Health Insurance For Entrepreneurs - The Paradigm Blog

Health Insurance For Entrepreneurs

May 26, 2022

Kira La Forgia and Dr. Noor Ali

As an HR/People Operations consulting company, we know how important choosing the right benefits is for your company. To retain top talent, you have to be competitive which often starts with the perks and benefits you can offer your employees.

When I sit down with our clients who are CEOs of small businesses ready to take the next step in their business, we begin by building the company policies. This includes the benefits and perks their small business can offer. I cannot begin to tell you how many conversations I have had around the WANT and desire to offer health insurance, but the lack of resources to be able to make the leap.

Here at Paradigm, we listened to our clients biggest wants and then we went out and found a solution. That amazing, wonderful solution is Dr. Noor Ali!

Dr. Noor Ali is a Bangladeshi-American medical doctor who champions the way for female entrepreneurs and creates fresh perspectives on health insurance options from an inside lens. As a first time mother and business owner, she combines her innate desire to make a global impact and her powers of sheer determination to not only survive, but thrive.

To get you some of the inside scoop, we sat down with Dr. Noor Ali for an interview.


An Interview with Dr. Noor Ali on Health Insurance

What makes you so passionate about helping entrepreneurs find health insurance options? 

Because I am that entrepreneur that knew NOTHING about health insurance. Even being on the provider side, I didn’t understand the patient/consumer side. As a doctor, my relationship with insurance was MY compensation, not necessarily how the benefits side works out for the patient. So, I have been on all the sides, the confused and irate patient that thinks insurance is a scam. The side of the provider that is just trying to make ends meet. And now the insurance sector where I get a “behind the curtains” look on how insurance works and fits in with healthcare systems and of course how to use this knowledge to leverage your situation so you’re “winning” and not feeling disempowered. 

What is the biggest misconception for entrepreneurs and health insurance?

I would say the biggest misconception is that all the health insurance options suck and it’s all either too expensive or too crappy. Entrepreneurs just don’t know everything that’s out there and it’s very unrealistic to expect them to. There’s tons of plans and options, and googling will just produce what big insurance with the competitive ad spend will want you to see. 

It’s Mental Health Awareness Month, how does mental health benefits play into your ability to select plans?

Insurance is all about risk. And having certain chronic illnesses or taking certain medications puts you at a higher risk. The plans with the best mental health coverage don’t necessarily have the best “everything else” coverage. So it’s important to be creative and think outside of the box when it comes to mental health coverage. Don’t compromise your whole medical plan just for the mental health peace and vice versa. I help to calculate estimates out of pockets for services to make the best determination. 

Is there a minimum budget an entrepreneur has to have to pursue private health insurance for them or their team members?

If you and/or your business is bringing in 50K+ in revenue, it;s likely you will not qualify for any government subsidies. Which means your premium prices on the public marketplace are going to look absurd. That’s when it’s time to explore private options. Below 50k, the subsidized rates are going to be tough to beat!

Are there tax benefits to providing health insurance?

Without going in too much, yes! Premiums can count as write offs, but please consult with your tax professional for the rules in your state. 

Are there certain times of year when entrepreneurs can enroll in a health insurance plan? 

If you want a public plan, open enrollment is typically November to December, sometimes extended to January. There are special life qualifying events that make you eligible for enrollment such as; moving, getting married, losing employer coverage, etc. If you want to go the private route, you can shop all year around. 

Do you have to have a team opted in to provide health insurance?

Not at all! There is a lot of flexibility when your team size is under 50, and even more under 10. You can offer stipends, or credits or a percentage of their premiums. You can pay for the full premiums or the employee can be the owner of the policy and pay for their own premiums. Tons of flexibility and options and there is no minimum opt in. 

What does the process look like to work with you?

Very very simple and seamless. It all starts with a free 15 minute consultation where I assess and evaluate your situation and share quotes and options. Based on our conversation, I make a singular plan recommendation. We do one more call to review the policy and that’s it! All done for you by a professional and global medical expert in health insurance.

No more wishing and wanting health insurance for your small business! You deserve to have options, just like the large corporate companies. Schedule a free call with Dr. Noor Ali today to learn more about the options available to your small business! You can also check out her website here.

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