Minnesota Small Business Health Insurance

There are different Minnesota health insurance laws regarding small businesses or the self-employed. Often these types of health insurance policies are easier to qualify for than an individual health insurance policy, even if you are not in the best of health.

This guide:

  • Describes small business health insurance laws in Minnesota.

  • Briefly explains self-employed Minnesota health insurance.

  • Alerts you to a beneficial tax deduction.

We also have a guide to Minnesota health insurance for families and individuals.

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Minnesota small business health insurance regulations

Minnesota health insurance companies must sell small group health insurance to any small business. Also, small businesses of more than 2 but less the 50 must be offered the same Minnesota small business health insurance policies that are sold to other small businesses.

If you qualify, your company must also meet minimum participation requirements set by your Minnesota health insurance company. Unless you meet the minimum level of participation your Minnesota health insurance company requires, your policy can be terminated.

In addition to this provision, Minnesota health insurance companies do not have to sell small business health insurance if the employer is unwilling to pay for a portion of each employee's premiums.

Your small business must be offered the same small business health insurance policy your health insurance company sells to other small businesses. Even though the benefits must be the same, the price can be quite a bit higher.

It is legal for Minnesota health insurance companies to charge higher premiums for small business health insurance policy due to the group's health status and risk. However, there are limits to how much policy prices can vary based on these factors.

As with individual health insurance, illness can not be used as grounds for terminating Minnesota small business health insurance.

Self-employed Minnesota health insurance

Buying health insurance as a self-employed individual is treated differently by each state's health insurance laws. According to Minnesota health insurance laws, self-employed individual can not purchase group health insurance if there no other employees. With other employees, of course, Minnesota small business health insurance can be purchased.

However there is a big benefit to being a self employed business owner. A percentage of health insurance premiums can be deducted from your taxes if you are a self-employed individual and are buying your own health insurance. Depending upon the year, 70 to 90 percent of health insurance premiums can be deducted as an itemized deduction.

More MN small business health insurance help

If you want more help getting the a good health insurance policy, read our guide to small business health insurance.

To find out more about MN group health insurance laws and regulations, visit the official website of the Department of Commerce.

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