Will you live to be a hundred years old with no health issues, or will you trip going up the stairs one day and permanently displace your hip? You don’t know, and there’s no way to tell. But if you plan ahead, you can protect yourself and your family even when the unexpected happens.. You can also protect your business.
Healthcare coverage is more than just insurance against an illness or injury you didn’t expect. It’s also financial stability, and a psychological bastion allowing you to confidently take risks knowing you can survive even should they turn out less profitable than you had hoped.
Additionally, healthcare coverage for your business can end up helping you acquire better employees, obtain tax breaks, and create a more sympathetic persona as pertains to public perception. A company that takes care of its employees is one that will take care of its clientele. It’s good to have a giving heart!
There are quite a few different healthcare options available today, though, so you’re going to have to choose carefully. Many will have different restrictions based on pre-existing conditions, and there will additionally be different monthly, bi-annual, and annual rates.
Getting Discounts
Sometimes, depending on the kind of payment plan you decide to go with, you will be able to get discounts. For example, if you pay your premium up front for the year, you may be able to save several hundred dollars per covered individual. If you pay on a monthly basis, you’re more likely to have higher rates.
When you have plans that include multiple people, again, you’ll have different rates available. It can be very difficult to source the best possible deal available when there are so many choices out there, so you want some means of delineating between these solutions.
You can compare rates at HealthInsuranceQuotes.co when you’re looking for the right provider; this process can be a difficult one, even the site acknowledges that: “If you have spent any amount of time looking at potential health insurance plans, it’s likely you’re a bit confused about some parts.”
The best advice is to find advice. Look for those who have gone before you, and don’t forget the legal angle. Life insurance will differ from health insurance, but you very likely will require legal representation for certain things, so that’s something to take into consideration as well.
Coverage For The Unexpected
The right insurance company is going to cover you, your family, or your employees when tragedy strikes. The wrong company is going to leave you to fend for yourself the moment difficulty arises. So something else to consider when you’re searching for health insurance coverage is reputation.
Just remember what you save yourself from by having solid coverage. You’re literally going to have thousands of dollars in medical fees—even tens of thousands—for fairly simple operations. Sometimes the costs can bankrupt your business. If they don’t bankrupt your business, they could clear out your savings.
There is always the off-chance that you’ll be able to make it through your life without ever having to cover any healthcare expenses, but there’s also always the off-chance you’ll win the lottery. Would you be willing to raise your children under the assumption that a multi-million dollar lottery win is around the corner? Or finance your business under such thinking?
Well, if you wouldn’t be willing to take that chance with your children or business, then you probably shouldn’t take the chance of not having any healthcare solution whatsoever. But again, it all depends on your own personal proclivities. Still, either way you go, sourcing professional advice can help you make the right choice.
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
Thanks for sharing! I agree, it’s the whole “being penny wise but pound foolish” type of situation. And I’ve always told people, the goal isn’t just to become rich. It’s not to become poor. And I can’t think of a faster way to poor-ville, than getting hurt and not having the proper coverage.