About a year ago, I could tell that there were some issues with our medical insurance. It seemed like whenever we went to the doctor, we were left wondering why the bill was so high, which really made me worry about the situation. I started focusing more carefully on what to do about the situation, and within a few short weeks, I was going through our policies to see where the problem was. I found out that my claims were being processed improperly, so working with my insurance company made things better. This blog is here to help anyone who has ever had to resolve medical insurance problems.
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Resolving Medical Insurance Problems
Starting A Business? 5 Reasons Health Insurance Is A Necessary Expense
Wendy Bryant
When you start a small business, you often not have a lot of capital to work with and eschew any unnecessary expenses. During this fragile time, many entrepreneurs find themselves skipping safety net features like insurance. But insurance — and in particular, health insurance — is a necessary expense right now. And here are a few of the most important reasons why.
1. You Don't Have Worker's Compensation
Unless your company is structured so that you are an employee, you likely don't have access to worker's compensation. And that means you have no safety net if you're injured while working. Without personal health insurance, any injury or sudden illness may bankrupt you or make it difficult to get the proper care.
2. Sick Entrepreneurs Lose Income and Momentum
Because entrepreneurs do the bulk of the work themselves, anything that prevents them from working has a twofold impact. First, it damages their ability to earn a personal income. If you've quit your old job to start a business, this may be the only form of income you have access to. Second, an illness that prevents you from working sidelines the business too. You lose time, momentum, and clients. Your small business may never recover.
3. It's a Tax Deductible Expense
While health insurance is an expense, it's also a deductible expense for self-employed persons. The business might be able to deduct it from taxable income or you may deduct it on your personal Form 1040. A business that earns a profit early on could use this deduction. And even if you don't earn a profit, business losses can be carried forward to help in another — more profitable — year.
4. Insurance Helps You Deal With Stress
Is starting your own business adding to your stress? Most entrepreneurs would say "yes." And if so, you can get help through your insurance. It may offer free counseling and therapy visits. It may have wellness programs to help you cope or to get rid of bad habits that damage your health. And free preventive care helps avoid adding common illnesses to your work stress.
5. Modern Insurance Follows Your Schedule
More and more doctors and insurance providers now offer telehealth visits that are perfect for busy entrepreneurs. You can get help with medical questions, prescriptions, and referrals over your mobile device without taking time from your schedule. And things like patient portals keep track of documentation for you. You can now take care of yourself more easily and stay productive at the same time.
Which of these benefits could help you as a new business owner? No matter whether you need medical services on your own timetable, proactive wellness help, or business deductions, a good health insurance plan is key. Learn more about all the options available to you by consulting with an insurance agent today.
Reach out to a health insurance service for more information.
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