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What's Happening with Health Care

With all that is happening in Health Care and insurance what should I do. Will ObamaCare still be around, will there be something new? I don’t know how to plan for the future?

Your questions are very good ones and unfortunately, I don’t have an easy answer. There are a number of proposals being discussed and the House has even passed a new version that will be debated in the Senate over the next few months. The bottom line is that most likely there will be something new. The most important thing you can do as a small business owner is to make a good decision for you and your family.

Health insurance is one of those things that you don’t really think too much about until you need it, and then the decision is critical. Do your homework and make sure you know exactly what you are getting. A great place to start is the to review what exchange options are still available for you and your family. Spend some time and talk with your spouse about exactly what your family situation looks like. If you are healthy and have a good family history, you may consider a less expense plan that concentrates on wellness and provides coverage for significant events. If you find that you tend to visit the doctor more often or have poor health and poor family history, you may want to consider a more comprehensive and most likely more expensive plan for you and your family.

As a self-employed business owner you may also be at a disadvantage at tax time since the premiums you pay are treated differently that those paid by big business. Do some research on Health Reimbursement Arrangements or HRA 105 plans. Simply “Google” HRA 105 and spend some time to see if your business might qualify for such a plan which could save you some money at tax time and therefore reduce the effective cost of your overall medical expenses.

Perhaps the most important thing you can do is to let your Congressional leaders know how important this is to you, your family, and your small business. Let them know that your health insurance premiums should be deductible on your business tax return just like bigger businesses. Our most powerful weapon in the fight for equal tax treatment is our own cumulative voice. Contact your House and Senate representatives and let your voice be heard.

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