Health Insurance Broker for Small Group Clients in Virginia, Maryland, and Washington DC.

DHill Financial is Your Partner for Life

For your convenience, our most common customer questions are answered right here.
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Q: I own a small business with no employees, can I buy group health insurance?

A: Currently, a self-employed professional can purchase a group plan if they are the only employee with no other W-2 employees.  These rules apply in the Washington, DC metro area and can change based upon the health insurance providers interpretation of the ACA rules and can vary based upon the location of the business.  Most Affordable Care Act compliant plans allow a group plan to be offered when there is at least 1 non-spouse W-2 employee.  The owner is not required to participate in the plan, however participation requirements may apply.


Q: How much life insurance should I own for income replacement?

A: If the purpose of the life insurance is income replacement to meet future obligations, here are a few factors to consider.

  1. Are you the primary wage earner and is there another source of income for the family if something were to happen to you?
  2. How close are you to retirement?  The longer the time-line, the more years you need to account for when calculating future income potential.
  3. What financial obligations would continue even after your death (living expenses, mortgage, education, special needs, alimony, etc)?
  4. What are the income needs for those who may rely on you to meet basic living expenses?

As a general rule of thumb, multiply your current income by the number of years you plan to continue working as the starting point for consideration.  The number of children you have and their ages, your financial liabilities, current cash flow, retirement income goals, and your interest in legacy planning will influence how much insurance you should own.  These factors will also influence how long you need the insurance, and will help to identify the type of insurance that is right for you.

We’ll review different types of insurance in our next FAQ Forum, or contact us now to start a dialogue about what is right for you.