To Health Insurance
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Health Insurance for the Self-Employed
Tim Randle
Having health insurance and being able to afford it is a great concern for
many who leave a corporate job to run their own business.
The national crisis in health coverage is hitting the small business owners
especially hard. About 24 million small-business employees and their families
are uninsured, according to a study by the Kaiser Family Foundation.
After you leave your employer you may elect to continue to receive coverage
in the employer's group plan at your expense for up to 18 months. The Consolidated
Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires employers
to allow departing workers to buy health insurance through the employer's group
plan.
However, the cost of the monthly premiums for COBRA can come as quite a surprise
if you're accustomed to you employer picking up most of your health insurance
tab.
Luckily starting in 2003, if you work as a consultant, freelance worker, and
other self-employed individual you will be allowed to deduct all of your health
insurance premiums. This is an increase form the 70% that was deductible in
2002. You can take the self-employed health insurance deduction even if you
do not itemize your tax return.
But, even with health insurance the medical expenses that come out of your pocket
can overwhelm you. If you have to dip into your retirement savings for certain
medical expenses, the best way to do so is to transfer your IRA or previous
401(k) account to a Self-Employed 401(K) plan that you set up. You can then
take a loan from that plan. Loans from a Self-Employed 401(k) plan are tax-free
and penalty free as long as they are paid back.
About the Author
By Daniel Lamaute of www.InvestSafe.com Daniel is a retirement plans specialist
and owner of Lamaute Capital, (InvestSafe.com) an investment brokerage firm
that works with individuals and small businesses.
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International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
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