Oxford Insurance Updates for Sole Proprietors
Oxford Set to Cancel Its Sole Proprietor Plans
If you’re a sole proprietor or small business owner without any employees or if you own a business and your wife is a partner or an employee, say goodbye to your group health insurance plan. Oxford has just announced their underwriting updates for New York business owners.
If you weren’t aware of it already, when your current small group health plan or sole proprietor plan comes up for renewal, you will be receiving a cancellation notice explaining that your business in no longer eligible for your Oxford Group Health plan. This all is due to Health Care Reform (a.k.a., Obamacare) guidelines. Other insurance companies have followed as well, so sole proprietors must be aware of the new guidelines set-forth by Oxford Health Care:
Oxford NY Sole Proprietor Underwriting Guidelines
Oxford has made changes to the New York Small Group Underwriting Guidelines, taking effect immediately upon renewal.
• Partnerships are not considered eligible as a group unless there is one additional eligible employee
• A plan with multiple owners and spouses and no additional employee is not considered a small group
• LLCs, S and C Corporations do not need an additional employee (so long as there are at least two owners who are not married)
The option that is available at this time for your small business is to purchase an individual plan for yourself and your family. If you have questions or need help, please call us at: 914-633-1717