Archive for: June 2014

Why Small to Medium Sized Businesses Should Consider Adopting Bitcoin

bitcoin

Bitcoin has been one of the most polarizing forms of currency in the 21st century. Instead of being backed by gold or produced by a major government, it is mined digitally by computers. There is a limited amount of bitcoin available and it gets harder to acquire as more and more of it gets mined.

Why Should a Small or Medium Sized Business Accept Bitcoin?

Bitcoin is seen as a currency by the people and of the people. It can be acquired by people sitting in their basement who may be unemployed or have no other way to pay for their goods. By allowing customers to pay with the currency, they can help people buy the things that they need even if they don’t have a lot of traditional money. It may also help a business be seen as a company that is in tune with the needs of its customers and with technological progress.

Companies Should Always Offer Multiple Ways to Pay

A company should always offer its customers multiple ways to pay for a transaction. Whether your company allows a customer to pay by credit card, debit card or Bitcoin, a business that offers multiple payment options offers a layer of customer service that may not be matched by other companies. When a customer knows that he or she can pay however he or she wants, it makes it easier for that person to feel good about doing business with a particular company.

Bitcoin Represents the Future of a Stable Economy

Overstock is always looking ahead to the future. You can see their President, Stormy Simon in the news planning their new futuristic building. Their CEO, Patrick Byrne believes that there will be a time when zombies walk the Earth. He is referencing the next big recession that will inevitably occur. He thinks that governments are creating too much money and that the magic money tree is going to run out one day. When that day occurs, Bitcoin is going to be the currency that people can rely on to make payments on outstanding debt balances and buy the things that they need on a daily basis. As opposed to a government that can print money whenever it feels like, Bitcoin is like the new gold standard because there is a limited supply of it in circulation.

It’s a Great Way to Attract New Clients and Grow Profits

A small business that is looking to stand out from the competition can do so by accepting Bitcoin and being seen as a rebel or an innovative business that is looking to think outside of the box. Accepting Bitcoin can also jumpstart a small business because the currency can be traded on the digital marketplace. As Bitcoin continues to skyrocket in value, the currency that a company has in reserve can be converted to dollars or other traditional currencies for a profit.

Bitcoin is the future of currency according to many financial experts. While it may not be universally accepted right now, it will become increasingly useful in the future. Companies that accept the currency as payment now could set themselves up for a bright future regardless of what the economy does. Therefore, any small business that is looking to do something different can accept Bitcoin and gain brand awareness quickly and easily.

6 Things Companies Need To Know About Private Insurance Exchanges

insurance

The health insurance exchanges are one of the most misunderstood provisions. They could be really confusing. A lot of people misunderstand the provisions in the health insurance exchanges.

Health Insurance Exchange

A health insurance exchange is a marketplace. Consumers can shop for health insurance by comparing prices, benefits, and plan provisions in this marketplace.

Eligibility To Use Health Insurance Exchanges

Everyone is not eligible to use health insurance exchanges. Exchange consumers will be limited to companies with fewer than 100 employees and individuals who do not have coverage available to them through employment or otherwise under health care reform.

Public Option For Health Insurance Exchanges

The public option is not included for health insurance exchanges under health care reform. The original bill drafted by the House Of Representatives did include a public option. This was also referred to as a Federal public-benefit corporation. It was designed to compete with private companies on the exchanges. However, the version of the bill that was eventually signed into law excluded the public option. This ensured the exchange will be composed of private insurance companies.

Governing Health Insurance Exchanges

Exchanges will not be administered by the federal government. The bill was passed naming states as the responsible party. They are responsible for administering their own exchanges. It will be determined by each state how the exchange will be offered to the public. This will be done by mail, online, or telephone. Some states have already received Federal funding to develop an online system.

Advantage Of A Health Insurance Exchange (Buying Power)

The insurance carrier’s risk is spread out over a group of people under a group health plan. Carriers absorb an individual’s entire risk. This is done under an individual health plan. This causes individual premiums to remain high. Exchanges essentially become cooperatives. Small businesses and individuals with under 100 employees are allowed to form a group. This group obtains access to health plan variety and competitive pricing.

Disadvantage of A Health Insurance Exchange (Cherry Picking)

Private health insurance companies offer their group plans outside and inside the exchange. There is a risk that their carrier will seek to sign up all small businesses with healthy employees. These employees are signed up under their non-exchange platform. They offload the companies with older and sicker employees onto the exchange. The exchange experiences adverse selection or high risk participants in greater numbers. This leads to higher insurance premiums.

ObamaCare Health Plans

ObamaCare helps most small businesses. Small businesses owners have historically a much harder time supplying themselves and their employees with insurance. This is because of rising health insurance costs. The bigger businesses have remained largely unaffected because of the leverage buying large group health plans gives them. Small business owners and workers tend to benefit under the new law. Larger employers who do not supply health insurance have to figure out how to deal with new costs.

ObamaCare provides small businesses with affordable insurance options, increased buying power through SHOP exchange, and cost assistance. Small businesses will not be hurt by ObamaCare since they have under 50 full-time equivalent employees. These employees can use the SHOP to get a better deal on employee insurance for themselves. It is crucial to do outside research when choosing an insurance company to work with. Forums and reviews sites can help give small businesses and people the right tools to succeed, an example of this can be seen by examining this USHealth Group Review.