Entrepreneurs have a lot to learn in a short amount of time, have a lot of hats to wear and many decisions to make about their business.
One of the most important early decisions you will make is choosing the right advisors. We know the importance of choosing the right attorney, accountant, banker and board members. Something often overlooked is the insurance advisor – even though the consequences of not having the appropriate types and levels of insurance coverage can be disastrous for any business.
One of the hottest concerns of the day is health care insurance.
With the inherent complexities of health care reform, small business can benefit from working with an insurance advisor. While some of the basics of the law have been settled, there remains a lot of uncertainty. We know that exchanges will be established with several tiers of basic plans for people that meet certain income limitations, for example. It is not clear, however, which companies will participate.
In addition to the exchanges there will be similar plans with additional benefits for non-subsidized individuals. Plans will offer varied deductibles and copays that range from 60/40 to 90/10. How do you decide? The right advisor will help you understand the differences between offerings from several companies, and help you find the best, most affordable option for your needs.
One of the biggest positive effects of this healthcare reform plan is that preexisting conditions will not disqualify one from getting coverage. It is believed that this may encourage more people to tackle the risk of starting a business, where previously they may have felt trapped inside a job simply because of the healthcare coverage.
There has been significant discussion surrounding the temptation for entrepreneurs – especially younger entrepreneurs — to work without a net, forgoing insurance and paying the penalty. This can be disastrous to the business. Yet, without strategic advice one may never understand why, or how best to balance the costs of running a business with the need for insurance.
No entrepreneur knows it all. So when you’re establishing policies, lean on the advice that a specialist can offer to be sure that you’re in compliance with the new healthcare law – and getting the most value for your investment.
At Protection from Life we have advisors that serve the Research Triangle Park and surrounding communities of Durham, Cary, Apex, Morrisville, Holly Springs, Raleigh, Fuquay Varina, Wake Forest, Garner, Clayton and Knightdale.