NYS requirements for business self-insurance

Sole proprietors currently can self-insure through regular health insurance companies, through Healthy New York, through organizations like the local Chamber of Commerce or another business association, or through groups like SSA (Support Services Alliance). Theoretically, all states will be setting up health care exchanges by 2014 to offer a variety of options, though some may opt for the federal exchange.

Here’s the link to the Affordable Health Care Act as it relates to a sole proprietor with no employees.

Here’s an article from the Wall Street Journal online:

Q. What if I am a one-person business?
A. The impact for sole-proprietors and others with no employees will be much like the impact on individuals.
For people in this group, the crux of the 2014 rollout is the individual mandate, which requires all U.S. citizens and legal residents to have health coverage or pay a penalty.
You, as a one-person business, would buy insurance through your state's benefits exchange that will roll out in 2014.
There are some exemptions, however, such as those from certain religious backgrounds and those who are eligible for the so-called "hardship exemption" if the cost of the annual premium exceeds 8% of household income.
There are penalties intended to ensure compliance. The top penalty for individuals, once fully phased in, for not having insurance is $695 or 2.5% of income--whichever is greater.

(Thanks to Sarah for this.)

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