It’s the time of year again!
I’m not talking about the World Series.
I’m not talking about the start of the NBA season.
And I’m not talking about the leaves changing from green to hues of red, yellow, and orange as summer rolls into fall.
I’m talking about health insurance season.
It’s far from one of my favorite seasons. I know my premiums are going to go up. Deductibles, too. As this happens, the quality typically declines.
There’s not much I worry about in life. But, as a small business owner, health insurance is my biggest worry by far.
Health Insurance as a Small Business Owner
I’ve been in business for myself since 2010. Back then, my premiums were about $100 a month. In the grand scheme of things that’s peanuts.
Things didn’t get dicey until the (un)Affordable Care Act was put in place.
Premiums skyrocketed and insurance companies fled the state of Texas. By the end of my run in Texas, those premiums would be over $1,000 a month.
The cherry on top? I basically had one choice for a doctor. How many people live in Dallas? A couple million? Only one doctor out of all those people? I don’t think so…
That doctor, by the way, had bars on his windows. I did a Google search and saw a picture of the office. The place was probably more hazardous to my health than any illness I might’ve had.
So, I said “no thanks” and avoided going like the plague.
Once the premiums hit about $700 a month, I switched to Christian medical sharing. That cut the tab down to about $300 a month. But when I eventually moved, that particular plan wasn’t accepted at my most viable healthcare option.
So, I switched again.
Now it’s $150 a month. The thing is, I’ve never had to use it. I thank God every day that I am healthy. My total bills for the year have been about $239.05.
The Drag on the Economic Development
A couple of weeks ago, while I was at the Irrational Economic Summit in D.C., I asked Rodney Johnson about his experience using Christian sharing. I was curious since having used it before. The good news, he swears by it. That gives me some comfort if something goes wrong.
I’d like to start a family. Premiums are out of control and make that difficult to do. Something has to change.
It’s no good for the economy either.
If I pay huge premiums, then I cut back elsewhere. I’m already looking where to slash and burn expenses for 2020.
Trust, me it’s not going to be good for my economic impact on the community!
Unfortunately, I don’t know what the answer is. Somehow the bill needs to be paid. If we all pay higher taxes, that likely stunts economic development.
Truth is, we have a health care crisis in this country. The longer it goes on, the longer it will be a huge drag to the economy.
With technology today, there should be a way to determine rates based on people’s specific health risks. Take obesity, for example. In every state, over 50% of the people are overweight or obese. This is a health issue that can be, for the most part, managed and controlled by individuals. There’s enough research out there to support this. It stops healthier people from getting hosed to support people with treatable, manageable illnesses and diseases like obesity.
I do know this though…
Premiums can’t rise at 10-100% rates and be sustainable. It’s coming to a head. There will be some kind of fallout.
So, what’s there to do?
For one, generate more income in your portfolio. That’s why in Hidden Fortunes, I focus on income producing stocks that pay you first. There are ideas I include for small investments that might yield a large return, too. It’s all part of the Hidden Fortunes way.
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