Boomer business owners: Please get health insurance and disability insurance!
Posted by: in Your BusinessI just heard of a young professional who has been in practice for only a few years. He was in a terrible accident, which will mean hundreds of thousands of dollars in medical bills, not to say the loss of his capability to practice.
If you’re considering leaving your job to go into a small business, please check out health insurance and disability insurance. If you can’t afford these payments, you need to find something else to sacrifice to get them. If you’re not going into business, be sure you have health coverage, and don’t depend on your employer (you know what happened to GM retiree health coverage).
You might be able to set up an insurance plan for your small business, but get help doing this, as the IRS has rules about deductibility of such plans.
Tags: baby boomers, disability insurance, health insurance, retiree health coverage, small business
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