Unpaid Founders Health Insurance Options?

2 pointsrecursive41 comment

My co-founder and I have raised a low six-digit round angel investment and have chosen not to pay ourselves a salary. however, we would like to apply a portion towards health insurance.

This eliminates options such as Justworks which, as a PMO, is legally required that at least one of us take a minimum wage 30hr/wk salary.

Have any founders been in this scenario, and if so, how did you resolve it?

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If you are in America, you can apply (now that the closing date has been extended) via your state's healthcare clearing house. You can start with www.healthcare.gov and go from there. You can also buy short term insurance from an association or group you are a member i.e ieee.org and others.

If you are outside the US, you can buy it directly from insurance companies. You did not say if you are leaving a job with insurance - if that is the case, you can use healthcare.gov when you leave.

I am not sure how the laws are now, but you can structure your company so healthcare is a benefit for everyone. You will probably need a small salary to make it all work out. Definitely a question for your accountant.

Good luck on your company!

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