Recent Posts:Can I get group health insurance as a Sole Proprietor under the new law?Can I get group health insurance as a Sole Proprietor under the new law? The governor of Virginia on April 9, 2018, signed a new law SB 672 which allows the small employer definition to be expanded to include sole proprietors. This provides for a one-person “group” eligible for group health insurance. This law is in effect July 1, 2018. This is a welcome relief for those who are self-employed and make too much money to qualify for a FEDERAL subsidy in the individual health insurance market. Individual health insurance rates are up this year anywhere from 50 to 80% depending on what part of the state you live. Furthermore, Congress has not funded the Cost Sharing Reductions for 2019. It is expected that individual rates are estimated to increase an additional 30-40-% making group rates even more attractive to a sole proprietor. Excerpt from SB 672 Health insurance; small employers; self-employed persons. Revises the definition of "small employer" to a self-employed person."Self-employed individual" means an individual who derives a substantial portion of his income from a trade or business (i) operated by the individual as a sole proprietor, (ii) through which the individual has attempted to earn taxable income, and (iii) for which he has filed the appropriate Internal Revenue Service Form 1040, Schedule C or F, for the previous taxable year. The measure also provides that an individual who is the sole shareholder of a corporation or sole member of a limited liability company, or an immediate family member of such sole shareholder or member, qualifies as an employee of the corporation or limited liability company if he performed any service for remuneration under a contract of hire for the corporation or limited liability company. Roger L. Handy | 08/28/2018
|