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Ohio Painting Contractor
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Discussion Starter · #1 ·
We can't decide weather to offer medical insurance to our guys or not, and if so who or where to go. A few would like medical and most don't. I'm wondering what a plan would cost for 5 people and if it's beneificial to offer medical / benefits. I'm at least thinking it's a way to find decent reliable painters.
 

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We offer medical and a small life policy for our 5 employees. It varies on our group policy from about $100 to $225 per month per person based on age (25yo = $100, 35yo=$150, and 42yo= $225). This is for the top teir Blue Cross group health policy, there are less expensive ones with deductibles ($500-$2500) which are very affordable.
 

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Some of your guys don't want health insurance? Did they go past the third grade? Or are you offering this to them, with them having to pay most or all of the premium?

Remember if your coverage as owner or officer is paid by the company or corp., the IRS requires you to do the same for your employees!
 

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Rock On
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... if your coverage as owner or officer is paid by the company or corp., the IRS requires you to do the same for your employees!
Are you sure on this?
It's a Fed thing?
 

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Systems Fanatic
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If you are the sole owner of the corporation there are ways around this (if you so desire).

You can pay yourself an additional salary to pay for the insurance/ benefits and they pay for them personally. The salary is still a write off for the business. However, you must also calculate the personal tax ramifications and work that into the equation.

Brian Phillips
 

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If you are the sole owner or a paid officer and your med. ins. is paid for by the company, then the company must pay for the employees med. ins.?
----or the company must offer med. ins. to the employees (not necessarily pay for the whole thing)?

I know it's picky, but it's real important
I knew that it had to be offered, but not necessarily paid for
 

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If you are the sole owner or a paid officer and your med. ins. is paid for by the company, then the company must pay for the employees med. ins.?
----or the company must offer med. ins. to the employees (not necessarily pay for the whole thing)?

I know it's picky, but it's real important
I knew that it had to be offered, but not necessarily paid for

Thats a good question. ??? I dont see why you couldn't make them pay for the whole thing, but offering a "package" will help you retain good employees, even if they are making a buck or two less per hour or get insurance instead of a raise.

Another thing though. If your family is on the group plan, you must offer it to your employees' families. You can make them pay for it, but as the group Admin, you write the check each month. The insurance Co. will not bill the family or employee directly.
 

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Ohio Painting Contractor
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Discussion Starter · #10 · (Edited)
Some of your guys don't want health insurance? Did they go past the third grade? Or are you offering this to them, with them having to pay most or all of the premium?

Remember if your coverage as owner or officer is paid by the company or corp., the IRS requires you to do the same for your employees!

Most of or if not all our guys are subs... we pay them well, and no I dont think they made it past third grade. Thanks for all of your input, I need to figure out something for these few guys on payroll.
 

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Welov is pretty straight up guy...

It's tuff getting good program for small group.

Had one at a 60-70 person co, and it was bs w a $40 co-pay for any visit.
Then there were other caps involved.
might as well give em a raise and let them do as they wish.

Then there is COBRA all insurance is portable...
When I got canned, they gave me the COBRA paperwork. For $1,575 per month my existing policy could be continued til I found new employment/another health program... Ha!

Thank God I've always been healthy!
and I suspect it won't always be, (especially in these trades)
and I know it's my own darned fault.
r
 
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