Selling your business is a big decision. Of course, having someone purchase your business will mean a new beginning for you, but this process also involves looking at how you will insure yourself once you are no longer connected to the business.
One of the most important things to take care of is your health insurance. Many business owners insure themselves and their families through their companies group insurance plan. When you sell your business, you may be eligible to stay on the plan for a period of time but will eventually need to transition to individual coverage.
Here’s what you need to know about the process.
Insurance After Selling Your Business
When it comes to things to consider prior to selling your business it is important to evaluate the markets that you will have access to purchase coverage through and what the costs will be. In some instances, the providers you have access to through a plan that you are on through your company may not be the same as what is available in the individual insurance market. If you have specialty care or providers that you need to continue to see these are important things to consider. You will also want to weigh the cost of COBRA vs the cost of individual coverage to determine the best fit for your family. One common situation that we see is that a spouse is older and will be Medicare eligible when they sell their business. In this example, you would have one spouse on Medicare with supplemental coverage and the other in individual market. You will need to make sure that fits your needs. If you are exiting your business it is typically a liquidity event or a transfer of wealth which in some cases has taken a lifetime to accumulate. Having the right plan to ensure you have the proper coverage in place to minimize any risk to your estate is key as you are considering a sale
It is important to work with an independent agent that can educate you and support you on all of the available options in your area to ensure you get the right solution for you and your family.
Enrolling in a Individual Health Plan: Step by Step
Whether you are retiring, starting a new business venture, or just taking your time to enjoy a slower pace of life, you should focus on your well-being and start looking for insurance that fits your family’s needs.
Step 1: Get in Touch with Design Health
We at Design Health share the importance that family is everything, and we focus on giving customizable, varied plans to our customers. Every individual has their own needs and life plan, and our policies are adjusted to accommodate your individual arrangements.
You can contact us and schedule a discovery call; we will get in touch as soon as possible to start working on your options.
Step 2: Tell Us What You Need from an Insurance Plan
During the discovery call, our team will ask you important questions regarding your needs. We will gather the information needed to compile the best policy options for you, and you will get the chance to ask questions and share your main concerns regarding your health plan.
Step 3: Get Insurance Options from Design Health
Soon after the discovery call, you will receive a proposal of the best insurance options for you and your family. We will provide a detailed summary so that you have a good understanding of what the policy offers, how to use your coverage and how to adjust it in the future. We believe in flexibility and reliability so that every client feels comfortable with the options they have and can make the right choice for them and their family.
Step 4: Adjust Your Plan as You Need
Design Health is here to provide support once you are enrolled in your health plan. Whether you have a question or you have an issue, we will respond to your requests in a timely manner. You can contact us if your life situation changes and you need your policy to be updated.
Our mission is to be a helpful partner in your decision-making and to secure an efficient, comprehensive insurance plan for your needs.
Contact us today to schedule a discovery call and find out more about our services.