Health insurance is expensive. Rising premiums and deductibles are a problem for countless families and singles. It also restricts the choice of doctors and hospitals available. Trying to understand the complicated rules of a policy adds even more stress to the mix. 

Most people don’t realize they have other options for healthcare. If insurance is a burden on you, self-pay could be a viable solution. 

Self-pay is when patients pay for medical charges without the help of insurance. This includes routine doctor visits, lab tests, and outpatient procedures. Instead of dealing with networks and approvals, self-pay patients work directly with healthcare providers—often at a reduced cost! More U.S. citizens are choosing self-pay than ever before.  

If you’re a long-time insurance user, this might make you uncomfortable. Going to the doctor without coverage feels like an unnecessary gamble. Before dismissing it, you should understand the clear advantages self-pay can offer. Read more to see why it could be a good pick for your healthcare! 

How Self-Pay Can Save You Thousands in Medical Costs 

Choosing self-pay can save you a lot of money. It seems counterintuitive, but many healthcare providers upcharge insurance companies. Patients then end up with hefty medical bills they struggle to pay. This is because of a few complicated reasons we’ll get into later.  

With self-pay, providers can offer substantial discounts when you don’t have health insurance. That discount can be the difference between owing hundreds or thousands of dollars!  

By not having insurance, you have no monthly premiums or deductibles to meet. You only pay for the care you need, and that’s it! You also don’t get hit with fees for seeing doctors outside a provider network. 

Get Clear, Upfront Pricing on Healthcare with Self-Pay

Because a patient isn’t using insurance, it encourages providers to be more transparent. Many insurance users deal with huge medical bills without understanding why. Healthcare providers charge insurance companies extra for a few reasons, including:

The remaining charges are then passed down to the patient. So, it can be much more expensive than if they hadn’t even used insurance in the first place. Self-pay patients can get lower rates because they’re seen as less risky. Providers are also more willing to give a sizeable discount if prompt payment is guaranteed.  

Patients who self-pay also have peace of mind by knowing where their money is going. Receiving an itemized bill with all the charges gives them a sense of control. They can dispute anything they don’t understand right away. Unlike insurance, they know exactly what they’re paying for. Having an extra layer of bureaucracy removed makes everything more understandable. Their payments go straight to medical bills with no strings attached. 

Choose Your Doctors with Self-Pay Flexibility 

Health insurance is restrictive by nature. Insurance companies have a provider network of specific doctors and hospitals. This can limit patients from being able to see the provider they trust. If you were to go with a doctor out-of-network, you’d get hit with fees from your insurance. 

Self-pay offers far greater freedom and control. Without a network to limit you, you can choose the doctor you prefer. You’re no longer restricted to a small pool of private practices and hospitals. That means you can search anywhere for a provider you trust, at a price you can afford. It’s like shopping and cost-comparing for any other good or service.  

There’s no need for pre-approvals or referrals either! Self-pay patients go to the doctor they need without any red tape. It gives you the authority to manage your healthcare decisions based on your needs.

Simplify Your Healthcare Experience by Paying Out of Pocket 

Another great benefit of self-pay is how streamlined the healthcare process is. Insurance works the exact opposite way. Are you ever confused about the summary of your charges vs. the actual bill? Or why something wasn’t covered when it should have been? Health insurance often leaves you on hold when issues arise.  

Disputing a charge is another major hassle. It makes users navigate complex systems and rules while advocating for themselves. This needless frustration happens all the time during the insurance claims process. 

Self-pay patients avoid this system altogether. They work with their doctors without any middlemen involved. There are no claims, approvals, negotiations, or finding a doctor in-network. Patients can search for healthcare providers and compare prices on their terms. Choosing self-pay bypasses the miscommunication between insurance companies and billing departments. There are no surprise bills, forms to fill out, or denials to fuss over. 

Opting out of insurance removes most of the friction we’ve grown so used to. It’s simple, direct care with no hoops to jump through. 

Is Self-Pay Right for Your Healthcare? Here’s Who It Helps the Most 

While self-pay isn’t right for everyone, it’s a great option for many Americans frustrated by the traditional system. Not dealing with bureaucracy and high premiums is an exciting prospect! Below are some groups that may find self-pay to be a good solution: 

If you’re one of the groups listed here, it could be time to drop your insurance. Before you do, ensure you have enough savings for a sudden medical emergency. Whether you have insurance or not, it’s wise to have money set aside for any health needs.

How CHM Supports Christians Who Choose Self-Pay for Their Healthcare 

More Americans are opting out of insurance—and for good reason. Self-pay frees you from the hang-ups that are now commonplace. Let’s do a quick recap of all the advantages we’ve covered: 

Self-pay can help you save money, expand your options, and take control of your healthcare. If you’re a Christian interested in this alternative, CHM is a great solution. We’re a cost-sharing ministry—not insurance! That means you get all the perks of self-pay, plus having unexpected medical bills satisfied by other believers. Join CHM today and see for yourself! 

Saving for retirement might seem like a daunting task. Packed full of twists and turns, every discovery brings either confusion or clarity.

But it doesn’t have to be a frightening foray. In fact, this is an exciting time to dream big and make plans. Let’s dive into a few questions as you calculate and save. As we lean on God, He’ll give us wisdom and understanding for the journey ahead.

How much do I need to retire?

The age-old question is often “How much should I save for retirement?” But financial planning for retirement isn’t a “one size fits all” approach. How much you need depends on multiple factors, the most important being your current financial state and future long-term goals.

Every individual will have a different definition of what success looks like. As you consider how much you need to retire, it’s necessary to evaluate your goals before making any big decisions.

Here are a few quick questions to write down and answer:

• What does financial wellness look like in my life?
• What’s my big-picture vision for retirement?
• Have I considered all my healthcare options?
• How should I plan for any medical bill costs that might arise?
• What retirement benefits do I need?
• How much do I currently have in retirement savings?

Evaluating these questions is a great first step to deciding how you can reach your financial retirement goals. As you write out your answers, consider connecting with a professional financial advisor. They’ll be able to speak into your specific situation and provide you with advice for practical next steps. You can also learn more about financial stability for retirement through outlets like Dave Ramsey.

Healthcare options for small businesses: a checklist

There are many healthcare options available for businesses of all sizes. Whether you’re wondering how to start a business, you have an established small business idea, or you’ve been leading a team for years, finding a healthcare choice that fits your core values can seem overwhelming. However, there are Christian healthcare choices, and doing a little research goes a long way.

As a leader, you want your employees to be healthy, happy, and successful. There are many aspects to opening a small business, and creating a budget that serves your needs is crucial. Offering cost-effective healthcare options can bless your team and equip you to act as a good steward of your financial resources. It’s also a smart way to attract and keep great employees.

However, not all healthcare options suit small business needs and budgets. Some limit choices and services. Others may care more about economies of scale rather than treating every individual as a beloved child of God. The checklist below can help in your search for strong options that don’t fall short of godly goals.

Small business ownership: Find wisdom in God

For physical training is of some value, but godliness has value for all things, holding promise for both the present life and the life to come.
[1 Timothy 4:8 (NIV)]

Our physical health matters to God, but spiritual health, godliness, and the life yet to come matter even more. Glorifying God in every decision requires a healthy dose of prayer, research, and discernment [Luke 14:28]. But don’t worry! Jesus promised an advocate – the Spirit of truth – to help the faithful [John 15:26].

The following three-step checklist can help. Once you narrow your options, it will guide your decisions. Chances are, you’ll find a responsible, cost-effective choice suited to your unique needs.

1. Core values: does it align with your vision for Christian leadership?

Your Christian faith influences every part of your life. It’s never “off the clock.” As an employer, providing healthcare that aligns with your core values makes sense personally and professionally. God has plans for you, and your role as a biblical leader is no exception. You’re in this time and place with a unique opportunity to consider faith-based options for healthcare. For example, when choosing a group healthcare option:

• Will your financial resources support medical testing or treatment that isn’t compatible with your Christian values?
• Are you confident your choice is offered by a reputable, independently accredited organization?
• Will your small business experience the mutual respect, support, and encouragement of a biblical community during times of illness or other setbacks?
• Will it support positive, healthy lifestyle choices throughout every season and stage of life?
• Are you joining forces with a faith-based, like-minded healthcare option that empowers you to pursue stewardship, versus pursuing an alliance that may be unequally yoked [2 Corinthians 6:14]?

2. Flexibility and service: does it align with healthcare laws?

Business owners must comply with healthcare regulations, including the Affordable Care Act (ACA). Does your choice meet the latest ACA mandates, participation requirements, and other important details? Other things to consider include:

• Do a minimum number of employees need to join before your organization can participate? Are there limitations, waiting periods, age, weight, location, or health history restrictions?
• Does your choice include a generous maternity solution?
• Is there flexibility in choosing providers or services?
• Will it limit which providers your employees can see, in addition to other restrictions? Will employees be priced out of seeing their favorite out-of-network providers?
• Does it have minimums or maximums for the monthly or yearly support you offer employees?
• Do you have employees who don’t qualify for or prefer not to take an ACA subsidy? Would they appreciate a money-saving, community-based healthcare alternative?

3. Budgeting: does it offer cost-effective healthcare options?

Affordability is a high priority! Small business administration can be a chore, and learning how to budget for healthcare is no exception. As an entrepreneur, you know that considering new business ideas can get expensive, so your healthcare needs to fit the bill without breaking the bank. Review costs and related considerations:

• Business administration costs can drain your organization’s limited resources. Will your healthcare options sustain your budget and support responsible stewardship of time, talents, and financial resources? Does it free you to focus on your God-given mission?
• Do the numbers add up? Many small businesses operate on a shoestring budget. Does your choice offer varying levels of service to meet employer and employee needs?
• Is there room to grow? Will it accommodate a small business budget while keeping the door open to step up to changing levels of healthcare services, options, and resources as your organization grows?

A checklist for healthcare guided by God

Healthcare business options vary, and there’s a lot to investigate before you decide! Details vary, too, from regulations in healthcare, to what you need for the size of your small business team, and beyond.

As you pray, weigh your options and trust God to guide your path. And remember—traditional insurance isn’t your only option. Christian Healthcare Ministries (CHM) has options for nonprofit and for-profit groups of all sizes. We’re ready to help you explore how you can pursue your God-given dreams and support your staff with excellence in healthcare. CHM is the nation’s first and longest-serving health cost-sharing ministry, and we’re designed to support faithful servant-leaders just like you.

When comparing a healthshare vs insurance, there’s several major differences. Most notable is the cost difference, the faith aspect, and the provider network.

Reduce the cost of healthcare

New CHM members sometimes ask how they can know that other participants will take care of them when a medical event occurs. We enjoy answering this question because our history, present and future highlight reasons why you can be confident that CHM members will share your eligible medical expenses.

Our upstanding history

Founded in 1981, Christian Healthcare Ministries (CHM) is the longest-serving health cost sharing ministry. Since CHM’s inception, its members have shared 100 percent of each other’s eligible health cost burdens.

Our present

Transparency is part of being accountable. Here are just a few of CHM’s internal policies:

• Third-party annual audits: CHM’s annual financial statements are audited by an independent Certified Public Accounting firm. It checks all aspects of CHM from the receipt and disbursement of money to the systems and procedures that control operations. Additionally, copies of annual audits are made available to anyone upon request.
• Our independent board of directors: Management and the Board of Directors regularly review financial statements and reports on CHM’s financial position. The Board also reviews and approves the ministry’s annual budget.
• Maintaining strict internal controls: CHM staff members who receive money do not disburse money. CHM staff members who prepare checks for payment do not sign the checks. CHM staff members who sign the checks do not reconcile bank statements.
• Fraud prevention measures: CHM implemented and abides by the provisions of the Sarbanes-Oxley Act of 2002, which directly addresses fraud prevention. As a non-profit organization, CHM is not required to take this action, but it does so to give members even greater confidence in CHM’s safeguards.
• Publishing the CHM Guidelines: The CHM Guidelines are available online, so there should be few questions about what is, or isn’t, eligible for sharing. Our staff is available through multiple methods of communication, including direct social media messages, to give members answers to any Guidelines-related questions.
  

Our vision for the future

When God’s people come together to support one another, it becomes a testimony to the watching world. Because of members’ generosity every month as they send in their monthly contributions, CHM was able to support tens of thousands of families last year alone. CHM members have shared over $8 billion in members’ healthcare costs since 1981.

Learn more about CHM’s programs and costs here.

Finding grants to start or grow your business takes a little groundwork. Researching different opportunities is a good place to start. If your application is a good fit, awards can range in all different sizes.

You’ll find local, state, and federal funding, including Small Business Association (SBA) grants and funding from universities, corporations, private groups, and charities. Why give away grants? Most grantors want to create jobs, stimulate growth, serve communities, or fill unmet needs.

Applying for grants takes time, but the potential rewards can make it worth the effort. You don’t have to repay grants or give up equity in your business. However, you’re responsible for taxes, and grantors may restrict how you spend, as some require ongoing reporting and audits.

Small business help from on high

“Are not two sparrows sold for a penny? Yet not one will fall to the ground outside your Father’s care.“
[Matthew 10:29-31 (NIV)]

Today’s business climate can present strong headwinds for start-ups trying to get off the ground and small businesses seeking altitude. However, winds can work in your favor when you understand aerodynamics. Most pilots take off flying against the wind. Oncoming force on a plane’s wings pushes them upward so planes become airborne faster at lower speeds using less fuel. 

When you navigate within God’s natural laws and trust in His providence, even headwinds can give you a lift. And in any weather, He’s still in charge. After all, He created the skies, heavens, Earth, and every creature. He rules – moment by moment – over them all (Job 38:31-35). God cares about sparrows. Whether your fledgling business gets off the ground and struggles or soars, you’re worth more than many sparrows to Him (Matthew 10:31).

Applying for grants to start a business  

Grant applications for small businesses vary. Some funders require a letter of intent before greenlighting a grant proposal. Large grantors may have complex administrative and legal requirements, while smaller private organizations sometimes have simpler application processes.

Make sure you meet all eligibility requirements and can complete everything before application deadlines. Grantors may ask about: 

• Why you need a grant
• How you’ll use the grant
• Your business achievements, plans and goals
• Your team and operational details
• Budget expenses, plans and projections
•  How you’ll measure success
  

When applying for a grant, keep the funders’ interests in mind. Most just want to make sure your plans align with their priorities.

Professional grant writers can help. They know the territory and aren’t deterred by lengthy or tedious application paperwork. Rates vary depending on expertise and grant complexity.

Where to find small business grants

Check out the variety of funding sources below. You can also ask business leaders for referrals. Networking events, tradeshows, and online searches specific to your business can turn up opportunities, in addition to these go-to sources:

Federal small business grant database

You can search the Grants.gov database listing over 1,000 federal grants, from energy and education to transportation grants. Check any requirements, get education and training, and apply for grants. The site has an app, chatbot, and support center.

The steps to register your business include choosing a name, structure, and other basics before you’re officially in business. Most small businesses must register with local and state officials. Many also get a federal tax ID, trademark protection, and tax-exempt status.

Requirements vary, but smart choices can offer liability protection and other legal, tax, and personal incentives. Small Business Administration (SBA)  counselors can guide you. When you learn the basics, and follow the steps below, you’ll be closer to a real or virtual ribbon-cutting celebration for your new business!

How to register a business: 4 steps to success

Acknowledge Him in all your ways, and He will make your paths straight.
[Proverbs 3:5-6 (NET)]

It’s often said that God writes straight with crooked lines. Business registration is the beginning of an exciting journey. Even the best plans can veer off-course – that’s part of the adventure! At times, your paths may look more like the zigzags of a toddler’s drawing than the tidy trajectory you envisioned. 

When you turn to the Lord in prayer for every decision, you’re never alone. He’ll guide you toward the right people, places, and paths. Expect interesting detours along the way! All entrepreneurs experience successes and setbacks. Great leaders consider it an opportunity to learn and grow while serving the Lord and His people. 

Step 1: Check and protect your business name  

Is your business name available? If it’s trademarked or in use by others in your area or industry, you may need a different name. However, trademarked names might still be available if they aren’t in a competing industry. Ask an attorney about trademarks and business name protections, including:

• Domain name registration – Search online and check with domain-name registrars to see if the website you want is available. If so, they’ll register it for nominal, renewable fees. Web addresses needn’t match business names, but both should be simple and descriptive. Names that are easy to say, spell, type, and remember help build your brand and traffic.
  •    Business name registration – Check with the SBA for federal and state registration steps and other details. Your state’s Secretary of State office can help.
  •    Trademark business name registration – Learn trademark basics, including how to search and apply for trademarks to get protection for names, products, and services.
  •    Doing Business As (DBA) – If you use a DBA (trade, fictitious, or assumed name), there may be municipality, county, and/or state DBA registration requirements.
  

Step 2: Choose your location and business structure

When you register your business, select a physical address for tax, banking, government-agency communications, and other mail and business purposes. Before registering, select a legal business structure. This affects operations, tax obligations, your level of personal liability, and more.

Common business structures include:

• Sole proprietorship – If you don’t select a structure, your business is a sole proprietorship. You’ll file taxes under your Social Security or Employer Identification Number (EIN). Personal and business revenues and liabilities aren’t separate.
• Partnership – One or more partners can share ownership. Liability protection depends on the type, such as limited partnership (LP) or limited liability partnership (LLP). Partnerships can offer tax incentives, a chance to pool resources, and other advantages.
• Corporations – A corporation is independent and legally separate from its owners. It can provide strong personal liability protection, but regulatory and tax requirements are complex. If you want shareholders and have business expansion plans, consider a corporate structure.
• Limited Liability Company (LLC) – This combines partnership and corporation features. It helps protect personal assets from business liabilities. LLCs distribute profits and losses to shareholders.

Laws and processes can change, with differences from state to state. Consult an attorney and learn about business structures.

Setting up a business bank account makes it official: You’re in business! Keeping your personal and business transactions separate is essential to tracking and managing your finances. It makes tax preparation easier, too.

Whether you’re a sole proprietor, an LLC, or a small business with big dreams, you’ll need a business checking account and other services. From choosing the right bank to selecting and opening accounts, it’s an important step toward success.

Why business bank accounts matter

“Dishonest money dwindles away, but whoever gathers money little by little makes it grow.“
[Proverbs 13:11 (NIV)]

The Bible has over 2,000 verses about money—twice as many as verses about prayer and faith combined! Scripture emphasizes the importance of money and the dangers of misusing or idolizing money.

Christians can’t serve both God and money (Matthew 6:24). We’re stewards of all God’s gifts, including money. Faithful Christian-led enterprises aren’t about get-rich-quick schemes or dishonest business practices. Most faith-based businesses will grow – little by little – to reach business goals while serving and glorifying God.

A business account is just one of many practical and valuable business tools. Clear and accurate records will help you keep your business on the right track.

Advantages of a business banking account

When you launch your business, a business bank account establishes a professional presence. Customers can pay your business instead of you. This helps enhance your brand while building relationships and trust. Other business account advantages include:

• Personal protection. Business banking accounts offer limited liability protection.
• Purchasing potential. You can put large purchases on your business credit card. This provides a record of transactions for accounting and tax needs. It also establishes a credit history for future financing options.
• Credit line flexibility. Many business banking accounts include an optional line of credit. You can use this for emergency or big-ticket expenses.

How many bank accounts should you have?

Your business account choices depend on your preferences and financial goals. Most entrepreneurs start with a checking account. Account options include:

• Business checking account
• Business savings account
• Business credit card
• Merchant services account – allows you to accept credit and debit card payments
• Payment processing account – an alternative to merchant services that sometimes includes credit card payment through your phone when it’s linked to a business checking account
  

How to choose a bank

To set up a business bank account, shop around for banks that offer business accounts with related services and support. Most small business owners select full-service banks for convenience, services, and advantages such as multiple-account discounts.

However, you may choose to work with more than one bank if you find additional deals, such as a low-rate credit card or high-rate savings.

If you’re happy with your personal bank, ask about their business account offerings. Compare rates, fees, special offers, and other options to those of other banks. Then choose the account that best suits your needs and business goals.