might need if you have a chronic illness or disability
that leaves you unable to care for yourself for an extended period
of time. You may receive long-term care in a nursing home or in your
own home. This may be used to help the aged, as well as young and
middle-aged people who have been injured or have suffered a debilitating
illness. As with other insurance policies, you pay a set premium
that offsets the risk of a much larger out-of-pocket expense.
Medical savings accounts:
An additional coverage option for small business employees
Under a four-year pilot project, medical savings accounts (MSAs)
are available to employees of small businesses (50 or fewer employees),
as well as self-employed individuals. An important note about MSAs:
Participants must also have coverage under a qualifying high-deductible
health plan.
MSA contributions are tax-deductible. Fund withdrawals to pay for
qualifying medical expenses are not taxed; however, withdrawals for
any other purpose are taxed, and subject to an additional 15% penalty.
MSA balances carry over from year to year, and the interest earned
is not taxable.
Want tips to find the best insurance company for your small business?
HealthInsurance.com
can help.. >> click here |
