How to Buying Health Insurance when Starting a New Business
Male: If you’re buying a new business, is it better to put off buying health insurance until you can afford an all inclusive plan?
Bob: Many people that are just starting out on their own, their own business, they’ll say, you know I don’t have money for health insurance. I need the money to support one of my new businesses and I don’t have money for health insurance. You know, that’s really not the way to look at it. That’s a huge mistake. Let me tell you why. Your health is, you’re almost completely counting on your health in order to make your business go. You know, without you, your business isn’t gonna go. You need your health. And therefore, if you get sick and you don’t have access to coverage, two things are gonna happen. One, you’re probably not gonna seek care soon enough. You’re gonna seek it when you should when the first onset of whatever the symptoms are present themselves. You probably gonna access care because you’re concerned about the cost of accessing care. That’s number one. But number two is if something bad happens to you and you do have some catastrophic condition that requires a lot of care. You know, you could be very quickly running up a 10,000 or 12,000 dollar bill for health care and that can absolutely put a major road block in your success of developing your new business. So, you know, this is one of those situations where you don’t want to be penny wise and pound foolish. Get that coverage. You can buy a higher deductible plan. Keep your monthly premium down. Build it into your, into the cost of doing your business and meanwhile, you’re gonna have the access to care that you need to keep yourself well. And you’re gonna protect yourself from that catastrophic loss that could absolutely completely derail the dream that you have building your business. So, you know, self employed folks, don’t put insurance on the back bur, get it now, get it upfront and build in into the cost of doing business.