Health insurance is imperative for all businesses, especially small law firms. One of the main reasons for bankruptcy, both personal bankruptcy and business bankruptcy is unexpected medical bills. These unforeseen bills can and do affect a business’ bottom line.The unexpected, both at trial and at home, are things that aren’t always enjoyed. A high bill is more than an inconvenience.
Types of Medical Insurance
There are a number of different types of medical insurance. They range from relaxed such as the indemnity plan which allows a patient to see any doctor for any reason to the Health Maintenance Organization which requires a patient to see a primary care provider, be referred to a specialist and all providers must be in-network in order to benefit financially. All health insurance plans have limits and as with anything, you should be aware of what those limits are.
Where do you get insurance from?
As small law firms and solo attorneys don’t have access to cost sharing plans as larger companies do, there are plans specifically for attorneys. Other plans cater directly to general small businesses. Whatever plan you choose, it is imperative that you choose. Going without coverage should never be an option.
Most individuals, wherever they work, get their insurance from one of four places:
- Employer
- A family member’s employer
- The government
- Other private insurance
The same amount of small business employees without insurance crosses over at the same rate in the general population. This is approximately 20% of people.
ObamaCare Affordable Health Care Act
One of the biggest concerns among small business owners, including attorneys is how the Affordable Health Care Act will affect them and their business. With part of the mandate possibly being delayed, small businesses have a reprieve. But then, what do you do once it does go into effect? You and your support team find great coverage that will work for you.
Your Law Firm
Attorneys, paralegals, legal secretaries and receptionists all work together to make the business function well. As different parts of the machine, each part is integral to the success of all. So too it is with insurance.
One devastating car accident, one disastrous medical diagnosis could not only ruin your life, physically as well as financially, but that of all the employees who depend on you. Just as the copy paper and copier, the telephone and facsimile are part and parcel of doing business, so should medical insurance be.
Medical insurance protects those it covers. It may take some research to find the best rates and plans that fit your unique business needs, but there are some sites that will give you quotes from all carriers. This makes it easier for you to choose the right protection to meet your needs. Check them out today!