Business

Everything was going well, the businesses were booming, we were looking forward to a successful business year, and then BAM! Covid-19 hit, all our plans and all our aspirations went down the drain. We saw country-wide lockdowns that impacted all types of businesses.

It didn’t matter how stable they were, giants and startups; everyone took the hit. Small businesses don’t have such a huge cash reserve and couldn’t see them through this pandemic. We don’t even know how long it is going to last.

Does this mean the end of your business? Does it mean that you pack up and go home? Should you fire all your employees and sit back and wait for it to all be over?

For some businesses, unfortunately, it does mean exactly that. A lot of startups and SMEs will not see the end of the financial year. If you are one of the people who can grit your teeth and make it through bad times, there are still many things that you can do to survive this tragedy. One of the best options would be to enroll in an online communications degree to update your skills. You might not achieve the same position you had earlier, but you will make it through these challenging times. You will increase your odds of being one of the few businesses that are still standing on their own feet.

How Can You Survive?

Options are abundant out there for you. You can look up other markets and start selling different products that are more in demand nowadays than before. A few business owners have started selling PPE and masks even though it wasn’t what they did before. You can also invest in yourself to make sure that you are at the top of the game and have all the knowledge needed for these times. Another smart way of boosting your skills includes doing an online MBA, taking a short course, and more.

Here are some other things that you should do for survival.

Do your cashflow forecasts NOW

Now I know how it sounds. It’s like asking a doctor to see if they are operating on the right patient. Of course, you have done forecasts. But there are a lot of businesses that have done a revenue forecast and checked their bank balance. In these times, that is not good enough. You need to know about every payment that is due. It includes all the wages, rent, taxes, vendor payments, and more. You don’t want to walk into your office or open your laptop and see the reminder that such and such a payment is due today. You need to know it all beforehand.

Keep in mind that if people tell you that Covid-19 will be over in X months, you have to assume that it will take twice as long. There are many hitches on the way, and no one can predict when it will go back to normal and if it ever will. Keep that in mind when forecasting.

Update your terms and conditions

When was the last time you visited your terms and conditions or return policy? If you are like most business owners, you wouldn’t remember. Know this: you must do it immediately. It might be the one thing standing between you and business closure. We all know that nothing is in stone, and we have to negotiate most stuff by talking to people. But it would help if you had a general policy in place following the pandemic. For example, if your return policy allowed cancellations on orders up to $1000, it is time that you revised that. In the good old days, a couple of $1000 cancellations might not have meant a lot. Now, they can be disastrous.

Service those surviving customers like nothing else

No matter how low your business goes, there are still people who have the money to buy from you. Now is the best time to take care of them and let them know how special they are. Throw in a gift or an additional service that they weren’t expecting. If we consider the situation on hand, a toilet paper roll should work wonders for you (only if you think they have a sense of humor, though).

Conclusion

Is survival during the current Covid-19 pandemic hard?

You bet it is!

Is it impossible?

Not at all. Follow the steps given above, and you can make sure that your business survives until we get to the new normal. Keep an eye on your expenses, take care of your suppliers and customers, and you will be good to go.

The needs of a business grow as the company expands its operations. As it expands, it becomes essential for the business to support its management, especially financial management. This kind of management is also critical for upcoming companies. Accounting firms come in handy to help such companies realize great success in their business. In Austin, Texas, many companies have sought reputable accounting firms’ services to manage their financial sectors. It might seem like an additional expense in hiring accounting firms, but it’s a necessary step towards a business meeting its goals. However, it is important for any Austin resident to understand what constitutes respectable Austin accounting firms. Below are some of the qualities that show an accounting firm is worth approaching.

Specialization

Every business requires an accounting firm that has specialized in its area of operation. For example, a manufacturing business will require an accounting firm that understands all the financial and management procedures that happen in the industry. Accounting firms help businesses make profits, and therefore settling on one that has specialized in a company’s line of business is the right step. An accounting firm that knows the ins and outs of a company’s business will work efficiently in sorting the business’ financial and management needs.

Certification

A prestigious accounting firm must have all the required certifications and licenses. These are the quality marks of any firm that handles accounting duties in Austin. There are a lot of mushrooming accounting firms that operate without all the valid certification. This shows how essential it is for a company seeking accounting services to be keen when selecting an accounting firm. Some of the certifications are the Accredited Business Valuation, Chartered Global Management Accountant, Certified Financial Analyst, and Certified Financial Forensics, among many others. When selecting an accounting firm, a person must first identify the kind of service they need and settle on a firm that offers that service and is certified in the field.

The Correct Accounting Firm Size

There are different kinds of accounting firms based on the size of a company. It is crucial for a company to stick to its budget when sourcing an accounting firm. Small businesses should hire smaller accounting firms, rather than multinational accounting firms, to make the whole process viable and affordable. When a business works with an equally sized accounting firm, it is guaranteed that it will serve them appropriately and within their budget.

It is an uphill task for any person to identify the right accounting firm, but it is worth it when the person goes through that hassle and selects the proper one. It takes the right accounting firm to help a business save plenty of money, make more informed decisions, and make more profits in the long run. People need to settle on respected Austin accounting firms by thoroughly evaluating a firm’s specialization, certification, and size before making their decision. Settling on the right accounting firm is a sure bet towards a business’ success in the future.

Conference calling services come in all shapes and sizes, but what makes a good conference calling service stand out from the others? What features make it worth the price you’re paying for it? While you don’t have to subscribe to a top-notch service to get some great features, there are a few standards you might want to consider before making your next purchase decision.

These important features should be standard with any successful conference calling service. If you’re in the market for a new service, read on!

Secure Connection

Above all else, security should be your top concern. The security of your calls is largely dictated by your own diligence; meaning you control who you invite to the call, and it’s up to you to verify that the right people are present. However, that doesn’t mean your conferencing service shouldn’t have its own security protocols to protect you from cyber threats. A secure connection can help keep out unwanted ears, which could potentially expose sensitive company info and put your entire organization at risk.

Whether you’re using an audio conferencing service or hosting video calls, security is one of the most important aspects of a successful and reliable conferencing tool. Don’t make the mistake of putting security last, or you’ll pay for it later tenfold. Breaches happen all the time, and you might be surprised by how much a person can learn from listening in on conference calls.

Reliability

Of course, even if your service is secure, it doesn’t matter much when it’s unreliable. You don’t want a service that gives you HD-quality calls one day and poor quality calls the next. In the same vein, you don’t want a service that can’t keep calls connected or fails to consistently update.

How frustrating is it to drop a call in the middle of a conversation? Now, put that into a work context. You’re about to close the biggest deal ever, and your conferencing service cuts out. You can’t get it to come back up, and the client is waiting. The service doesn’t come back for a few hours, and you’ve lost the client. There’s no reason your service shouldn’t be reliable enough to at least make it through important calls!

Call Control

Along with reliability and security, your calling service should allow for maximum control as the call host. This means being able to record the call, boot disruptive callers, mute everyone (including yourself), and more. The more control you have as the host, the more productive your calls can be. Imagine not being able to mute people who have a lot of background noise or are disruptive! It would make for a very uncomfortable (and unproductive) call.

These features are pretty much standard with just about every conference calling service out there, but it’s always good to check anyway. Some conference calling services still don’t offer call recording, even though the benefits of this feature are numerous. In fact, let’s look at that next.

Call Recording

If you’re looking for the total package of conference calling services, you need one with call recording, like Vast. Call recording is an excellent tool for not only improving your meetings, but for reviewing important information. Your recorded calls are usually saved to a cloud, so you don’t even have to make room on your personal hard drives for them.

Recording your calls can also help with training and to protect you or your employees from slander or false information. It’s always a good idea to record calls with new customers, or to record your first hosted meeting. Reviewing your meeting is the best way to make sure the next meeting doesn’t take two hours and leave everyone snoozing at their desks.

Accessibility

The best conferencing services are the ones that are accessible to everyone, despite their geographic location. This means no long-distance fees and international calling should be the standard for your next choice. A service that can support calls from all over the world removes some harmful limitations that otherwise may have kept you from expanding.

Affordability

Last, though certainly not least, your conferencing service should be affordable. Affordability is something we can’t forget in business, because everything operates on a budget. Don’t be afraid to put two or three services against each other, and compare the price of the service for what you’re getting out of it.

Most conferencing services won’t cost but a few dollars per month, and they rarely cost more than a few hundred per year. On the rare occasion that you find one that’s more expensive, be sure to thoroughly check out its features before making a commitment to buy.

The Bottom Line

A good conferencing service can improve your communication and productivity, but conferencing services should at least have these few standard features in order to be useful.

Looking back at the past year, it’s wild to see how things unfolded. At the start of 2020, there was nearly no way to predict exactly how this year would pan out, with the coronavirus pandemic ravaging the global economy and every corner of our way of life.

Now, looking ahead to the future, it’s also difficult to predict exactly what’s going to happen. But with experts predicting the end of the pandemic by the end of 2021, there are definitely more changes to come.

One sector that was the most impacted by 2020 was real estate. So, what does the future of real estate look like?

Experienced executive & entrepreneur Ryan Hoggan is weighing in. With a hand in the world of real estate development, and unique insight into business and entrepreneurship, Hoggan is sharing his expertise into the future of real estate in 2021.

Ryan, tell us about your work.

I’ve been an entrepreneur for just about two decades and have owned businesses for years. I’ve been involved mostly with e-commerce, digital marketing, and affiliate marketing, and startups are really my specialty.

In many of these areas I’ve also been an executive, and I’m involved in venture capital. I think that my varied experiences, along with my entrepreneurial background, gives me a really unique perspective into certain areas.

What are some of those unique perspective?

I have a lot of experience adapting to market changes in general, and I love tracking interesting market moves. Over the years I’ve been on the scene, market sectors have definitely influenced my work and the decisions I make, so it’s important for me to be tracking these changes in real time in order to make smart decisions for myself, and for my businesses.

That’s one of the reasons why I’m interested in the future of real estate over the next year.

What do you think about the state of real estate right now?

I think we’re seeing a really unusual state of the market. The restrictions people felt when COVID-19 first started have kind of fallen away.

For example, people at first were not attending in-person events like showings or signings, if they could avoid it, and many people who were looking to sell actually took their homes off the market, so there’s been a decrease in inventory. But now, as people are feeling a bit of pandemic fatigue, some normal selling habits are returning.

But along with this, there are still really low residual mortgage rates, which is great for people who are looking to buy,

What do you think will happen with real estate over the next few months?

Because there is still a shortage of inventory, that means it could be a great time to actually sell your home, if that’s what you’re looking to do. But it’s important to pay attention to subtle changes, such as the stock market behavior.

Here’s the breakdown of the state of stocks.https://t.co/x0DejTce9g

— Ryan Dean Hoggan (@RyanHoggan) December 16, 2020

 

Mortgage rates are currently at a record-low, but it’s possible that in the next few months that could change drastically, as the economy shifts. But hopefully, increasing inventory will minimize intense property bidding wars, which are currently more and more common.

And what’s next for you personally?

I have a few different projects in the works at the moment. I recently became involved in a real estate development project, involving raw land, and I want to increase my involvement in real estate going forward.

I love working on projects that involve growth and excitement, so I’m definitely drawn to real estate and plan on expanding my work in the space.

Check Also: Strategy 101 For Startups: Ryan Hoggan Talks About The Best Industries for Starting A New Business In 2021

 

If you are involved in a personal injury case, hiring the best lawyer should be your top priority at all costs. It is because paying unexpected costs due to someone else’s negligence is not truly required in your workplace.

However, there are some mistakes that you must avoid while hiring the best personal injury lawyer to represent your case. It is because hiring an incorrect lawyer can decrease your chances of success even if you truly deserve the compensation. Every year, thousands of people fall into personal injury incidents varying from minor to life-threatening cases.

If you are involved in the injury cases due to someone else’s negligence, then as a victim, you deserve compensation from your employer. Besides, choosing the best lawyer can seem to be a daunting task but believe me, it is not so difficult.

5 Mistakes To Avoid When Choosing A Personal Injury Lawyer

Choosing the best lawyer is not everyone’s cup of tea. New victims of personal injury cases are not aware of the common mistakes that are described below.

1. Not Researching About Lawyers

This is the first mistake that most employees make, i.e., not researching about lawyers. If you are a newcomer in the field of legal, then you must research different types of personal injury cases and the best lawyers regarding the same.

You can also ask for referrals from your family and friends if needed. They can help you to provide the best lawyer out of all. Make a list of all the lawyers with their experience levels. This will help you to choose the best one.

2. Hiring An Inexperienced Lawyer

Another major mistake that most victims make is by hiring an inexperienced lawyer to represent their case. A lawyer who is new in this field will help you to guide well and make the most out of your injury case.

Therefore, make sure that the lawyer is experienced in personal injury cases and has years of experience in dealing with this type of issue. An experienced lawyer knows pretty well what steps should be taken at the hit of the moment.

3. Not Knowing The Exact Fees

I consider that you become successful in choosing the best personal injury lawyer, but what about fees? The fees of every lawyer differ, and you need to understand this at any cost.

So, before hiring a lawyer to represent your personal injury case, you must ask the exact fees as a whole that he/she is going to charge. Also, know whether your lawyer will ask for some amount of fees at every interval of time.

4. Not Asking Questions From Personal Injury Lawyer

Before hiring any lawyer, you need to explain your case in detail to the lawyer. This should be done at first to know the response of the lawyer.

Also, ask questions to your lawyer as much as possible to avoid every issue that can arise afterward. On the other hand, it is very important to know the strategies that your lawyer will follow to represent your case.

5. Hiring A Lawyer Who Has No Successful Records In The Past

Hiring a lawyer who has no successful records in the past is one of the most common mistakes that most personal injury victims make. Make sure that the lawyer you are hiring has various successful records in the past.

Besides, you can also view the social media platforms such as Facebook, Instagram, or Twitter of the personal injury lawyer that you are going to hire for your case. You can see the reviews of the past customers that your lawyer already dealt with.

The Bottom Line

If you are searching for the best personal injury lawyer, then you can go for Brooklyn personal injury lawyer. However, the above listed are the top five mistakes that you must avoid when choosing a personal injury lawyer.

Already starting to think about how you are going to manage everything that you have to do to get your business back on track and kicking goals in 2021? Reaching out to specialist Consultants just may be the answer to freeing up some much needed time and focussing on your core business requirements.

Here are 5 reasons that you might like to use a recruitment agency in 2021:

1. 2020 has been challenging for most organisations – to say the least. With so many restructures and changes to business plans and the staff there are enough HR issues to be managed in 2021 without having to look after recruitment as well. The beginning of the year will bring more competition for quality staff as many businesses recover and look to bring people back into their businesses which will make recruitment an even more challenging task.

2. Throughout 2020, savvy and professional job recruitment agencies spent a lot of time developing, reconnecting and maintaining relationships with their candidate networks. Many of these people would have been very happy to stay in their current roles even if they weren’t happy at the time, as job security was a prime motivator. Leading into 2021 as the economy recovers and people feel more confident about making a move, they will most likely reach out to the Consultants they trust – those that connected with them throughout 2020. If you don’t want your recruitment process to be long and drawn out, working with an Australian leading recruitment agency can help speed up the process.

3. Recruitment agencies were hard hit in 2020. Many will be working to recover their losses from 2020 and looking to develop new client relationships that they can build upon for not only the short but long term. So recruitment agencies will be working harder than ever before to impress by finding you high-quality staff that fit your brief in an efficient manner.

4. Generally when the recruitment industry is affected by the economy it is the more experienced and seasoned Consultants that are able to thrive and survive and push their way through to better times. Many recruitment agencies have downsized and have their most experienced Consultants representing them right now and will do so in 2021. The benefits of working with an experienced recruitment Consultant are many, including the fact that they are well networked and are able to pick out the difference between a candidate that wants a job and a candidate that wants your job! Which is massive and results in better longevity.

5. 2021 is a time to be savvier about the way you do business. Many experts say that the best way to run a business is to do the things that you do really well and hire professionals (internal or external) to do the things that you don’t do so well. There is a particular skill set to recruiting staff – remaining objective, not making emotional decisions, building trust and gaining honest information, rapport building, reading body language, negotiating etc. etc. the list goes on. Hiring a job recruitment agency Australia to manage something as important and imperative as hiring your staff and building your culture is a great investment for the New year.

Want to learn more about an Australian leading job agency that specialises in office support and HR recruitment – call MJD Executive on 02 8042 1840.

 

A business is prone to losses due to various reasons like industrial fires, natural disasters, and human-made disasters. A business insurance plan protects you from losses due to unfortunate and unexpected events. In the absence of business insurance coverage, the business owners would be required to pay all costs and expenses of rebuilding the business from their own pockets. This article discusses what kind of coverage you can get with business insurance in Massachusetts.

Types of Business Insurance

Insurance coverage depends on the type of insurance. There are different kinds of business insurance in Massachusetts that include:

Business Owner Policy

The business owner policy is a necessity for businesses of all sizes. It combines property and general liability insurance into one. Do you know Massachusetts ranks at 5^th position in the US for Natural disasters? Every year the Bay state experiences substantial economic losses due to flash floods caused by torrential rains, storms, and other natural calamities.

A business owner policy protects businesses against perils, property damage, business interruption, and liability. The coverage changes with insurance providers. You need to take a detailed look at the things covered in the insurance plan. You might be required to get add-ons for fidelity, forgery, crime, and spoilage of merchandise.

Commercial Liability Insurance

Every business in Massachusetts needs to get commercial liability insurance. Commercial liability insurance offers compensation to cover injuries and damages that occur on business premises. According to the latest statistics, 220 people were injured in Massachusetts in 2016-2017. The injured people included 21 women and 119 men.

Commercial liability insurance can be categorized as general liability and professional liability. The risks covered in general liability and professional liability are different. The general liability insurance plan is recommended for small businesses in Massachusetts that includes common business risks. Its coverage includes medical payments for the injured and legal expenditure for lawsuits.

Professional liability insurance is recommended for MA businesses that offer specialized services. The coverage includes compensation for work mistakes, negligence, incorrect or incomplete work that may cause loss to their clients. Companies operating in medicine, construction, finance, and real estate need to opt for professional liability insurance.

Commercial Property Insurance

According to a Washington Post report, Essex County in Massachusetts witnessed 34 declared natural disasters in recent years. The state of Massachusetts is prone to natural disasters. The statewide hazard assessment, the flooding incidents, including Ice Jam, are relatively high in Massachusetts. The probability level for such an event occurrence is increased in Massachusetts.

Every business has physical assets that are required to run the business smoothly. In a natural disaster, the business assets can suffer extensive damage causing business interruptions for long periods. The commercial property insurance offers coverage to your physical assets, including office buildings, equipment, furniture, and other valuables.

When buying business insurance in Massachusetts, you need to mention the perils against which you seek protection. You need to specify the losses that need to be covered in the insurance plan. Commercial property insurance covered can be extensive and expensive.

Employee Disability Insurance

Massachusetts has around 599,389 small businesses, out of which 175,217 businesses have employees. Companies employing people need to have employee disability insurance. It provides extended protection to your employees. Employee disability insurance provides income to employees who cannot work for a long time due to non-work-related injuries or illnesses.

To sum up, when taking business insurance, you need to assess the level and kind of coverage your business needs. Since there is no standard related to insurance coverage, you need to get a clear idea of what coverage you will get against the insurance fees. You need to ensure the insurance coverage meets the industry compliance set by the state laws. Getting business insurance might not look easy, but you can secure your business from losses incurred by unexpected events with the right guidance.

 

If you have a business, you need a business website. People look things up online to legitimize their existence these days, and you’ll need something for them to discover. A great business website is a big helper when you’re working to boost your digital marketing efforts as well.

Start gathering intel on how to build a great business website now, and stop for a short read. Here is a list of a few things you should keep in mind as you design your business website.

Keep the mobile population in mind

Design your business website with the vast mobile population of web users in mind. Mobile optimization is so crucial that even the search engines have noticed its importance.

Proper mobile optimization will help your website rank higher in the SERPs (search engine results pages) when users are looking for something relevant to your business, and boosted visibility is always valuable in the digital realm.

Remember that communication is crucial

The main goal of having a presence on the internet is to make contact with your target audience. Communication is crucial to designing effective content, and your business website is prime real estate.

Design a contact page for your business website that grants users a handful of ways to make contact with your operation, but don’t stop there. Adding communication elements elsewhere on your pages is also helpful.

This site for power plant NOx reduction provides ample information on their products/services, while also providing a simple contact form and phone number. Make communication with your operation just a click away for users, and respond to what they say in a timely manner.

Work towards speedy loading times

When you’re working to build your business website keep speed in your mind. People don’t sit around waiting for pages to load anymore.

If your website doesn’t load within the first few seconds, you will likely lose the interest of that viewer. Take the time to test your site at different stages to make certain it is still loading with ease. Make pictures and videos light by compressing them so your pages aren’t heavy.

Remember to keep it simple

The design of your business website shouldn’t be too cluttered or complicated either. You may have a lot of information to share, but you don’t have to make it look like there’s a lot to learn. Keep your pages simple and uncluttered, so users don’t feel disoriented by the mess.

Social media buttons help you branch out

Use social media sharing icons to take your business website to the next level. You never know what someone might deem worthy of sharing, and you don’t want to deny them the opportunity. Every social media share is a free piece of digital marketing for your business.

 

A recent supreme court decision about the Wayfair case declared that states could mandate sellers to collect and pay sales tax to the states. This established the “business nexus” and doing away with the past “physical presence” analysis.

Before 2018, online business owners were not liable to pay any sales tax because their stores did not have a physical appearance as they are trading online, which has increased the number of online businesses. After the tax imposed on them in the year 2018 (Wayfair Case), the online business owners state that it truly hurt their interest, leading to a drop in the number of online entrepreneurs and sales tax return.

Ecommerce retailers challenged the South Dakota statute in court. The Wayfair decision is very fresh, and it is still analyzed and reviewed. Moreover, it has affected small business owners to a great extent.

Why Do Ecommerce Businesses Need To Pay Attention To The Wayfair Case?

The Wayfair case is entirely for online vendors, and you need to pay attention to it at all costs if you are a part of it. Wayfair’s decision had minor attacks on some of the major eCommerce platforms such as Target and Amazon.

After the Supreme Court decision, the eCommerce companies have to pay sales tax even if they lack a physical presence. Now, the companies need to pay attention to these below steps:

• Even the wholesalers, who are free from sales tax, should make sure that they are collecting indemnity certificates from the consumers to make sure that they are complying with local laws.
• It is a good time to consider whether your firm has sales tax automation software or not.
• Not all states let retailers collect tax, so you must check your authorization to collect taxes. Retailers need to make sure that their firm has set up to accept sales tax in every business type.
• All the online retailers need to be alert of sales tax development in every state and whatever business they are doing.

On the other hand, it is a real challenge for you to make sure that all taxes are collected uniformly. So, for these firms, a tax engine solution will be most secure to keep moving forward.

What Does The South Dakota v. Wayfair Ruling Mean For E-commerce Companies?

Now, the companies who are selling goods online have to make sure that they are collecting taxes in North Dakota on each transaction according to the decision that was taken by the Supreme Court.

In the end, some forms may need to invest in upcoming technology that can benefit their business to grow. Thus, according to the latest report, there are over ten thousand plus sales tax jurisdictions in the United States.

The recent South Dakota vs. Wayfair ruling decision means that your online business is liable to pay sales tax because they have an economic presence.

Moreover, sales tax imposed by the regional and local governments has no straight correlation between ZIP code boundaries. This is what the Wayfair ruling means for ruling companies.

Ensure Your Ecommerce Business Is Nexus Compliant

Using the Department of Revenue, several firms start by complying with sales tax manually for more than one state where they know they are required to file.

Ensuring your eCommerce business is nexus compliant is a very vital step that you need to consider at any cost. On the other hand, you can also hire someone else to manage all your tax-related issues. This will make your task convenient and easy.

The Bottom Line

The Wayfair Case had hurt the eCommerce companies’ interest, but it establishes a framework for other states concerning taxing internet issues. Therefore, the above-listed steps describe the Wayfair case in detail, and you can follow the same if you are an online vendor.

 

The world of a freelancer is unlike that of any other. Freelancers are usually made up of people who need to control their time and assets to work around other responsibilities. Many freelancers decided on this career path because they wanted to spend more time raising their children. Others take care of family members who are elderly or disabled. Some are entrepreneurs who simply want to work for themselves and not have the stress of a 9 to 5 job.

How did we get here?

Affordable healthcare has been talked about so much in recent years, we have forgotten what it means. When the Obama administration weighed in on this crisis, it was presented as a way for all Americans to have quality insurance coverage. People were quick to jump on the healthcare train. No one was against providing healthcare for the poor, elderly, veterans, or people with pre-existing illnesses. But the reality of the “solution” was much different.

Middle-class Americans who were already insured were shocked when their healthcare premiums doubled and sometimes tripled. Copays and deductibles rose while coverage dropped. Freelancers and other self-employed people had no company that helped pay their insurance.

They could apply to the Healthcare Market and try to get government assistance, but unless they were living below the poverty level, help was insufficient. The best the freelancer can hope for is a high copay and high deductible policy unless they are on SSI or SSDI.

Medicare and Medicare Plus

If the freelancer is over 65-years old or disabled they are eligible for Medicare. Freelancers who are caregivers to this group of people must know what coverage they have. This is where Medicare comes into play.

Medicare Part A pays for expenses at the hospital when they are admitted. Part B pays for some doctors, equipment and supplies needed, and preventive healthcare measures. Part C (Medicare Advantage) pays for your doctor’s visits. (You can use the Medicare funds to pay for private insurance for little or no money). Part D pays for many, but not all of, your prescription drug costs.

Reducing out-of-pocket expenses

• Stay healthy

The best way to lower expenses for healthcare is to stay well. Eat properly, exercise, and rest. Take medications prescribed for you as directed. Go for well-patient checkups. It takes less effort to stay or get healthy than it does to get well after you are sick.

• Shop for the best coverage

Many people complain about their coverage, but they never look at other plans. Fear of ending up with less coverage paralyzes them. It is a buyers market. Right now, all insurance companies are trying to beat their competition. Sit down with an agent and discuss your options. Compare your policy to other plans and if you need to make a change, do it.

• Prescription drugs

Large pharmaceutical companies reach out to doctors in order to sell their drugs. Your doctor gets a cash incentive to prescribe these drugs. Often the new drugs are not covered by insurance. This means you pay a high price for the medication. Tell your doctor you only want drugs that are covered by your insurance. Ask for generic drugs whenever possible.

Freelancers must be cautious with their healthcare providers. Everything your doctor does affects your out-of-pocket expenses. You do not have a big company behind you to keep prices low. Be health conscious and be diligent and you will keep a firm grip on your healthcare dollars. Do not exhale yet. The current administration promises change, but it will be slow coming.