A diagnosis of a serious health condition can be particularly tricky for a self employed person. Planning avoids unpleasant surprises, helps you gain a feeling of control, and can help you successfully navigate the shoals. (If you have one or more employees, read: Small Business Owners).

Immediate attention must be paid to disclosing your health condition to clients or customers, as well as how to get through the initial period of treatment decisions and then treatment itself.

Next look at such matters as:

• How to keep and maximize use of your health insurance, or obtain it if you do not have it. (As a general matter, 100% of health insurance premiums are tax deductible for people who are self employed).
• How to handle your workload on a continuing basis. If you are not or will not be able to handle it yourself, this may be the time to bring in help, make an arrangement with a colleague, sell the business, or go to work for someone else, such as a large corporation or the government.
• Even if you will be able to handle your work load, this may be a time to consider working for someone else. Would you make more money, have less stress, get more satisfaction, and get useful benefits?
• Should you continue marketing efforts? Accept new clients/customers?
• If you do have available money, store it in a retirement plan that is protected from creditors. You may have to pay a penalty to withdraw the money, but at least your money is protected. (If you have a lot of extra money, consider purchasing life insurance. You likely still can despite your health condition. Life insurance can provide a source of cash now, while you are still alive. To learn more, see: Life Insurance, New Uses Of Life Insurance)
• If you experience a financial crunch, postpone non-essential creditors. People tend to think of insurance other than health insurance as non-essential during a financial crunch. However, this is not a time to sustain an unsustainable loss.
• Plan for having an income if you become disabled "just in case."
• Think about what to do in the event of a disaster.
• If you decide to close your business, ask your lawyer and accoutant to help you unwind the business in the best way from the perspective of keeping costs down, obligations fulfilled, and tax benefits maximized.
• Last, but not least, consider what will happen to the business if you become disabled or die. Perhaps a colleague or friend/family member can continue it.

Each of these matters is more fully described in the articles listed below in "To Learn More."

Think about setting aside a block of time to focus on these matters. Setting a date on your calendar can help avoid procrastination. It is advisable to ask your business advisor, accountant and/or attorney to help with the planning.

Keep in mind that the projection of a positive, can-do, attitude is important for the sake of your clients. (Adopting this attitude in your life will also help maximize your health care). Keep in mind your need for rest, activities to make stress livable, exercise and proper nutrition.

Last, but not least, consider seeing a therapist for both financial and emotional reasons. On the financial side, if you should stop working and can otherwise qualify for a private or governmental disability income, a licensed therapist can help support a finding that you are "disabled." On the emotional side, a diagnosis of a serious health condition is a major blow which starts an emotional roller coaster which can show up at unexpected times, even years after a diagnosis. A therapist can help you cope with your emotions, and help you remove emotions from business and other decisions you face from time-to-time.

NOTE: Free one-on-one counseling is available locally through the Small Business Association to help entrepreneurs plan and manage a small business. Call 800.827.5722 9-5ET or e mail answerdesk@sba.gov

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