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Texas is a friendly state for small businesses. With a recent cut in property tax, and an increase in health insurance options for those employed within the state, the small business owner is thriving. There is an average of over one million small businesses opening in the state each year. Unfortunately, not all new companies can afford to offer their employees health insurance. But that is slowly changing.
State insurance regulations are becoming more lenient to encourage small business growth. In 2003, the state enacted its Consumer Choice Health Benefits Plan law, which permits Texas health insurance carriers to offer plans that don't provide all of the state-mandated health benefits, as long as they offer a plan that does.
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Insurance Regulations For Small Businesses
- Guaranteed Issue: Insurance companies must offer small business employers the same health plans that they offer to other small businesses.
- Guaranteed Renewability: Carriers cannot cancel a group health plan due to the health status of one of its members.
- Premiums: Small business policy premiums can be increased due to a group member's health status or risk, but the state has limited this increase to 15% of the current premium cost.
- Business Owners: Self-employed business owners are not eligible to enroll in a group plan. However, they can deduct 100% of their premium costs at the time they fill out their tax documents.
For those businesses who choose to begin their company in the Lonestar state, they are joining many huge companies that started small in the state of Texas. Michael Dell founded Dell computers in Round Rock, Texas as a one-man show, and now the business is one of the largest in the world. If this has anything to say about how other small businesses can expect to do, the future is looking bright for Texas entrepreneurs.
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