Innfo: Operating A Successful B&B
A Guide For The Serious B&B Innkeeper
Medical Insurance
for the Bed and Breakfast Innkeeper
February 26, 2006
by Kit Cassingham
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Medical insurance comes in a variety of styles so innkeepers can tailor the coverage and cost they want.
Major medical insurance can be augmented by having an HSA medical insurance policy too, letting you take
care of both big and small health issues. Taking care of your health through individual, family, or group
medical insurance takes care of the health of your financial picture too.
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Bed and breakfast innkeepers need medical insurance coverage to help
preserve their assets. Unexpected health problems can drain your savings accounts to the extent that you don't
have any reserves for the business you are developing. That's not what you want, of course. Private medical
insurance is provided by employers, group or association plans, or by your own personal actions, and is the
approach to insurance taken in the US. Much of Europe uses public medical insurance, or nationalized insurance.
If an HSA medical insurance account (Health Savings Account) is part of
your financial plan, people can direct their own health care which means buying medical insurance that is treated
like a major medical insurance policy, stepping in to take care of big problems that can happen. This approach
lets you use pre-tax dollars to manage your health care, in or out of a provider plan. These plans started as
MSAs (medical savings insurance accounts) but were modified to the HSA in 2003, and provide great incentive for
people to take better care of themselves.
Another option to consider is short-term medical insurance. That's
especially helpful or valuable during foreign travel, but could also be considered for special situations, like
during situations of extreme stress. The reason to get a short-term policy is to help you take care of costs that
your standard policy won't cover. This is a temporary medical insurance for a temporary situation. This kind of
supplemental medical insurance gives you extra peace of mind.
While you are pricing medical health insurance policies, consider
getting a medical insurance quote for family and group medical insurance as well as individual. You want to find
the best insurance coverage that is also the most affordable medical insurance coverage. Will you provide
coverage for your employees or just yourself? These are important questions to keep in mind as you shop for
medical insurance.
Your financial planning efforts should clearly include medical
insurance to protect your health and your assets. Do it now.
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