As the costs of medical care continue to spiral higher and higher, a good health insurance plan is more important than ever. Without a comprehensive health insurance plan, even minor illness, or something as wonderful as childbirth, is far too expensive for many people to afford.
Most people acquire health insurance coverage through their employers, their spouse’s employer, or though agencies of the government. But for those who call themselves “boss,” such options are rarely available. If you work for yourself and own your own business, then it is likely that self employed health insurance is your only available option.
Sifting through all the self employed health insurance options can be an arduous or even impossible task. Fortunately the Internet is filled with resources that can provide you with assistance in cutting through the mountains of information and options. Not only can you find articles that provide helpful hints, there are websites that will help you shop every option as well. By entering your personal information, such as height, weight, age, and some basic medical history, you can receive specific insurance quotes from multiple providers of self employed health insurance.
While individuals without a pre-existing condition are likely to find self employed health insurance coverage on the Internet, it is equally likely to be expensive. If saving money and reducing costs is a priority, then you can reduce your level of coverage by opting for a plan that will leave you with high out-of-pocket expenses, but with coverage in case of a catastrophic illness or injury.
Opting for a higher deductible can also reduce your premium payments, often by as much as 50%. Both aforementioned options are best suited for individuals who are generally healthy and who make infrequent visits to their physicians. One last money saving tip: if you make your payments annually rather than monthly you can avoid fees and take advantage of prepayment discounts.
Another self employed health insurance option is to join an association of business owners. Just because you work for yourself does not mean you have to stand alone when acquiring health insurance. By utilizing the buying power of a group you can acquire premium rates that are typically much lower than the rates that are available to individuals.
If an association seems like an appealing option, then a good place to start your search is with organizations like the National Association for the Self-Employed, American Association of Home-Based Businesses, the Home Office Association of America, or the National Business Association. You can even look for local associations that may be able to help, so make sure to make a call to your local Chamber of Commerce as well.
Regardless of the option you choose, do not forget that the federal government acknowledges the expense of self employed health insurance, and under current tax laws you can deduct all of your health insurance premiums on your tax return (as long as the total expenses do not exceed your net profits). Also make sure to investigate any tax benefits and assistance that may be available for your respective state as well.
Acquiring self employed health insurance can be a daunting and intimidating task, but you do not have to do it alone. There is help available for the self employed, so take advantage of what the Internet, business associations, and the government have to offer.
