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Message
Financial Coverage as Small Business Owner
Posted on 2/29/24 at 9:41 am
Posted on 2/29/24 at 9:41 am
I have had discussions with 2 separate small business owners in the last week that do not have health insurance. Each says the same thing “I am healthy and that I’ll pay cash price if needed”. The two business owners are in similar situations, employing around 5 employees and having your typical business expenses. I try to explain to these individuals the risk they are taking by not simply having health insurance. A car accident, falling off a ladder, small surgery, serious illness could bankrupt their business. And is that worth simply paying around $400 a month for high deductible plan.
Mainly wanted to vent, but what are other coverages you believe are a must for small business owner?
Thanks.
Mainly wanted to vent, but what are other coverages you believe are a must for small business owner?
Thanks.
4
Posted on 2/29/24 at 9:56 am to tigerforever7
Thanks, obamacare
Posted on 2/29/24 at 10:38 am to tigerforever7
quote:
Mainly wanted to vent, but what are other coverages you believe are a must for small business owner?
A must? To be honest you are talking more about short term disability almost than health insurance.
But what insurance you pay is just part of being a small business owner. There's always more insurance that one can buy. I don't disagree that a basic health insurance plan is usually a good idea though.
Posted on 2/29/24 at 1:12 pm to tigerforever7
quote:
And is that worth simply paying around $400 a month for high deductible plan.
If someone could insure their family for $400/month, most would do so.
But it's usually like $1K or more a month for a terrible policy.
Save that 12K and if a bad accident happens, settle with the doctors or pay them $25/month for a bunch of years.
Posted on 2/29/24 at 1:25 pm to LSUFanHouston
More like $20K for family of 4.
But at least it’s deductible….
But at least it’s deductible….
Posted on 2/29/24 at 1:28 pm to LSUFanHouston
My point is I find health insurance a necessary expense as a business owner. These days, you can easily experience a total bill of $50k - $150k and more for necessary health care. Heck, my mother in law had around $1mil in claims last year (much more rare of a situation). A $150k bill could be catastrophic for a small business owner and the business.
Posted on 2/29/24 at 3:13 pm to LSUFanHouston
quote:
If someone could insure their family for $400/month, most would do so. But it's usually like $1K or more a month for a terrible policy. Save that 12K and if a bad accident happens, settle with the doctors or pay them $25/month for a bunch of years.
Correct we currently pay $1500 a month for a family of five. Wife works for a small business with around 20 employees they pay half hers roughly $200 then we pay full price for dependents that is roughly $350-400 a person age bracketed. It’s our biggest expense
Posted on 2/29/24 at 4:30 pm to tigerforever7
quote:
but what are other coverages you believe are a must for small business owner?
Disability, for sure also life insurance.
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