Benefits for Those Who Work at Home

A Home Business Article Contributed by Alyssa Yerga

Cover Your Bases and Still Work at Home

Just because you've chosen to leave the office behind to work at home, doesn't mean you have to or should give up benefits like health insurance or a retirement plan. After all, your family is probably still going to need to visit a doctor once in a while, and even though you may enjoy working at home, you don't want to work for the rest of your life.

The idea of attaining your own health insurance or retirement plan may be overwhelming, especially if you've never given much thought to it in the past. It may take more effort, but finding the right coverage and investment plan will put your mind at ease so you concentrate on your work.

Work at Home and Still Have Health Insurance

You should look into getting a health insurance policy before you leave the office to work at home so there isn't a time when you aren't covered. You have two options when it comes to self-employed health insurance: individual or group.

Group health insurance is usually obtained through an organization like your local chamber of commerce or trade association. It's less expensive than individual insurance policies, but since the policy already exists, you'll have no say in regards to options.

Individual health insurance is obtained through a few avenues. You can find quotes on the Internet; meet with an insurance broker, or simply call the company yourself. The policies are more expensive, but it will be tailored to your needs and budget.

Incorporating a home based business and hiring employees will make your business eligible for group health insurance. The number of employees needed to meet the criteria depends on the health insurance provider you choose.

Plan for Retirement While You Work at Home

For some business owners, selling the business is the retirement plan. Even if your business is just starting there are some goals you should strive to achieve to make sure you get top dollar for your business:

o A successful, lucrative business

o A consistent presence in the marketplace

o Patents, trademarks, or exclusive rights that will give you an advantage over competitors

o An efficient operating system

There is a list of other steps you can take to make your business more saleable in later years. The harder you work now, the easier your retirement will be.

Sole proprietors, partnerships, or independent contractors should consider the Solo 401k. It is designed specifically for small businesses. Higher limits and more flexibility for contributions are just two of the reasons this is such a valued route to take. Research on-line or speak to a broker to get more information.

Taking care of issues like health insurance and retirement before you quit your traditional job to work at home will also benefit your family. Even a day without health insurance coverage is risky. And the sooner you start saving for retirement the better. Carefully research all your options and make the decision that's right for you.