Why Health Insurance is a Bad Reason Not to Start a Business

Why Health Insurance is a Bad Reason Not to Start a Business


Hey everyone! Today I want to talk about
one of the number one things that I hear that I get asked about, and it’s funny
that in the entrepreneurial world it’s not really talked about enough in my
opinion. And that is health insurance. So a lot of people say, “Well, I would love to
start my own business, but I you know, I gotta have health insurance” or, “You know, my work provides health insurance.” I have health insurance too! And I also need
health insurance! So I don’t know entrepreneurs who don’t have health
insurance. So please do not think that in order to have your own business, you have
to go without health insurance, because if that was the case I would not be an
entrepreneur either. I feel very strongly about health insurance in case you can’t
already tell. So there are a few misconceptions about health insurance
that I want to cover today that might help you see that you have a lot, a LOT,
more options than you think you do. So number one: a lot of people feel that
their insurance is cheap or free with their employer, but that’s not the case.
Your health insurance, no matter how its divvied up, no matter how much of it you
pay or don’t pay, is part of your compensation. So maybe you pay a portion
of it, maybe you pay all of it, maybe you pay none of it, but whatever the case
it’s not a free gift from your employer. It’s part of your compensation. So if you
think of it like a gift, then you’re already setting yourself up to be
resistant to the notion of self-employment. Number two: if it comes
out of your paycheck at all, it comes out before you even see your paycheck, and
psychologically that kind of makes you feel like it’s not there. So you don’t
feel the *pain* of paying for your health insurance every month like I do, and
that’s because you’re paying it, those of you who are paying it, but you just don’t
have to feel that pain. But that doesn’t mean that it’s not there. That doesn’t
mean you’re not paying it, for those of you who pay a portion
or all of your health insurance yourself. So keep that in mind and I would
recommend even looking at your pay stub if you get one, or your digital pay stub,
every pay period, and see, how much did I pay for health insurance? Number 3:
a lot of people think that the cost of self-employment health insurance is the
same as COBRA, which is health insurance that you can purchase independently once
you leave a job, and that’s not the case at all.
Cobra is actually more expensive than most health insurances are because of the
nature of Cobra, and so people think that that’s what the cost of health insurance
is but that’s not actually true. A lot of people even think that self-employment
health insurance is not available, that the only way to have health insurance is
through an employer, and that’s definitely not true. There are a lot of
options out there, and that leads me to my very last point, which is I hear all
the time: “Health insurance is too expensive to buy
on its own.” Health insurance probably is more expensive on its own than what
you’re paying with your employer right now. But let me ask you this: did you have
a wedding? Was it expensive? Do you have babies? Were they expensive?
I bet they were. Did you take a vacation? Was it expensive? So look, there are
things in our lives that are expensive, but they’re WORTHIT. So it’s up to you:
what is it worth to you to work for yourself? What are you willing to
sacrifice? Because, yeah, it can be kind of expensive. It’s kind of annoying every
month, but hey, it’s worth it. I work when and where I want to, I do
work that matters to me, I have essentially unlimited vacation.
The pros far outweigh the cons. So I just wanted to clear up some of these
misconceptions about health insurance. Having managed a lot of it myself over
the last few years, including international health insurance, I have
quite a bit of knowledge about it, so if you have any questions about health
insurance, self-employment health insurance, drop
them below and I’ll see if I can help. So I hope this has been helpful for you, and
I will see you guys next time!

One thought on “Why Health Insurance is a Bad Reason Not to Start a Business

  • This is exactly what I needed to hear! Can you give any hints on where to get started, maybe a website for insurance?

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