Thank goodness for the self-employed entrepreneurs of the world. They keep our economy buzzing with fresh ideas and services we all enjoy.
Small businesses often run on a tight budget in the first few years of operations. Paying for healthcare is one area all small business owners must consider for themselves and their employees. Seeking out affordable means of having healthcare can be a daunting task, as non-corporate healthcare insurance plans can be cost prohibitive and cut deeply into a business’s bottom line profits.
Here are just a few options for small companies to consider.
- Health Share Organizations – These creative organizations have been on a steady rise as an affordable alternative to traditional health insurance for the past decade. A recent article by “The Well-Kept Wallet” https://wellkeptwallet.com/health-sharing-plans/ lays out a detailed look at the top Share Plans available in the US.
- Catastrophic Healthcare Insurance plans – These plans offer a lower monthly premium than most, with an accompanying high deductible and usually co-pays. This is a great option for younger healthy individuals who have a low likelihood of using their health insurance.
SimpleCare has always been an advocate of catastrophic health plans coupled with a Health Savings Account (HSA). There are many plans available which qualify you for an HSA that you can contribute pre tax dollars on an annual basis. You can use your HSA like a savings account for healthcare services and goods. HSA’s are yours to manage and contribute to for as long as you keep it active.
OPM.gov offers detailed information on this option at https://www.opm.gov/healthcare-insurance/healthcare/health-savings-accounts/frequently-asked-questions/
- Paying as you go – This option is risky for a small businessperson, but works for those that have made it big and can stockpile away a large savings plan for the unforeseen health issues. Talk to your tax consultant for more information on the best places to save your liquid assets.
SimpleCare membership is a perfect solution for individual sole proprietors or small business owners with employees that wish offer a means for seeking affordable healthcare services. Any business can offer SimpleCare membership as a low-cost benefit. SimpleCare providers are committed to offering their “Best Price” to SimpleCare patient/client members when they pay in full at the time of service.
SimpleCare fees cannot be reimbursed by insurance or Medicare but can be submitted to Health Share plans or paid for with an HSA.
SimpleCare is one of many solutions for saving money on healthcare for the self-employed. We hope you will consider supporting our grass roots non-profit program when it comes to your healthcare needs.