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  1. #1
    Join Date
    Jul 2010
    Posts
    11

    Default Can You Buy Yourself Health Insurance Through a Business You Own

    My question involves business law in the state of: New York

    I have a business (C-corp) and I am the only employee of my business. Can I provide a health insurance plan for me as an employee funded from corporate money? What the maximum percentage (or $ amount) I can use from my corp?

    And additional question. The plan that I am going to buy is eligible for HSA. Can I reimburse from corp account to myself medical expenses that not covered by plan, like amount that goes to deductible and co-payments?


    Thanks

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Health Insurance Benefits

    Quote Quoting Marchello
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    I have a business (C-corp) and I am the only employee of my business. Can I provide a health insurance plan for me as an employee funded from corporate money? What the maximum percentage (or $ amount) I can use from my corp?
    Possibly. Check with health insurance agents. I looked into that for my sister's LLC (in NY) earlier in the year and the insurance plan wanted a two member LLC just to insure the LLC for one of the member. I couldn't figure out what the rationale was for that. I don't know what the requirements for a C-corp would be but the only way you are going to find out is to talk to insurance agents.

    Quote Quoting Marchello
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    And additional question. The plan that I am going to buy is eligible for HSA. Can I reimburse from corp account to myself medical expenses that not covered by plan, like amount that goes to deductible and co-payments?
    Read the IRS publication 969. It should answer your question:

    https://www.irs.gov/pub/irs-pdf/p969.pdf

  3. #3
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Health Insurance Benefits

    Quote Quoting Marchello
    View Post
    My question involves business law in the state of: New York

    I have a business (C-corp) and I am the only employee of my business. Can I provide a health insurance plan for me as an employee funded from corporate money? What the maximum percentage (or $ amount) I can use from my corp?

    And additional question. The plan that I am going to buy is eligible for HSA. Can I reimburse from corp account to myself medical expenses that not covered by plan, like amount that goes to deductible and co-payments?


    Thanks
    As suggested by AJ talk to several different insurance companies about that. There is nothing in the law that would prohibit your corporation providing insurance but the question really is if an insurance company would be willing to provide the coverage.

    In addition, as far as the HSA is concerned, your company would have to actually provide an HSA. The company couldn't just pay your unreimbursed medical expenses.

  4. #4
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: Health Insurance Benefits

    Quote Quoting adjusterjack
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    Possibly. Check with health insurance agents. I looked into that for my sister's LLC (in NY) earlier in the year and the insurance plan wanted a two member LLC just to insure the LLC for one of the member.
    If it was a group policy, as business health insurance plans usually are, you need more than one person to have a group.

  5. #5
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Health Insurance Benefits

    Quote Quoting Taxing Matters
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    If it was a group policy, as business health insurance plans usually are, you need more than one person to have a group.
    But that doesn't mean that the corporation cannot buy an individual policy for its one employee either.

  6. #6
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: Health Insurance Benefits

    Quote Quoting llworking
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    But that doesn't mean that the corporation cannot buy an individual policy for its one employee either.
    Correct. But I assume that AJ was looking into employer (i.e. group coverage) for his sister because group policies would tend to have lower premiums than having her buy (either by herself or through the LLC) an individual policy.

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