Rhode Island Small Business Health Insurance
The smallest state in the country, Rhode Island's small business community is anything but small. Employing a quarter of the state's population (as of 2001), small businesses garnered a cool $2.3 billion in revenue for the state in 2003.
Unfortunately, the market hasn't been as kind to small employers. Although 55.4% of small businesses bore the cost to provide their employees with health insurance in 2003, many still can't afford it. That's where the Rhode Island Economic Development Corporation has stepped in. Along with their partners, this organization assists the start-up of businesses that have less than five employees or less. In addition, to the advent of the HSA, the state of Rhode Island is working with insurance carriers to offer small business owners plans that are both affordable and comprehensive, in accordance with state insurance regulations. Request a free online quote for more information on Small Business solutions in Rhode Island >>
Rhode Island’s Small Business Health Insurance Regulations
- Guaranteed issue and renewability is in effect; insurance carriers must offer employers of 2-50 workers the same health plans they offer other small businesses, and cannot cancel a plan due to the health status of a group member. Carriers may require that a certain percentage of employees be enrolled in the plan, or that the employer contribute a pre-determined amount to the plan on behalf of his employees.
- Carriers covering small businesses can vary group premiums due to health status and family composition, as well as age and gender. This premium difference is limited by Rhode Island law.
- The self-employed worker can enroll in a group plan, although insurers can require proof of self-employment. Those self-employed workers who choose an individual policy can deduct 100% of the cost of their premiums on their federal return.
Request a free online quote for more information on Small Business solutions in Rhode Island >>
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