Reply #19: I had a small business for 15 years with 12 full time employees before I semi retired [View All]

...I could not afford group health insurance either, but I took it out anyway and made sure my employees and myself had adequate coverage. It paid off in the end as those employees stayed with me throughout the balance of my operating the business. Also, when my wife of 30 years because terminally ill in 1992-93 there was insurance coverage that prevented a potential financial catastrophe although it still ended up costing about $20,000.00 out of pocket in medical. Without insurance I would have been wiped out financially in addition to having to deal with the grief of losing my wife.

Initially I had a PPO health plan which I preferred, but it became cost prohibitive. So I met with my employees and with our agent provider, explained the situation, laid out the alternatives and let the employees decide based on the trade offs. Although we ended up with one of the HMO alternatives to reduce costs, it was both the decision and choice of my employees. It was not the cheapest option, but it provided adequate coverage and maintained almost all of the same doctors we had under the PPO program. After that the negotiations for health care plans always involved my employees.

In 2003 I turned over the operation of my business to my daughter and youngest son, took a cut in salary but stayed on as a full-time employee with health care benefits. As long as I remain healthy I'll continue to work in whatever capacity I am of use. Last spring I qualified for Medicare but have continued to use my daughter's company's health care for supplemental drug coverage and secondary payer benefits as I do have medical issues. Where there is a will there is always a way. I would love to have had a big fat retirement plan and condo on the ocean to retire to plus a 2nd home in the mountains and financial security into my twilight years. I am happy with what I have today surrounded by my family, my grand children, my dog and my friends.