Medical insurance continues to be challenging for small business owners; carriers are leaving the individual market in many states, forcing some of our clients to look at group insurance as an option. While there are tax credits available for offices who qualify to help defray the cost, it is an additional staff cost and can be a compliance headache unless you have a knowledgeable agent.&
Clients who want to retire before they are eligible for Medicare (age 65) are often concerned about how they’ll handle health insurance costs. Dental practice owners are probably used to paying this expense out of pocket already and have a better idea than most how much their coverage will cost, but the reality of paying the premium on their retirement income and realizing that
Clients, around the age of 60, start thinking about whether or not they should continue with their disability insurance. There is a diminishing return on investment when you consider that a disability policy only pays to a certain age, usually 65. While each year’s premium buys fewer years of benefits, it's also at a time when disability might be more likely.
Here's a stat for you: in 2011 the Social Security Administration stated that a 20-year-old has a 30% chance of being disabled and unable to work for six months or longer prior to reaching retirement age.
It's an interesting thought actually - not because the topic itself is all that fascinating. But simply because for something typically so far on the back burner it's almost off the stove, the chances of it happening to either you, your spouse, or your best friend is almost a statistical lock.