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Employee Benefits Packages Making Good Choices for the Entrepreneur |
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Written by Webmaster
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Tuesday, 03 March 2009 |
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By Alston J. Balkcom
 Now that you are a business owner, a doctor with your own practice or are otherwise making a living without a benefits package created for you, one of the many difficulties you must deal with is picking what to do in regards to insurance coverage and other benefits that your human resources department in another situation might select for you.
The downside is it is your responsibility. You are. On the upside you also get to have the say as to what your benefits package looks like.
Your ideal insurance and benefits package will give you an income you in the event of a disability, protect your loved ones in the event of a premature death. It will also include retirement planning and health insurance.
Income Replacement Insurance
Disability income insurance is one of the most undervalued types of insurance. Many people maintain our healthcare coverage because we are concerned that we can get a disease or injured and be forced to pay large medical bills. For some reason we are less concerned that we might be
too hurt to work. Perhaps people simply don't think about it. But we should. Uninsured disabilities are amongst the main causes of foreclosures. This is important coverage.
Death Coverage
Universal life or 10-year term life? The type you own won't make any difference to your widow or widower if a claim is made. Only the dollar amount will matter. If you are a parent of young children or have other people who depend on you, you should have a policy.
Retirement Planning
Retirement isn't as unavoidable as death and taxes, however if we are able to avoid dying too early we want to have some money to enjoy our retirement. Without systematic savings, there is a good chance that you will have with less than you will need.
Long Term Care Insurance
Nursing home care and its costs are not often thought of. However, the cost of a care can cost over $1,000 a day. A typical medical insurance nor Medicare will pay for home health care.
Health Protection
Having the right health coverage is important with the cost of medical care escalating each year. The price of prescriptions, the cost of visiting a doctor, the expense of a day in the hospital and the price of a short stay in the emergency room goes up each and every year. Medical care has increased in price much faster than inflation in general and certainly more than a worker's paycheck in America. Be certain you have reliable coverage for medical bills. Good insurance doesn't necessarily mean that you need to have first dollar coverage. But, it should certainly drive you to have excellent coverage for the large things. Moderate and high deductible policies very frequently are a bargain and provide you coverage for the big things.
Dental Insurance
Dental care coverage is important. Unfortunately, dental protection at a cost that is fair might not be available to you to individuals and families directly. Be aware of the costs, the covered services and the waiting periods before applying for a plan. You might find that you will make out better when you pay your dentist directly with the money you save by not buying an overpriced dental insurance plan.
Alston J. Balkcom has been an insurance agent since 1985 you can find information and prices for California private medical insurance and information on other types of insurance on his site.
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Last Updated ( Tuesday, 03 March 2009 )
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