Commercial fishermen are planning to sell their boats, gear, permits and quotas as they plan for different source of income. John Etheridge, 52, a commercial fisherman, told that selling out is a part of the plan. He told that retirement and health care costs are rising to levels that are unbearable for many. According to Etheridge fishermen rely on other jobs or savvy investing to make sure they’ll still be in sardines once they stop fishing.
These fishermen are uninsured for years and so they are planning for their retirement. “I have two deck hands, and neither of them has a lick of insurance,” Etheridge said. All fishermen considered the money they poured into their boat a reinvestment in the fishing operation. It is find that fishermen talk about each other as risk-takers who don’t plan much for the long term.
In 2006 nearly 16 percent of the nation was uninsured and the number was 14 percent among respondents to a United Fishermen of Alaska survey last year. UFA spokesman Mark Vinsel says that number is probably low. He said that people who pay their annual UFA dues are, he considers, less likely to be scrimping on health care. Many live in areas with little if any medical care, even if insured.
According to the state economists a good number of younger fishermen entered the business in 2007. Vinsel said that he worries the cost of health care will be just one more discouraging factor in renewing the fleet.
