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Whether you are a small business owner or you are thinking about becoming one, there are challenging decisions that you will most likely face, with the biggest one often being healthcare.
According to the Affordable Care Act, companies with less than 50 full-time employees are not required to provide healthcare benefits. Does this mean that those who have or work for a small business should go without healthcare? Sometimes they do, putting themselves at risk. If something major happened, it could wipe out your savings.
The U.S. Bureau of Labor Statistics reports that about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% go under, and by the tenth year the number rises to 80%.
Healthcare costs should not be the demise of your business, or the dreams of one day owning your own business.
Starting and maintaining your own business is not an easy task. Research and planning are key when it comes to the success of any business. Part of that research is investigating the most common small business problems that arise during the first few years, so you can circumvent them. Typically, small businesses have the hardest time getting insurance and pay the most for the least coverage.
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Let’s explore a few questions that must be answered to help bring about success while taking charge of your finances and your health.
Four Questions Small Business Owners Should Ponder
1. How can I start a small business, or thrive with my current business when I can’t afford healthcare? When healthcare costs are one of your largest expenses, you may find yourself facing the dilemma of having to choose between an option that may not be the best for your needs but fits your budget, or choosing an expensive plan that hurts your wallet. Taking charge of your health care does not have to be a headache. Healthcare Sharing is an option that many small business owners find checks off all of their health-care needs boxes. You get to choose an option that will work with your budget without having to compromise.
2. What are my options for health care that won’t hurt my budget? Impact Health Sharing is an alternative to health insurance where like-minded individuals share in each other’s medical bills. Bills are shared directly between members through individual bank accounts through a concept called distributed reserves. Insurance is a contract between a policy-holder and a for-profit Insurance Company. You contract to pay expensive insurance premiums in exchange for their promise to pay your medical bills. Healthcare Sharing is a voluntary, not-for-profit concept where millions of Americans connect through technology to share and pay each other’s medical bills. There is no contract, no guarantee, and no promise to pay. In the early 80s, Americans began to turn to Healthcare Sharing as an alternative to the high cost of insurance. Today, it has grown into an industry that shares approximately $3 billion per year.
3. Should I wait for Open Enrollment before making changes to my current healthcare? Good news, the answer is no! You can cancel your current plan if you have one because with Impact you get to choose when you want your membership to begin. There is no reason to forego health care, leaving you to fend for yourself.
4. Why make the switch? We are all created with gifts and talents meant to help us reach our dreams and goals. Some of you may have let those dreams die because you simply can’t afford to chase them. Don’t give up. Don’t stay stuck in a job that makes you miserable just because you can’t afford to give up the health insurance that your current employer provides.
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There is no reason to let your dreams die because you can’t afford health care.
If your current healthcare plan is eating up your profits, then it’s time to explore what Impact has to offer and start building your savings by joining our Impact community. Let us help you explore your options and answer your questions.
Visit our website to learn more about how Impact works.
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