How to get insurance- no proof of income NYC

amother

Maroon

Mon, May 04 2015, 2:25 pm

DH and I opened a new business about a year ago.
We are doing well BH, however were a bit unorganized on the accounting part of use business.
We don't have an actual count of income and expense. It will be another good few months before we finish all our bookkeeping and have everything reconciled and filed.

Questions if we can have insurance in the interim? We have no way of showing our income, so we have no idea how to go about it?

Anyone can advise? Or refer us to someone who can advise in NY please?

amother

Blonde

Mon, May 04 2015, 2:27 pm

amother wrote:

What type of insurance?

Amarante

Mon, May 04 2015, 4:24 pm

How did you file taxes for 2014? if you buy through the exchange and want the subsidy, it is cross checked against tax returns. The subsidy for 2015 is based upon your projected income but if you didn't file a return for 2014 that would be a problem.

Also the period for purchasing medical insurance for 2015 is finished.

You should consult a knowledgeable broker in your area because perhaps your business can buy insurance but there is no subsidy and therefore no need to show income.

Amarante

Mon, May 04 2015, 5:19 pm

As I posted, you can't get through the exchange because enrollment is closed. You might be able to get it through your business and no proof of income is required because there would be no subsidy and therefore your income is irrelevant.

You should use an experienced insurance broker in New York.

Amarante

Mon, May 04 2015, 5:37 pm

This is outside my area of expertise as I know nothing about procuring insurance for small businesses in New York City. You should contact an insurance broker who is experienced in this field.

cbsp

Mon, May 04 2015, 8:01 pm

kb wrote:

Amarente, am I wrong in my understanding that you can only get a small business insurance plan if you have employees other than yourself/husband?

Yes. It used to be that a husband/wife business could count as a "group" to be eligible for a group plan. Thanks to ACA this was done away with. You now need at least one non-relative/spouse as a member of your business (and purchasing insurance). It completely messed us up.

Amarante

Mon, May 04 2015, 8:05 pm

cbsp wrote:

But the availability of insurance on the private market for individuals would seem to have done away with the need to get it through a business. If you are self employed, the premiums are still deductible and depending on income you might be able to get a subsidy.

Prior to AHCA, many people could only get insurance by getting as a "business".

cbsp

Mon, May 04 2015, 8:18 pm

Amarante wrote:

In theory. In practice we:
- Could no longer afford to pay for private insurance for our kids

- No longer could get coverage for out of state care (No Manhattan Drs for us!). Not with ANY policy. That privilege seems to be reserved for group plans only. This is part of why we didn't try harder to keep the kids on a private plan with Medicaid secondary - because Medicaid DOES allow out of state care. And my special needs kids have doctors in Philly and NY

- are faced with huge coinsurance and out of pocket expenses/deductibles.

- lost most of our doctors because the hospitals don't accept the plan we ultimately had to choose (comparable premium price, way less value)

- AND don't have dental insurance (not a biggie in the grand scheme of things but still an impact)

Tell me my life is better this way?

amother

Tan

Mon, May 04 2015, 9:01 pm

btw, if you're eligible for medicaid, you don't need to show proof of income when signing up (at least when signing up online). And you can sign up anytime. Just your income taxes - whenever you eventually file - has to be under the limit. If you keep all business transactions in a separate bank account (you should be doing this anyways), you should be able to see more or less how much your income is.