Lisa L., from Maryland asked

Should I offer, change, or terminate health insurance to my employees if I am thinking about retiring?

1:06m video / 1 min read

Transcript:

Ask The Experts - Providing insight for commonly asked transition-related questions

Today's topic: Should I offer, change, or terminate health insurance to my employees if I am thinking about retiring?

The short answer is emphatically... NO.

To take away a highly sought after benefit such as health insurance from the employees would most likely cause turnover at the most crucial time, when you need the staff to remain and participate in a successful transition.

Similarly, to introduce health insurance into the practice, that close to a sale, may cause stress to your profits, which could affect the purchase price, or the ability of a buyer to obtain the necessary financing.

In addition, the new owner may not be able to afford health coverage initially, having to now cover not only all of the practice's typical expenses, but also the debt-service to purchase the practice. And having to revoke a benefit that soon after the purchase could alienate the staff, causing hard feelings and staff turnover.

Thanks for watching. For additional information on this topic or any other transition related questions, contact us at 877.365.6786.