Something that’s not talked about enough when it comes to entrepreneurship is all of the “life admin” things you have to consider when you jump in.
Like getting your own health insurance or how to use your health insurance to save money on your taxes.
Today I’m interviewing Mary Hunt, founder of Elevate Your Health Plan, to talk about how to have great coverage and save $$ on health insurance as an entrepreneur.
If something is in (parentheses), it’s added in by me!
Rachel: Mary, you’ve been advising small business owners/independent consultants on healthcare for 13+ years. What’s one common mistake you see?
Mary: Taking the time to find the right option! Small business owners are super busy running their businesses.
Their bandwidth to look at all options is limited. When focused time is scheduled, it takes only an hour. All choices can be reviewed and that includes the two steps to get quotes.
Rachel: Can you break down the different types of health insurance and explain who they’re best fit for?
Mary: Whew! That’s a big question! Let’s break down the types of coverage that entrepreneurs have as options for them once they set out on their own:
- COBRA – A short-term solution only available if you are leaving a corporate health plan. When you are no longer an employee, you usually pay the entire monthly premium (instead of sharing the cost with your employer), so this can be an expensive option.
- ACA – Individual health plans that don’t consider pre-existing conditions. Income levels may provide tax credits or subsidies on your health plan premiums.
- SHORT TERM PLANS (OR GAP PLANS) – Short-term solutions you could use before you go on a spouse’s insurance or get coverage elsewhere.
- LIMITED BENEFIT PLANS – Cost-effective, but not comprehensive, solution. Not all health conditions are covered.
- FAITH BASED COST SHARING PLANS – A non-insurance option that involves cost-sharing.
- A PRIVATE HEALTH PLAN – These plans consider medical history. Also, there is freedom of care with having access to PPO coverage across the United States.
(Wow – that is a big list of options!)
Rachel: A good majority of the people reading this either work in Holistic Health or are passionate about it. How does Holistic Health fit into traditional health insurance?
Mary: Some insurance plans do cover what’s called CAM (complementary and alternative medicine). This is a question you should absolutely ask your Health Advisor because they can help you determine the best policy for you based on what kind of care you prefer to receive.
Rachel: We love saving money, and I know from working with you that you’ve got all of the best tips for saving money on healthcare costs. Mind spilling a few of your secrets?
Mary: You know I love sharing money-saving secrets!!
- Healthcare Ninja is an incredible resource. They help you –
- Eliminate surprise hospital billing
- Search for affordable providers by zip code
- Give you access to specific prices before you book your appointments
- Find coupons for medications/prescriptions
- AND help you navigate financial assistance programs
- Use a trusted health advisor. I’ve been doing this for 13+ years because I’m passionate about helping people find fantastic, affordable solutions for their healthcare challenges. Find a great advisor and use them as a resource!
Rachel: Okay, now for the fun questions! What’s the next place you have on your travel list?
Mary: My Travel List is being here in Upper Michigan. I’m helping my family and my Dad who is recovering from a stroke and making wonderful progress with his kidney, bladder and prostate cancer.
Rachel: What workout have you been loving lately?
Mary: I fell in love with pole dancing last year, and it has been such a freeing, creative, and feminine experience! Rachel and I even attended a pole class together when I was visiting Chicago!
(It was so much harder than I thought it would be! Also I added in a cute pic below of us out to breakfast post-class).
Rachel: Thing you’re most excited about in your own business right now?
Mary: I spent the Summer in Florida where I focused on growing my team, and it has been so rewarding to mentor others.
More on Mary:
Mary Hunt is a licensed Health Insurance Agent with 13+ years of experience. She serves clients all over the US who are looking to find a health insurance plan that matches their lifestyle. She specializes in covering entrepreneurs and avid travelers.