[Hidden-tech] found the answer

[Tom Gajda]

Health insurance is important and a large business expense.

I switched from Blue Cross to Fallon after Blue Cross increased my rate
something like 18 percent for two years in a row and then attempted to
increase my rate by 40 percent past year. What company can increase their
prices like that! I found it to be an outrage.

So, for about $125 per year I joined the Massachusetts Business Association
which enabled me to get a group rate (which I also had at BCBS) and switch
to Fallon. I received the same coverage as my Blue Cross plan for about $225
dollars less per month. That is a savings of over $2,500 per year.

And I deduct the premiums as stated earlier, which saves about another
$2,000 in tax burden.

Regards,

Tom 

Tom Gajda
Engineering Writer
Thomas Paul Communications, LLC
413-297-2246 |www.EngineeringWriter.com

Also see me at:

www.mswordexpert.com
www.processequipmenttraining.com











-----Original Message-----
From: hidden-discuss-bounces at lists.hidden-tech.net
[mailto:hidden-discuss-bounces at lists.hidden-tech.net] On Behalf Of Jan
Werner
Sent: Thursday, September 17, 2009 2:48 PM
To: Edbride-PR
Cc: 'Tom / Reelife Productions'; 'Hidden-Tech Tech'
Subject: Re: [Hidden-tech] found the answer

   ** Be sure to fill out the survey/skills inventory in the member's area.
   ** If you did, we all thank you.


That hasn't been true for many years in Massachusetts.

Membership in a Chamber of Commerce or other affinity group does not 
qualify for group insurance in Massachusetts, a sore point that came up 
often when I was on the Government Relations Committee of the Berkshire 
Chamber, and something that business groups have long been trying to 
reverse, without success.

There are insurance purchasing outfits  that require you to be a member 
of such a group to use their services (e.g., Northeast Business Trust, 
from whom I used to get my insurance) but under the current MA health 
insurance laws, they don't offer any advantage, and, as I discovered in 
researching the matter, tend to offer less value than you can get by 
purchasing directly from insurers like BCBSMA or Tufts as an individual.

That said, the insurers conduct a real shell game by offering a vast 
number of plans using all kinds of different combinations of copays, 
deductibles and other options. This makes it nearly impossible to 
compare plans directly. I ended up building a spreadsheet model and 
running what-if scenarios to make an informed choice, but I don't think 
most people have the know-how (or time) to do that kind of thing.

As to the original question, a self-employed individual who files a 
Schedule C and reports a profit can deduct up to the amount of that 
profit minus 1/2 their SE tax on line 29 of their 1040, if he/she does 
not qualify for coverage under someone else's plan. Your spouse's 
insurance will also qualify if she/he is a co-owner of the business.

Also, if you are both owner/employees of the business, you can get two 
individual plans, which is less expensive than a family plan if you have 
no other dependents.

Jan Werner
____________

Edbride-PR wrote:
>    ** Be sure to fill out the survey/skills inventory in the member's
area.
>    ** If you did, we all thank you.
> 
> 
> 
> 
> ------------------------------------------------------------------------
> 
> That's how we qualify for group insurance: Chamber of Commerce. I'm not 
> sure, there may be a minimun requirement of employee head count; if 
> there is, it's 2, which is easy enough...
>  
> Ed
> 
>     ----- Original Message -----
>     *From:* Don Lesser <mailto:dlesser at ptraining.com>
>     *To:* 'Tom / Reelife Productions' <mailto:tomadams at gmail.com> ;
>     'Hidden-Tech Tech' <mailto:hidden-discuss at lists.hidden-tech.net>
>     *Sent:* Thursday, September 17, 2009 9:23 AM
>     *Subject:* RE: [Hidden-tech] found the answer
> 
>       
> 
>
------------------------------------------------------------------------
> 
>     Too bad. Can your business buy insurance (from a Chamber of Commerce
>     or some other group)? That way it is a business expense and comes
>     off your taxes? I'm no tax expert, but I'd look into that route. The
>     Noho chamber is about $300 per year, but there are other perks and
>     you can compare the total cost of health care + Chamber to whatever
>     else you are offered.
> 
>      
> 
>     Don Lesser
> 
>     Pioneer Training, Inc.
> 
>     139 B Damon Road, Suite 2
> 
>     Northampton, MA 01060
> 
>     (413) 387-1040 / (413) 536-1030
> 
>     (413) 586-0545 (fax)
> 
>     dlesser at ptraining.com
> 
>     www.ptraining.com
> 
>      
> 
>     *From:* hidden-discuss-bounces at lists.hidden-tech.net
>     [mailto:hidden-discuss-bounces at lists.hidden-tech.net] *On Behalf Of
>     *Tom / Reelife Productions
>     *Sent:* Wednesday, September 16, 2009 12:33 PM
>     *To:* Hidden-Tech Tech
>     *Subject:* [Hidden-tech] found the answer
> 
>      
> 
>     well unfortunately, here is the answer: I am not eligible for
>     getting health insurance at pretax dollars (only employees of mine
>     would be)..I'm beginning to think my four legged friend, Maggie,
>     would be a wonderful secretary!
> 
>     -- 
>     Regards,
> 
>     Tom Adams
>     (413) 575-9707
>     Williamsburg, MA
>     ~~~~~~~~~~~~~~~
>     www.YouTube.com/Reelife <http://www.YouTube.com/Reelife>
>     www.ReelifeProductions.com <http://www.ReelifeProductions.com>
>     www.FolktographybyTom.com <http://www.FolktographybyTom.com>
>     www.Twitter.com/Reelife_Tom <http://www.Twitter.com/Reelife_Tom>
>     Web.me.com/reelifeproductions <http://Web.me.com/reelifeproductions>
>     www.Facebook.com/tomadams4 <http://www.Facebook.com/tomadams4>
>     www.LinkedIn.com/in/tomadams2 <http://www.LinkedIn.com/in/tomadams2>
> 
>
------------------------------------------------------------------------
> 
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