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Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Summary

Owning your own business

While our focus is insurance relating to your health condition, you should of course also have appropriate insurance to cover against loss of your property, business income and/or liability. For advice, speak with a property and casualty insurance broker or consultant with experience insuring businesses like yours.

The business may be a way to get insurance that may not be obtainable individually because of your health history.

  • Step 1: Consider your needs as well as the needs of your business.
  • Step 2: Review the insurance you have.
  • Step 3: Fill in the gaps.

If the business purchases the insurance, the premiums may be tax deductible even though the insurance may be for you personally.

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Health Insurance

IF YOU HAVE COMPANY SPONSORED HEALTH INSURANCE

The first question with respect to health insurance is whether the group coverage satisfies your needs. If not, before you make a change:

  • Weigh what works for you against overall costs for employees.
  • Take into account employee morale if you switch coverage in a manner that requires your employees to switch doctors.
  • Look at whether there is an employee agreement (such as a union agreement), which prohibits your finding alternate insurers or plans.

If the coverage you prefer for yourself is too expensive to provide for the entire group, look elsewhere for coverage for yourself. Perhaps there is a business association you do, or can, belong to which provides better coverage. Or insurance sponsored by your profession or college.

For help assessing your coverage, see our Health Plan Evaluator. For information on obtaining health insurance, see Obtaining Health Insurance.

IF YOU DON'T HAVE COMPANY SPONSORED HEALTH INSURANCE

Explore the alternatives for getting a health insurance policy.

  • You may be able to get health insurance on your own in spite of your diagnosis.
  • Your business may also qualify for group health insurance if you have even just one employee. The charge for group health insurance is generally lower than individual rates.
  • To learn about the situation in your state, see Georgetown University Health Policy's Institute site at www.healthinsuranceinfo.net. If you do qualify for group health insurance, note whether a group of your size has to be charged the insurer's normal group rates, or whether a higher rate can be charged based on the health of the group's members. If a higher rate can be charged, note where there is a maximum that can be charged.

If you have a choice of policies, our Health Plan Evaluator can help you pinpoint the features of a policy you care about most.

Disability Insurance

Disability insurance provides an income in case you become disabled. You're not likely to qualify for disability insurance because of your health condition. However, you may be able to obtain it as a member of a group.

If the company has disability insurance:

Does it allow for partial disability? If not, consider revising the coverage so you can continue to work part time, and still receive disability income.

If the company doesn't have disability insurance:

Explore with an insurance broker whether you can qualify for disability insurance on an individual basis. If you don't qualify through normal channels, he or she can contact a broker who handles "special risks."

Also look at what disability insurance you could purchase through your company.

  • What is the minimum number of employees that has to be covered to qualify for a group?
  • What kind of benefit can you get?
  • How much will it cost?
  • Is there a waiting period for pre-existing conditions? If so, when does the waiting period end?

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Long Term Care Insurance

Long term care insurance pays if you need assistance with daily living or care in a nursing home.

If you have long term care insurance, be sure it covers assistance at home as well as in an assisted living facility or nursing home. To decide whether to insure one of these risks and not the other is about the same as deciding whether to insure the front or back of the car. If both situations aren't covered, perhaps you can amend your policy or get a new one.

If you don't have long term care insurance, you may not be able to qualify for it on an individual basis. Perhaps you can as a group through your business. It's worth asking an insurance broker.

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More Information

Long Term Care Insurance

Life Insurance

Life insurance can provide significant amounts of cash to help employees and your family members cushion the financial impact of the death or retirement of the owner-manager.

Speak with a life insurance broker to find out what life insurance you can qualify for and how much it will cost. (Don't let this discussion of life insurance for your business needs induce to forget about life insurance for your personal needs.)

  • If you have a life insurance broker, people with a health condition are often reluctant to tell their life insurance broker about their health condition for fear the policy will be canceled. If you were truthful when you applied for the insurance you have, there is no reason to fear disclosing your health condition to your broker.
  • If you don't have a life insurance broker, locate a good independent broker (see our article on Life Insurance Broker). You don't have to disclose your identity to get an idea whether life insurance is obtainable by someone with your health history and an idea of the premium ballpark.

You may not qualify for the same premiums as people who have not been diagnosed, but you may be able to get the same policy by paying more. Or perhaps you can qualify for "simplified" life insurance (a policy with few medical questions.).

Everyone, regardless of medical condition, can obtain guaranteed issue life insurance -- life insurance that's issued with no questions asked. While guaranteed issue policies may only be for smaller amounts such as $10,000 or $25,000, the amounts can add up.

If a broker tells you that the only insurance you can get is guaranteed issue because of your health, find out if your health qualifies to let you obtain cash from your life insurance policy while alive through a Viatical Settlement or Senior (Life) Settlement. . This is not a suggestion that you do sell, just that you learn your alternatives. (If your physical condition doesn't qualify for a sale, the broker can tell you what marker would be needed with your condition that would permit a sale.)