If you operate a small business, you know that health insurance can be a pain. Not only are out-of-pocket costs high (and rising all the time), but it’s not always easy to know if you’re getting the most value for your money. Moreover, health insurance is just one more thing that you’ll need to juggle in addition to running your company. So, let’s take a look at a few strategies to reduce costs and get the most out of your health insurance plan as an entrepreneur!
Evaluate Your Health Needs
Even if you’re young and feel like you’re invincible, it’s never too soon to get a medical checkup. In fact, you should try to get a checkup at least once a year to ensure that no unexpected issues have arisen since your last visit to the doctor. This will help you evaluate your health needs and gauge how much time and energy you can dedicate to your work. If you’re in poor health, you may need to find ways to step away from work and rest. Knowing more about your physical and mental health can also help you find the best insurance plan to meet your needs.
Shop For the Right Plan
Once you have a good idea of your health needs, you can begin to shop for a plan. The type of plan you need will largely depend on your age, the current state of your health, and any risk factors in your life or family. For example, if your business requires you to engage in a lot of physical activities, you may need an insurance policy that can help you pay for shoulder treatment at a clinic like ThriveMD. Alternatively, if you’re young and have few risk factors, you can just get an “emergency” health plan that has lower premiums and higher deductibles.
Check Your Eligibility for Medicare or Medicaid
Medicare and Medicaid are the two most cost-effective ways to pay for medical expenses in the United States. Though they are often associated with retirees, there are plenty of entrepreneurs who can qualify. If you are over the age of 65 or have a disability, there’s a very good chance that you qualify for Original Medicare, which covers most inpatient and outpatient costs. Alternatively, if you qualify for Medicare and have a low-income, you could qualify for additional help through Medicaid. Either way, it never hurts to examine all of your options.
Research Your Obligations as a Business Owner
As an entrepreneur, you may have to worry about providing health insurance to people other than yourself. More specifically, depending on your location and the size of your business, you may be legally obligated to provide health insurance to your employees. This can greatly increase your business expenses, so researching the best group options for employees is a must. Needless to say, you should also evaluate the needs of your workforce. If you have a small number of employees who are happy with their current healthcare options, you may not have to worry about providing worker health coverage at all.