Simple Solutions: Health Care Options for the Non Insured Small Business

6 Jan

It’s an unnerving thing not knowing if myself or my family will be covered in the event of an injury or serious illness. Being self employed and running a small business makes obtaining health care coverage almost impossible. The new Obama Care set for January 2013 is not going to make things any easier for us small business owners either. It’ll cost our business about $15,000. We realize that the cost can be taken out of payroll being offered to employees, granted that our small business has enough employees to maintain the cost of offering health insurance. It’s obvious to say that purchasing and preserving the coverage of healthcare would not be cost effective for most small businesses.

With the mind set of quality over quantity my family has opted to invest in preventive care by way of healthful living and exploring other options for healthcare coverage in our area (Guam). Here’s what we have found so far…

1. We signed up for a discount program at our clinic, which gives us 30% off visits and most procedures for health, vision, and dental. With some discounts applying to medication and off island care. Locally the FHP clinic offers such a program called the Veiovis True Access Plan. This cost my family of 5 just a little over $200 for a 1 year plan.

2.  We have considered getting a Medical Saving Account or Archer MSA which is usually a high interest tax exempt account personally funded by the business or individual. Because MSAs are investment accounts, they can accumulate over time, used for qualified investments, grow tax free and can also be converted into an IRA account. This is an an attractive feature for our company as it’s invests in many aspects of family and our business’ future. These accounts are offered by most Banks and even Insurance companies.

3. We are investigating piggy backing on another group’s health insurance plan by way of member association. We’ve heard of some Organizations who can act much like a business to obtain group health insurance for their participants. One source we are looking into locally is the Guam Contractors Association.

… And we’re still exploring our options. So if you have or know of any other  benefits for health care coverage please share them with us.

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