Is it possible for our LLC to offer group medical health plans?

Is it possible for our LLC to offer group medical health plans?
0

#1

I am the 100% shareholder of a single member LLC in Texas, taxed by IRS as an S corp. My spouse and I draw salaries and receive W2’s. As the employer, can this LLC offer a group medical plan like other regular large employers… with pretax premium deductions?


#2

Yes, you can. However, you should check with your state laws if you must offer it to your employees.
There are also a variety of ways to procure a group health plan. I would see if I could join an association that offers a group health plan. This would allow your business to join a larger pool of employees and will generally reduce their costs and the risk of insurance rates increasing dramatically due to the illness of an employee.
Alternatively, you can also go through a payroll provider as they have the leverage to negotiate rates with providers. You can also just go out into the market and shop for yourself. Bottom line: Consider all your options and take time to think of your obligations and what would happen if you had a bad year.
Best of luck! Get my best money tips by following me on Twitter, Facebook or Instagram @ clearpathria
Tom Martin
Founder & CEO of Clear Path Financial Planning
“Advice you can trust.”
www.clearpathria.com


#3

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