Health Insurance Is Important to You and Your Business
One of the first and most critical to-do’s for any business owner is to obtain health insurance as soon as possible. The most important reason for this is to protect yourself and your family from losing more than just your good health.
Without health insurance, your family and business may be one major illness or injury away from bankruptcy. (In fact, according to a 2013 study conducted by NerdWallet Health, medical costs are the leading cause of personal bankruptcies in the U.S.) That can have devastating consequences for not only you and your family, but for your business — which means your employees, partners, and their families suffer the losses as well.
There are also legal reasons to acquire health insurance. With passage of the Patient Protection and Affordable Care Act (ACA), to avoid being assessed an IRS penalty, self-employed individuals are now required to have health insurance coverage. On the bright side, according to the the 2014 Small Business Success Study, compared to 2012, fewer small business owners feel that healthcare costs represent a major risk to their business.