It has always been a question, I guess, for greater minds than mine why if The United States is the richest country on the face of the earth, why is it that we are near the bottom of the list in providing affordable health care for it’s citizens.
And without continuing to perch shakily on my political soapbox, this brings us to the subject of affordable health care for the individual who decides to take the risk, quit his regular 9-5 job, with company health benefits(probably not the greatest but better than nothing at all) and chuck it all for the pleasure of being an independent home business owner who will no longer have a company health insurance program to depend on. So are there any health care avenues for a weary home biz owner to walk down.
Well let’s first lay down a fact every American knows. Health cost have shot through the proverbial roof like a Titan Rocket breaking free of earth’s gravity and engaging thruster engines to race to the planet mars. Since 1983 health care cost have risen far over tenfold. What was once reasonably affordable is now only affordable if your surname happens to be Gates or Trump.
So what to do. What options do you have to obtain health insurance. Well if your spouse happens to have a job that has a health care benefit program, check to see if she is able to add you as an addition to be covered under her/his healthcare program. If you have decided to leave your full time job, check to see if you are able to qualify for coverage extension under the Federal Consolidated Ombibus Budget Reconciliation Act(COBRA). This option applies only to employers who offer group health insurance coverage and have at least 20 employees or more.
For further details check: www.pueblo.gsa.gov/cic-tex/employ/cogra/cobra.htm
If by chance you do not qualify for COBRA and you have a good relationship with your former or soon to be ex-employer, attempt to ask them if they will allow you to continue under their health insurance plan until you can obtain alternate health insurance coverage. Of course the downside is that you now will have to assume 100% of the premium costs and fees.
When you do decide to seek out your own health insurance benefit program, begin by listing your needs. How much coverage to you actually require? What is your age and state of your current health? How much of out of pocket expense can you safely afford? Remember, the higher your deductible, the lower your premium will be.
You may be able to lower health insurance cost by joining various organizations that offer group health insurance programs with their membership. Check these organizations that you would possibly like to join and check what each organization’s health benefits are being offered. Some examples of organizations that offer group health insurance programs to members are: Local Chamber of Commerce, Professional Associations, Automobile Clubs, Various Membership Organizations, ARC(Association Of Retired Citizens) if you are of retirement age and any of the many diversified Professional Associations.
If a group plan is out of the question and far beyond your means your next stop is to shop around and check with the many health programs being offered such as the various health programs as Blue Cross/Blue Shield(www.bcbs.com). Blue Cross/Blue Shield has different types of health care coverage that may fit into your affordability. Your personal insurance agent is also a possible asset at this time. He may be able to steer you to an affordable health insurance program. Some states also offer low cost health insurance programs that may fit into your requirements. Check your state government website for further information(www.Pa.gov as example) and do a search. And of course the good, old handy internet and google search engine can provide you with a list of websites of different health care insurance providers at your disposal.
Another note: If you have elected to structure your home based business as a corporation, you will have the added benefit of being able to deduct your health care expense as a business deduction. But be sure to discuss this with your accountant or check with the IRS just to be safe. We definitely don’t want the IRS sending us an nasty little audit letter do we in case for some unforeseen reason we don’t quality for the deduction.
Even after you find a health care insurance plan that you can live with, do not stop checking other programs for cheaper rates. You never know, you might just stumble upon a health care insurance carrier that offers a cheaper rate than your current insurance carrier. And always, and I mean always, keep all your medical receipts, bills, forms you filled out, etc. on file. You will need this for your accountant, you or whoever files your income taxes not to mention just for your own files for anytime you may need to evaluate medical expenditures. And remember, you may get an insurance package where you are paying a $450 monthly premium and a year down the road find yourself now facing a premium increase to $650. Oh well, that’s the insurance game.
Here are a few helpful Resources for Health Care Insurance Packages:
National Association For the Self-Employed- www.nase.org
National Small Business Association- www.nationalbusiness.org
U.S. Chamber of Commerce- www.uschamber.com
National Small Business Association, Inc.- www.nsba.net
US Government Made Easy www.USA.gov
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