Black business owners average $18,000 in medical debit, a number far higher than national averages. The Intuit QuickBooks Black Business Health Survey polled 4,000 business owners, employees, and self-employed people. In addition to the $18,000 medical debt average, the survey revealed that 37% of Black entrepreneurs don’t believe they’ll be able to pay back the debt in their lifetime. We can’t build generational wealth if we’re unhealthy and we certainly can’t do it in debt. Health insurance is the key to reversing these trends.
Health insurance is tough for small business owners, no matter their race. If you have fewer than 10 employees, frankly, it’s expensive. Even worse, health insurance rates did spike during the pandemic for all entrepreneurs. But Black entrepreneurs are especially challenged– most Black owned businesses are sole proprietorships, after all. You simply can’t go it alone– you need an experienced, knowledgeable health insurance broker to help you navigate the process and find the savings. BLK Insurance offers a number of agencies across the country that can help service you and your company’s needs.
Healthcare is expensive but without insurance, it’s nearly a fantasy. The costs aren’t always obvious, either. An expensive surgery without Health insurance is a concern but the real killer is not having regular access to medical care year to year. With insurance, regular checkups and other preventive measures can actually save your health and wallet in the long term. Without insurance, however, the simple and routine can easily go undetected, resulting in dramatic and costly medical interventions down the line. Unfortunately, far too many Black entrepreneurs are going uninsured and creating looming financial and medical crises in the not so distant future.
Find a Black owned insurance agency today to help you navigate your health insurance options. You might be surprised at the solutions they find for you! Health problems and the debt they bring don’t emerge overnight. You must have regular access to healthcare to avert the worst outcomes and that must start now. The health of Black businesses depends on it.