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.